<SEC-DOCUMENT>0001171843-23-004074.txt : 20230622
<SEC-HEADER>0001171843-23-004074.hdr.sgml : 20230622
<ACCEPTANCE-DATETIME>20230622161602
ACCESSION NUMBER:		0001171843-23-004074
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20230622
DATE AS OF CHANGE:		20230622

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEMUNG FINANCIAL CORP
		CENTRAL INDEX KEY:			0000763563
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				161237038
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272829
		FILM NUMBER:		231033491

	BUSINESS ADDRESS:	
		STREET 1:		ONE CHEMUNG CANAL PLZ
		STREET 2:		P O BOX 1522
		CITY:			ELMIRA
		STATE:			NY
		ZIP:			14902
		BUSINESS PHONE:		6077373711

	MAIL ADDRESS:	
		STREET 1:		ONE CHEMUNG CANAL PLZ
		STREET 2:		P O BOX 1522
		CITY:			ELMIRA
		STATE:			NY
		ZIP:			14902
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>s3_062023.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
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<P STYLE="font-size: 10pt; text-align: center; text-indent: 36pt; margin: 0pt 0">As filed with the Securities and Exchange Commission
on June 22, 2023</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Registration No. 333-_________</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Washington, D.C. 20549</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;<FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Form S-3</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>REGISTRATION STATEMENT UNDER</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>THE SECURITIES ACT OF 1933</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Chemung Financial Corporation</B></FONT></P>



<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>(Exact name of registrant as specified in
its charter)</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 8pt"><B>New York</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 8pt"><B>16-123703-8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(State or other jurisdiction of<BR> incorporation or organization)</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><I>(I.R.S. Employer<BR> Identification Number)</I></FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>One Chemung Canal Plaza</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Elmira, New York 14901</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>(607) 737-3711</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>(Address, including zip code and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</I></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Anders M. Tomson</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>President and Chief Executive Officer</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>One Chemung Canal Plaza</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Elmira, New York 14901</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>(607) 737-3711</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>(Name, address, including zip code and telephone
number, including area code, of agent for service)</I></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B><I>Copies to:</I></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Benjamin M. Azoff, Esq.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Luse Gorman, PC</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>5335 Wisconsin Avenue, N.W., Suite 780</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Washington, D.C. 20015</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(202) 274-2000</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 18pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Approximate date of
commencement of proposed sale to the public:&nbsp;</B>&nbsp;From time to time after the effective date of this registration statement
as determined by market conditions and other factors.</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 18pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">If the only securities
being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 18pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">If any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933,
other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. &#9746;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 18pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">If this Form is filed to
register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 18pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">If this Form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 18pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">If this Form is a registration
statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the
Commission pursuant to Rule 462(e) under the Securities Act, check the following box. &#9744;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 18.35pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">If this Form is a post-effective
amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional
classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 18.35pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-size: 8pt">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 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller
reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 18pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 80%; margin-left: 18pt">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 8pt">Large accelerated filer&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9744;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 8pt">Accelerated filer &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">Non-accelerated filer &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Smaller reporting company&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Emerging growth company&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; &#9744;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 18pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 18pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-size: 8pt"><B>The Registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section
8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to said Section 8(a), shall determine.</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 19.95pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 19.95pt"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 19.95pt"><B>&nbsp;<BR STYLE="clear: both"> </B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; color: #FF4040"><B>The information in this prospectus
is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange
Commission and has not yet been declared effective. The securities may not be sold until the registration statement has been declared
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.</B></P>

<P STYLE="font-size: 10pt; text-indent: 19.95pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; color: #FF4040"><B>SUBJECT TO COMPLETION, DATED JUNE 22, 2023</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 330.85pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>$75,000,000</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>Chemung Financial Corporation</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><IMG SRC="logo.jpg" ALT="" STYLE="height: 155px; width: 138px"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Debt Securities</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Purchase Contracts</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Units</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Subscription Rights</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">We may offer and sell from time to time up to $75.0
million, in one or more series, of our unsecured debt securities, which may consist of notes, debentures, or other evidences of indebtedness;
shares of our common stock; warrants to purchase other securities; purchase contracts; units consisting of any combination of the above
securities; or subscription rights to purchase common stock or debt securities that we may offer to our shareholders. This prospectus
provides you with a general description of the securities listed above. Each time we offer any securities pursuant to this prospectus,
we will provide you with a prospectus supplement, and, if necessary, a pricing supplement, that will describe the specific amounts, prices
and terms of the securities being offered. The prospectus supplement for each offering of securities will describe in detail the plan
of distribution for that offering. If any agents, dealers or underwriters are involved in the sale of any of the securities, their names,
and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable
from the information set forth, in the applicable prospectus supplement. Net proceeds from the sale of securities will be set forth in
the applicable prospectus supplement. These supplements may also add, update or change information contained in this prospectus. To understand
the terms of the securities offered, you should carefully read this prospectus with the applicable supplements, which together provide
the specific terms of the securities we are offering.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">Our common stock is traded on the Nasdaq Global Select
Market under the symbol &ldquo;CHMG.&rdquo;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">This prospectus may be used to offer and sell securities
only if accompanied by the prospectus supplement and any applicable pricing supplement for those securities.</P>

<P STYLE="font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt"><B>You should read this prospectus and any supplements
carefully before you invest. Investing in our securities involves a high degree of risk. See the section entitled &ldquo;Risk Factors,&rdquo;
on page 4 of this prospectus, in any prospectus supplement and in the documents we file with the Securities and Exchange Commission that
are incorporated in this prospectus by reference for a discussion of certain risks and uncertainties you should consider.&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt"><B>&#8239;These securities are not deposits or obligations of a bank or
savings association and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. </B>&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0"><B>&#8239;Neither the Securities and Exchange Commission, New York State
Department of Financial Services, the Board of Governors of the Federal Reserve System, the&nbsp;Federal Deposit Insurance Corporation,
nor any state securities commission has approved or disapproved of these securities or determined that this prospectus or any prospectus
supplement is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 34.2pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>The date of this prospectus is [&#9679;], 2023. </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PROSPECTUS AND THE ACCOMPANYING PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">We may provide information to you about the securities
we are offering in three separate documents that progressively provide more detail:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">this prospectus, which provides general information about Chemung Financial Corporation and the securities
        being registered, some of which may not apply to your securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">a prospectus supplement, which describes the terms of a particular issuance of securities, some of which may
        not apply to your securities and that may not include information relating to the prices of the securities being offered; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">if necessary, a pricing supplement, which describes the pricing terms of your securities.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">If the terms of your securities vary among the pricing
supplement, the prospectus supplement and the prospectus, you should rely on the information in the following order of priority:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the pricing supplement, if any;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the prospectus supplement; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">this prospectus.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt; text-indent: 37.05pt">We include cross-references in this prospectus and
the accompanying prospectus supplement to captions in these materials where you can find further related discussions. The following table
of contents and the table of contents included in the accompanying prospectus supplement provide the pages on which these captions are
located.</P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: justify; margin: 3pt auto; width: 10%"><DIV STYLE="text-align: justify; font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">Unless indicated in the applicable prospectus supplement,
we have not taken any action that would permit us to publicly sell these securities in any jurisdiction outside the United States. If
you are an investor outside the United States, you should inform yourself about and comply with any restrictions as to the offering of
the securities and the distribution of this prospectus.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 95%"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right; width: 5%"><A HREF="#a_001">1</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_002">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_002">1</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_003">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_003">2</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_004">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_004">3</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_005">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_005">4</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_006">OUR COMPANY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_006">5</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_007">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_007">5</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_008">DESCRIPTION OF THE SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_008">5</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><A HREF="#a_009">Description of Debt Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_009">6</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><A HREF="#a_010">Description of Common Stock</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_010">14</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><A HREF="#a_011">Description of Warrants</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_011">16</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><A HREF="#a_012">Description of Purchase Contracts</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_012">17</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><A HREF="#a_013">Description of Units</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_013">18</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><A HREF="#a_014">Description of Subscription Rights&#9;</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">18</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_015">GLOBAL SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">20</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_016">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">22</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_017">LEGAL OPINIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017">24</A></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD><A HREF="#a_018">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018">24</A></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 12pt"></P>

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<P STYLE="margin: 0pt 0 0pt 12pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_001"></A>ABOUT THIS
PROSPECTUS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">This prospectus is part of a registration statement
that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) utilizing a &ldquo;shelf&rdquo; registration process.
Under this shelf registration process, we may from time to time offer and sell debt securities, common stock, warrants, purchase contracts,
units consisting of a combination of any of the above securities, or subscription rights to purchase common stock or debt securities that
we may offer to our shareholders, up to a total dollar amount of $75.0 million. This prospectus provides you with a general description
of the securities covered by it. Each time we offer these securities, we will provide a prospectus supplement and, if necessary, a pricing
supplement, that will contain specific information about the terms of the offer. The prospectus supplement and any pricing supplement
may also add, update or change information contained in this prospectus. You should read this prospectus, the prospectus supplement and
any pricing supplement together with the additional information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The distribution of this prospectus and any applicable
prospectus supplement and the offering of the securities in certain jurisdictions may be restricted by law. Persons into whose possession
this prospectus and any applicable prospectus supplement come should inform themselves about and observe any such restrictions. This prospectus
and any applicable prospectus supplement do not constitute, and may not be used in connection with, an offer or solicitation by anyone
in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is
not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.</P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 36pt">Unless otherwise indicated or unless the context requires
otherwise, all references in this prospectus to &ldquo;Chemung Financial,&rdquo; the &ldquo;Corporation,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
&ldquo;our&rdquo; or similar references mean Chemung Financial Corporation and references to the &ldquo;Bank&rdquo; mean Chemung Canal
Trust Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_002"></A>WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">This prospectus incorporates important business and
financial information about Chemung Financial Corporation from documents filed with the SEC, with which we file registration statements,
periodic reports, proxy statements, and other information. We file annual, quarterly and current reports, proxy statements and other information
with the SEC. Our SEC filings are available over the Internet, at no cost, from the SEC&rsquo;s website at&nbsp;www.sec.gov&nbsp;and from
our website at www.chemungcanal.com. You may also receive copies of documents filed with the SEC, including documents incorporated by
reference in this prospectus, at no cost, by addressing your request to:</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Chemung Financial Corporation</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">One Chemung Canal Plaza</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Elmira, New York 14901</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Attn: Corporate Secretary</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">This prospectus is part of a registration statement
that we filed with the SEC. The registration statement contains more information than this prospectus regarding us, including certain
exhibits and schedules. You can obtain a copy of the registration statement from the SEC&rsquo;s website.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Except as specifically incorporated by reference into
this prospectus, information on the websites listed above is not a part of this prospectus. You should rely only on the information contained
in, or incorporated by reference into, this document. No one has been authorized to provide you with information that is different from
that contained in, or incorporated by reference into, this document. This document is dated [&#9679;], 2023, and you should assume that
the information in this document is accurate only as of such date. You should assume that the information incorporated by reference into
this document is accurate only as of the date of such incorporated document.</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm"><A NAME="a_003"></A>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 24.5pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The SEC allows us to &ldquo;incorporate by reference&rdquo;
into this prospectus the information in documents we file with the SEC, 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 a part of this prospectus and should
be read with the same care. When we update the information contained in documents that have been incorporated by reference, by making
future filings with the SEC, the information incorporated by reference in this prospectus is considered to be automatically updated and
superseded. In other words, in all cases, if you are considering whether to rely on information contained in this prospectus or information
incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed later. We
incorporate by reference the documents listed below (File No. 001-35741 except where stated), which are considered to be a part of this
prospectus (in each case, excluding any information &ldquo;furnished&rdquo; to, rather than filed with, the SEC, including, but not limited
to, information furnished under Items 2.02 or 7.01 of Form 8-K and any corresponding information furnished with respect to such Items
under Item 9.01 or as an exhibit):</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Annual Report on&nbsp;Form&nbsp;10-K for the year ended December 31, 2022, filed with the SEC on March 22,
        2023&nbsp;(including portions of our Proxy Statement for our 2023 Annual Meeting of Shareholders filed with the SEC on April 27, 2023,
        to the extent specifically incorporated by reference in such Form&nbsp;10-K);</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 70.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Quarterly Report on&nbsp;Form&nbsp;10-Q for the quarter ended March 31, 2023, filed with the SEC on May 12,
        2023;&nbsp;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -34.2pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">Current Reports on&nbsp;Form&nbsp;8-K, filed with the SEC on February 15, 2023, March 27, 2023, May 18, 2023,
        June 2, 2023 and June 6, 2023; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -34.2pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">The description of our common stock included in Chemung Financial&rsquo;s Registration Statement on Form&nbsp;8-A
        filed with the SEC on&nbsp;November 15, 2012&nbsp;(File No.&nbsp;001-35741), as updated by Exhibit&nbsp;4.2 to our Annual Report on Form&nbsp;10-K
        for the year ended December&nbsp;31, 2019, filed with the SEC on&nbsp;March 12, 2020, including any other amendment or reports filed for
        the purpose of updating such description.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In addition, all future documents that we file with
the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
prior to the termination of this offering, including all such documents we may file with the SEC after the date of the initial registration
statement and prior to the effectiveness of the registration statement, but excluding any information furnished to, rather than filed
with, the SEC, will also be incorporated by reference into this prospectus and deemed to be part of this prospectus from the date of the
filing of such reports and documents. The most recent information that we file with the SEC automatically updates and supersedes older
information. The information contained in any such filing will be deemed to be a part of this prospectus, commencing on the date on which
the document is filed.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">The information incorporated by reference contains
information about us and our financial condition and is an important part of this prospectus.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">You can obtain any of the documents incorporated
by reference in this document through us, or from the SEC through the SEC&rsquo;s Internet website at www.sec.gov. Documents incorporated
by reference are available from us without charge, excluding any exhibits to those documents, unless the exhibit is specifically incorporated
by reference as an exhibit in this prospectus. You can obtain documents incorporated by reference in this prospectus from us by requesting
them in writing or by telephone from us at:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Chemung Financial Corporation</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">One Chemung Canal Plaza</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Elmira, New York 14901</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Attn: Corporate Secretary</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">Telephone: (607) 737-3711</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">In addition, we maintain a corporate website, www.chemungcanal.com.
We make available, through our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K,
and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable
after we electronically file such material with, or furnish it to, the SEC. This reference to our website is for the convenience of investors
as required by the SEC and shall not be deemed to incorporate any information on the website into this Registration Statement.</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">We have not authorized anyone to give any information
or make any representation about us that is different from, or in addition to, those contained in this prospectus or in any of the materials
that we have incorporated into this prospectus. If anyone gives you information of this sort, you should not rely on it. If you are in
a jurisdiction where offers to sell, or solicitations of offers to purchase, the securities offered by this document are unlawful, or
if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this document does not extend
to you. The information contained in this document speaks only as of the date of this document unless the information specifically indicates
that another date applies.</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_004"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">This prospectus, including the information incorporated
by reference into this prospectus, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;) and Section 21E of the Exchange Act. These forward-looking statements reflect our current
views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made
through the use of words or phrases such as &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;predict,&rdquo;
&ldquo;potential,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;attribute,&rdquo; &ldquo;continue,&rdquo; &ldquo;will,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;seek,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;projection,&rdquo;
&ldquo;goal,&rdquo; &ldquo;target,&rdquo; &ldquo;outlook,&rdquo; &ldquo;aim,&rdquo; &ldquo;would,&rdquo; &ldquo;annualized&rdquo; and
&ldquo;outlook,&rdquo; or the negative version of those words or other comparable words or phrases of a future or forward-looking nature.
These forward-looking statements include, but are not limited to:</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">statements of our goals, intentions and expectations;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">statements regarding our business plans, prospects, growth and operating strategies;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">statements regarding the quality of our loan and investment portfolios; and</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">estimates of our risks and future costs and benefits.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">These forward-looking statements are not historical
facts, and are based on current expectations, estimates and projections about our industry, management&rsquo;s beliefs and certain assumptions
made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that
any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties
that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable
as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking
statements.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The following factors, among others, could cause actual
results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of
        financial instruments;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">general economic conditions, either nationally or in our market areas, that are worse than expected;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy
        of the allowance for credit losses;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in deposit flows and our ability to access cost-effective funding;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">fluctuations in real estate values and both residential and commercial real estate market conditions;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">demand for loans and deposits in our market area;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">our ability to implement and change our business strategies;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">competition among depository and other financial institutions;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the rate of delinquencies and amounts of loans charged-off;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">fluctuations in real estate values and both residential and commercial real estate market conditions;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">adverse changes in the securities markets;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">fluctuations in the stock market may have a significant adverse effect on transaction fees, client activity
        and client investment portfolio gains and losses related to our trust and wealth management business;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in laws or government regulations or policies affecting financial institutions, including changes
        in regulatory fees and capital requirements;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the results of litigation or matters before regulatory agencies;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">our ability to enter new markets successfully and capitalize on growth opportunities;</TD></TR>
  </TABLE>

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

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

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    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">our ability to capitalize on strategic opportunities;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">our ability to successfully introduce new products and services;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">our ability to successfully integrate into our operations any assets, liabilities, customers, systems and
        management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames,
        and any goodwill charges related thereto;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">our ability to retain our existing customers;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in consumer spending, borrowing and savings habits;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial
        Accounting Standards Board, the SEC or the Public Company Accounting Oversight Board;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in tax law or policy;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in our organization, compensation and benefit plans;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">changes in the quality or composition of our loan or investment portfolios;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">a breach in security of our information systems, including the occurrence of a cyber incident or a deficiency
        in cyber security;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">political instability or civil unrest;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">acts of war or terrorism;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">conditions relating to the COVID-19 pandemic or any other public health emergency, including the severity
        and duration of any associated economic slowdown either nationally or in our market areas;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">competition, innovation and technological changes with respect to financial products and services by banks,
        financial institutions and non-traditional providers, including retail businesses and technology companies;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the failure to attract and retain skilled people; and</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the fiscal and monetary policies of the federal government and its agencies.</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 18pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt">The foregoing factors should not be construed as exhaustive
and should be read in conjunction with other cautionary statements that are included in this prospectus, including other documents incorporated
herein by reference. See &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Risk Factors&rdquo;. If one or more events related
to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ
materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking
statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time,
and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor
on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements.</P>

<P STYLE="font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_005"></A>RISK FACTORS</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 37.05pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Investing in our securities involves risks. Before making
an investment decision, you should carefully consider the risks described under &ldquo;Risk Factors&rdquo; in the applicable prospectus
supplement and in our most recent Annual Report on Form 10-K, which is incorporated into this prospectus by reference, as updated in our
Quarterly Reports on Form 10-Q, together with all of the other information appearing in this prospectus or incorporated by reference into
this prospectus, the prospectus supplement or any applicable pricing supplement, in light of your particular investment objectives and
financial circumstances. In addition to those risk factors, there may be additional risks and uncertainties of which management is not
aware or focused on or that management deems immaterial. Our business, financial condition or results of operations could be materially
adversely affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose
all or part of your investment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_006"></A>OUR COMPANY</P>

<P STYLE="font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">The Corporation was incorporated on January 2, 1985
under the laws of the State of New York and is headquartered in Elmira, New York.&nbsp; The Corporation was organized to acquire the Bank.&nbsp;
The Bank was established in 1833 under the name Chemung Canal Bank, and was subsequently granted a New York State bank charter in 1895.&nbsp;
In 1902, the Bank was reorganized as a New York State trust company under the name Elmira Trust Company, and its name was changed to Chemung
Canal Trust Company in 1903.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">The Corporation became a financial holding company
in June 2000.&nbsp; Financial holding company status provided the Corporation with the flexibility to offer an array of financial services,
such as insurance products, mutual funds, and brokerage services, which provide additional sources of fee-based income and allow the Corporation
to better serve its customers. The Corporation established a financial services subsidiary, CFS Group, Inc. (&ldquo;CFS&rdquo;), in September
2001, which offers non-banking financial products and services such as mutual funds, annuities, brokerage services, insurance and tax
preparation services. The Corporation established a captive insurance subsidiary, Chemung Risk Management, Inc. (&ldquo;CRM&rdquo;), based
in the State of Nevada in May 2016, which insures gaps in commercial coverage and uninsured exposures in the Corporation&rsquo;s current
insurance coverages and allows the Corporation to strengthen its overall risk management program.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Corporation, through the Bank, CRM and CFS, provides
a wide range of financial products and services, including demand, savings and time deposits, commercial, residential and consumer loans,
interest rate swaps, letters of credit, wealth management services, employee benefit plans, insurance products, mutual funds and brokerage
services.&nbsp; The Bank derives its income primarily from interest and fees on loans, interest on investment securities, fee income,
and fees received in connection with deposit and other services.&nbsp; The Bank&rsquo;s operating expenses are interest expense paid on
deposits and borrowings, salaries and employee benefit plans and general operating expenses.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In order to compete with other financial services companies,
the Corporation relies upon personal relationships established with clients by its officers, employees, and directors.&nbsp; The Corporation
has maintained a strong community orientation by supporting the active participation of officers and employees in local charitable, civic,
school, religious, and community development activities.&nbsp; The Corporation believes that its emphasis on local relationship banking
together with a prudent approach to lending are important factors in its success and growth.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Corporation had&nbsp;$2.7 billion&nbsp;in consolidated
assets,&nbsp;$1.9 billion&nbsp;in loans,&nbsp;$2.3 billion&nbsp;in deposits, and&nbsp;$177.3 million&nbsp;in shareholders&rsquo; equity
at&nbsp;March 31, 2023.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Our principal executive offices are located at One Chemung
Canal Plaza, Elmira, New York 14901 and our telephone number is (607) 737-3711.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">Additional information about us and our subsidiaries
is included in documents incorporated by reference in this prospectus. See &ldquo;Where You Can Find More Information&rdquo; on page 1
of this prospectus.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_007"></A>USE OF PROCEEDS</P>

<P STYLE="font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We intend to use the net
proceeds from the sale of any securities offered under this prospectus for general corporate purposes, unless otherwise specified in the
applicable prospectus supplement or pricing supplement relating to a specific issue of securities. Our general corporate purposes may
include refinancing activities, repurchasing shares of our common stock, acquisitions of other companies and such other purposes indicated
in the applicable prospectus supplement and, if necessary, the applicable pricing supplement. The precise amounts and timing of our use
of the net proceeds will depend upon our, and our subsidiaries&rsquo;, funding requirements and the availability of other funds</FONT><FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_008"></A>DESCRIPTION
OF THE SECURITIES</P>

<P STYLE="font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">This prospectus contains a summary of the debt securities,
common stock, warrants, purchase contracts, units and subscription rights that may be offered under this prospectus. The following summaries
are not meant to be a complete description of each security. However, this prospectus, the prospectus supplement and the pricing supplement,
if applicable, contain the material terms and conditions for each security. You should read all of these documents as well as the documents
filed as exhibits to or incorporated by reference to this registration statement. Capitalized terms used in this prospectus that are not
defined will have the meanings given them in these documents. &nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><A NAME="a_009"></A><B>Description of Debt Securities</B></P>

<P STYLE="font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>General</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may issue, from time to time, debt securities, in
one or more series, that will consist of either senior debt (&ldquo;Senior Debt Securities&rdquo;) or subordinated debt (&ldquo;Subordinated
Debt Securities&rdquo;). Debt securities, whether senior or subordinated, may be issued as convertible debt securities or exchangeable
debt securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Neither indenture limits the amount of debt securities
that we may issue. We may, without the consent of the holders of the debt securities of any series, issue additional debt securities ranking
equally with, and otherwise similar in all respects to, the debt securities of the series (except for any differences in the issue price
and, if applicable, the initial interest accrual date and interest payment date) so that those additional debt securities will be consolidated
and form a single series with the debt securities of the series previously offered and sold; provided that if the additional debt securities
are not fungible with the debt securities of the series previously offered or sold for U.S. federal income tax purposes, the additional
debt securities will have a separate CUSIP or other identifying number.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The indentures provide that we may issue debt securities
up to the principal amount that we may authorize and may be in any currency or currency unit designated by us. Except for the limitations
on consolidation, merger and sale of all or substantially all of our assets contained in the indentures, the terms of the indentures do
not contain any covenants or other provisions designed to afford holders of any debt securities protection with respect to our operations,
financial condition or transactions involving us.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may issue the debt securities issued under the indentures
as &ldquo;discount securities,&rdquo; which means they may be sold at a discount below their stated principal amount. These debt securities,
as well as other debt securities that are not issued at a discount, may, for U.S. federal income tax purposes, be treated as if they were
issued with &ldquo;original issue discount,&rdquo; because of interest payment and other characteristics. Special U.S. federal income
tax considerations applicable to debt securities issued with original issue discount will be described in more detail in any applicable
prospectus supplement.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Provisions of the Indentures</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The applicable prospectus supplement for a series of
debt securities that we issue will describe, among other things, the following terms of the offered debt securities:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">the designation of the debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the price(s), expressed as a percentage of the principal amount, at which we will sell the debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any limit on the aggregate principal amount of the debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the date(s) when principal payments are due on the debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the interest rate(s) on the debt securities, which may be fixed or variable, per annum or otherwise, and the
        method used to determine the rate(s), the dates on which interest will begin to accrue and be payable, and any regular record date for
        the interest payable on any interest payment date;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the currency or currencies of payment of principal or interest;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">the place(s) where principal of, premium and interest on the debt securities will be
        payable;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 54pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">provisions governing redemption of the debt securities, including any redemption or purchase requirements
        pursuant to any sinking fund or analogous provisions or at the option of a holder of debt securities, and the redemption price and other
        detailed terms and provisions of such repurchase obligations;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the denominations in which the debt securities will be issued, if other than minimum denominations of&nbsp;$1,000
        and any integral multiple in excess thereof;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">whether the debt securities will be issued in the form of certificated debt securities
        or global debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">the portion of the principal of the debt securities payable upon declaration of acceleration
        of the maturity date, if other than the entire principal amount;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any additional or modified events of default from those described in this prospectus or in the indenture and
        any change in the acceleration provisions described in this prospectus or in the indenture;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">any additional or modified covenants from those described in this prospectus or in the
        indenture with respect to the debt securities; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with
        respect to the debt securities.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The applicable prospectus supplement will set forth
certain U.S. federal income tax considerations for holders of any debt securities and the securities exchange or quotation system on which
any debt securities are listed or quoted, if any.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Debt securities issued by us will be structurally subordinated
to all indebtedness and other liabilities of our subsidiaries, except to the extent any such subsidiary guarantees or is otherwise obligated
to make payment on such debt securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Senior Debt Securities</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Payment of the principal of, and premium, if any, and
interest on, Senior Debt Securities will rank on a parity with all of our other unsecured and unsubordinated debt. Senior Debt Securities
will be issued under the senior debt indenture.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Subordinated Debt Securities</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Payment of the principal of, and premium, if any, and
interest on, Subordinated Debt Securities will be subordinated and junior in right of payment to the prior payment in full of all of our
unsubordinated debt. We will set forth in the applicable prospectus supplement relating to any Subordinated Debt Securities the subordination
terms of such securities as well as the aggregate amount of outstanding indebtedness, as of the most recent practicable date, that by
its terms would be senior to the Subordinated Debt Securities. We will also set forth in such prospectus supplement limitations, if any,
on issuance of additional debt ranking senior to the Subordinated Debt Securities. Subordinated Debt Securities will be issued under the
subordinated debt indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt"><B>Conversion or Exchange Rights</B></P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt; text-indent: 36pt">Debt securities may be convertible into or exchangeable
for other securities or property of ours. The terms and conditions of conversion or exchange will be set forth in the applicable prospectus
supplement. The terms will include, among others, the following:</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the conversion or exchange price;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 54pt; text-align: justify; font-size: 10pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the conversion or exchange period;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 54pt; text-align: justify; font-size: 10pt; text-indent: -18pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin: 0pt 0 0pt 54pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">provisions regarding our ability or the ability of the holder to convert or exchange the debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">events requiring adjustment to the conversion or exchange price; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">provisions affecting conversion or exchange in the event of our redemption of the debt securities.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Consolidation, Merger or Sale</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The indentures provide that we may not consolidate with
or merge with or into, or sell or convey all or substantially all of our assets to any person, firm or corporation, unless:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">we are the surviving corporation or the successor corporation (if not us) is a corporation organized and validly
        existing under the laws of any United States domestic jurisdiction and expressly assumes, by a supplemental indenture satisfactory to
        the applicable trustee, our obligations under the indenture; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">immediately after giving effect to such transaction, we, or the successor corporation, are not in default
        in the performance of any covenant or condition under the indenture.</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Events of Default</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">For any series of debt securities, in addition to any
event of default described in the prospectus supplement applicable to that series, an event of default will include the following events:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">default in the payment when due of principal of any debt security of that series;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">default in the payment when due of any sinking or analogous fund payment in respect of any debt security of
        that series;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">default in the payment when due of any interest on any debt securities of that series, and continuance of
        such default for a period of 90 days;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">default in the performance or breach of any other covenant or agreement in the indenture that applies to such
        series, which default continues for a period of 90 days after we have received written notice of the failure to perform in the manner
        specified in the indenture by the holders of at least 25% in aggregate principal amount of the outstanding debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">certain events of bankruptcy, insolvency or reorganization involving us or our material subsidiaries; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any other event of default provided in the applicable resolution of our board of directors or the officers&rsquo;
        certificate or supplemental indenture under which we issue such series of debt securities.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">An event of default for a particular series of debt
securities does not necessarily constitute an event of default for any other series of debt securities issued under the indentures.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If an event of default with respect to any outstanding
debt securities occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the outstanding
debt securities of that series may, by written notice to us (and to the trustee if given by the holders), accelerate the payment of the
principal (or, if the debt securities of that series are discount securities, that portion of the principal amount as may be specified
in the terms of that series) of on all debt securities of that series. Following acceleration, payments on our subordinated debt securities,
if any, will be subject to the subordination provisions described above under &ldquo;Subordinated Debt Securities.&rdquo; At any time
after acceleration with respect to debt securities of any series, but before the trustee has obtained a court judgment or decree for payment
of the amounts due, the holders of a majority in principal amount of the outstanding debt securities of that series may rescind and annul
the acceleration of all events of default. The prospectus supplement relating to any series of debt securities that are discount securities
will contain particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the
occurrence of an event of default.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Obligations of the Trustee</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The indentures provide that the trustee will be under
no obligation to exercise any rights or powers under such indenture at the request of any holder of outstanding debt securities unless
the trustee is indemnified against any costs, liability or expense.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Remedies</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to certain rights of the trustee, the holders
of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with
respect to the debt securities of that series.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">No holder of any debt security may institute any proceeding,
judicial or otherwise, with respect to the indenture or for the appointment of a receiver or trustee, or for any remedy under the indenture,
unless:</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">such holder has previously given written notice to the trustee of a continuing event
        of default with respect to the debt securities of that series;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the holders of not less than 25% in aggregate principal amount of the outstanding debt securities of that
        series have made written request to the trustee to institute proceedings in respect of such event of default in its own name as trustee
        under the indenture;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">such holder or holders have offered to the trustee indemnity against the costs, expenses and liabilities to
        be incurred in complying with such request;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute
        any such proceeding; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">no direction inconsistent with such written request has been given to the trustee during such 60-day period
        by the holders of a majority in aggregate principal amount of the outstanding debt securities of that series.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Notwithstanding the foregoing, the holder of any debt
security will have an absolute and unconditional right to receive payment of the principal of, premium and any interest on that debt security
on or after the due dates expressed in that debt security and to institute suit for the enforcement of payment.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Under the indentures, we must furnish the trustee a
statement as to compliance with such indenture within 120 days after the end of our fiscal year (beginning with the fiscal year ending
immediately following the execution of such indenture). The indentures provide that, other than with respect to payment defaults, the
trustee may withhold notice to the holders of debt securities of any series of a default or event of default if it in good faith determines
that withholding notice is in the interests of the holders of those debt securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Registered Global Securities</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may issue the debt securities of a series in whole
or in part in the form of one or more fully registered global securities that we will deposit with a depositary or with a nominee for
a depositary identified in the applicable prospectus supplement and registered in the name of such depositary or nominee. In such case,
we will issue one or more registered global securities denominated in an amount equal to the aggregate principal amount of all of the
debt securities of the series to be issued and represented by such registered global security or securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Unless and until it is exchanged in whole or in part
for debt securities in definitive registered form, a registered global security may not be transferred except as a whole:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">by the depositary for such registered global security to its nominee,</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 54pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">by a nominee of the depositary to the depositary or another nominee of the depositary,
        or</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">by the depositary or its nominee to a successor of the depositary or a nominee of the
        successor.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The prospectus supplement relating to a series of debt
securities will describe the specific terms of the depositary arrangement with respect to any portion of such series represented by a
registered global security. We anticipate that the following provisions will apply to all depositary arrangements for debt securities:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">ownership of beneficial interests in a registered global security will be limited to persons that have accounts
        with the depositary for the registered global security, those persons being referred to as &ldquo;participants,&rdquo; or persons that
        may hold interests through participants;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">upon the issuance of a registered global security, the depositary for the registered global security will
        credit, on its book-entry registration and transfer system, the participants&rsquo; accounts with the respective principal amounts of
        the debt securities represented by the registered global security beneficially owned by the participants;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any dealers, underwriters, or agents participating in the distribution of the debt securities will designate
        the accounts to be credited; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">ownership of any beneficial interest in the registered global security will be shown
        on, and the transfer of any ownership interest will be effected only through, records maintained by the depositary for the registered
        global security (with respect to interests of participants) and on the records of participants (with respect to interests of persons holding
        through participants).</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The laws of some states may require that certain purchasers
of securities take physical delivery of the securities in definitive form. These laws may limit the ability of those persons to own, transfer
or pledge beneficial interests in registered global securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">So long as the depositary for a registered global security,
or its nominee, is the registered owner of the registered global security, the depositary or the nominee, as the case may be, will be
considered the sole owner or holder of the debt securities represented by the registered global security for all purposes under the indenture.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Except as set forth below, owners of beneficial interests
in a registered global security:</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">will not be entitled to have the debt securities represented by a registered global security registered in
        their names;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 0.8pt">will not receive or be entitled to receive physical delivery of the debt securities
        in the definitive form; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">will not be considered the owners or holders of the debt securities under the indenture.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Accordingly, each person owning a beneficial interest
in a registered global security must rely on the procedures of the depositary for the registered global security and, if the person is
not a participant, on the procedures of a participant through which the person owns its interest, to exercise any rights of a holder under
the indenture.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">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 indenture, the depositary for the registered global security would authorize the participants holding
the relevant beneficial interests to give or take the action, and those participants would authorize beneficial owners owning through
those participants to give or take the action or would otherwise act upon the instructions of beneficial owners holding through them.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We will make payments of principal and premium, if any,
and interest, if any, on debt securities represented by a registered global security registered in the name of a depositary or its nominee
to the depositary or its nominee, as the case may be, as the registered owners of the registered global security. None of us, the trustee
or any other agent of us or the trustee will be responsible or liable for any aspect of the records relating to, or payments made on account
of, beneficial ownership interests in the registered global security or for maintaining, supervising or reviewing any records relating
to the beneficial ownership interests.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We expect that the depositary for any debt securities
represented by a registered global security, upon receipt of any payments of principal and premium, if any, and interest, if any, in respect
of the registered global security, will immediately credit participants&rsquo; accounts with payments in amounts proportionate to their
respective beneficial interests in the registered global security as shown on the records of the depositary. We also expect that standing
customer instructions and customary practices will govern payments by participants to owners of beneficial interests in the registered
global security held through the participants, as is now the case with the securities held for the accounts of customers in bearer form
or registered in &ldquo;street name.&rdquo; We also expect that any of these payments will be the responsibility of the participants.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If the depositary for any debt 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 Exchange Act, we will appoint an eligible successor depositary. If we fail to appoint an eligible successor depositary, we will
issue the debt securities in definitive form in exchange for the registered global security. In addition, we may at any time and in our
sole discretion decide not to have any of the debt securities of a series represented by one or more registered global securities. In
such event, we will issue debt securities of that series in a definitive form in exchange for all of the registered global securities
representing the debt securities. The trustee will register any debt securities issued in definitive form in exchange for a registered
global security in such name or names as the depositary, based upon instructions from its participants, instructed to the trustee.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Defeasance of Debt Securities and Certain Covenants in Certain Circumstances</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B><I>Legal Defeasance</I></B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may deposit with the trustee, as trust funds, cash
or U.S. government securities in an amount that, through the payment of interest and principal in accordance with their terms, will provide,
not later than one day before the due date of any payment of money, an amount in cash that is sufficient to make all payments of principal
and interest on, and any mandatory sinking fund payments in respect of, the debt securities of that series on the due dates for such payments
in accordance with the terms of the indenture and those debt securities. If we make such a deposit, unless otherwise provided under the
applicable series of debt securities, we will be discharged from any and all obligations in respect of the debt securities of such series
(except for obligations relating to the transfer or exchange of debt securities and the replacement of stolen, lost or mutilated debt
securities and relating to maintaining paying agencies and the treatment of funds held by paying agents and certain rights of the trustee
and our obligations with respect thereto). However, this discharge may occur only if, among other things, we have delivered to the trustee
a legal opinion stating that we have received from, or there has been published by, the U.S. Internal Revenue Service a ruling or, since
the date of execution of the indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect
that, and, based thereon confirming that, the holders of the debt securities of that series will not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such defeasance and will be subject to U.S. federal income tax on the same amounts and
in the same manner and at the same times as would have been the case if such defeasance had not occurred.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B><I>Defeasance of Certain Covenants</I></B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Under the indentures (and unless otherwise provided
by the terms of the applicable series of debt securities), upon making the deposit and delivering the legal opinion described in &ldquo;Legal
Defeasance&rdquo; above, we will no longer need to comply with certain covenants set forth in the indentures, as well as any additional
covenants that may be set forth in the applicable prospectus supplement, and any such noncompliance will no longer constitute a default
or an event of default with respect to the debt securities of that series, or covenant defeasance.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B><I>Covenant Defeasance and Events of Default</I></B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If we exercise our option to effect covenant defeasance
with respect to any series of debt securities and the debt securities of that series are declared due and payable because of the occurrence
of any event of default, the amounts on deposit with the trustee will be sufficient to pay amounts due on the debt securities of that
series at the time of their stated maturity but may not be sufficient to pay amounts due on the debt securities of that series at the
time of the acceleration resulting from the event of default. We will remain liable for those payments.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Satisfaction and Discharge</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may discharge our obligations under either indenture
and the debt securities of a series (except for certain surviving rights of the trustee and our obligations in connection therewith) if:
(a)&nbsp;all outstanding debt securities of that series and all other outstanding debt securities issued under such indenture (i)&nbsp;have
been delivered for cancellation, or (ii)&nbsp;(1) have become due and payable, (2)&nbsp;will become due and payable at their stated maturity
within one year or (3)&nbsp;are to be called for redemption within one year under arrangements satisfactory to the trustee for the giving
of notice and redemption by the trustee (and in the case of clauses (1), (2) and (3), we have deposited with the trustee an amount sufficient
to pay and discharge the principal of (and premium, if any), and interest on all outstanding debt securities and any other sums due on
the stated maturity date or redemption date, as the case may be); (b) we have paid all other sums payable by us under such indenture;
and (c)&nbsp;we have delivered an officers&rsquo; certificate and opinion of counsel confirming compliance with all conditions precedent
relating to the satisfaction and discharge of the indenture.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Amendments to the Indentures</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Each indenture provides that we and the trustee may
enter into supplemental indentures without the consent of the holders of debt securities:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to evidence the succession of a corporation to the Corporation, or successive successors, as obligor under
        the indenture and the assumption by any such successor of the covenants, agreements and obligations of the Corporation in the indenture
        and in the debt securities;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to add to the covenants of the Corporation such further covenants, restrictions, conditions or provisions
        as its board of directors consider to be for the protection of the holders of the debt securities and to make the occurrence, or the occurrence
        and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions an event of default permitting
        the enforcement of all or any of the several remedies provided in the indenture, with such period of grace, if any, and subject to such
        conditions as such supplemental indenture may provide;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to establish any series of debt securities and the form or terms of the debt securities of a series, including,
        without limitation, subordination provisions and any conversion or exchange provisions applicable to the debt securities that are convertible
        into or exchangeable for other securities or property and any deletions from or additions or changes to the indenture in connection therewith;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to add any additional events of default with respect to all or any series of debt securities or change any
        provisions regarding acceleration of maturity upon an event of default;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to supplement any of the provisions of the indenture to such extent as will be necessary to permit or facilitate
        the defeasance, covenant defeasance and/or satisfaction and discharge of any series of outstanding debt securities, provided that any
        such action will not adversely affect the interests of any holder of an outstanding debt security of such series or any other security
        in any material respect;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to add or change any of the provisions of the indenture to such extent as is necessary to permit or facilitate
        the issuance of debt securities, registrable or not registrable as to principal;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to add or change provisions with respect to conversion or exchange rights of holders of debt securities of
        any series;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">in the case of any series of debt securities that are convertible into or exchangeable for commodities or
        for the securities of the Corporation, to safeguard or provide for the conversion or exchange rights, as the case may be, of such debt
        securities in the event of any reclassification or change of outstanding securities or any merger, consolidation, statutory share exchange
        or combination of the Corporation with or into another person or any sale, lease, assignment, transfer, disposition or other conveyance
        of all or substantially all of the properties and assets of the Corporation to any other person or other similar transactions, if expressly
        required by the terms of such series of debt securities;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 54pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to add to, delete from or revise the conditions, limitations or restrictions on issue, authentication and
        delivery of debt securities of any series;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to modify, eliminate or add to the provisions of the indenture to such extent as is necessary to effect the
        qualification of the indenture under the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;), or under any
        similar federal statute hereafter enacted, and to add to the indenture such other provisions as may be expressly permitted by the Trust
        Indenture Act, excluding certain provisions thereof;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to modify, eliminate or add to the provisions of the indenture, if the change or elimination (i)&nbsp;becomes
        effective only when there are no debt securities outstanding of any series created prior to execution of such supplemental indenture that
        is entitled to the benefit of such provision or (ii)&nbsp;will not apply to the any debt securities outstanding at the time of such change
        or elimination;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to conform the indenture or the debt securities to the description thereof in the related prospectus, offering
        memorandum or disclosure document (as provided in an officers&rsquo; certificate delivered to the trustee);</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to cure any ambiguity or to correct or supplement any provision in the indenture or in any supplemental indenture
        that may be defective or inconsistent with any other provision contained in the indenture or supplemental indenture;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to add guarantees with respect to, or to secure, any series of debt security;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to evidence and provide for the acceptance and appointment by a successor trustee or facilitate the administration
        of the trust under the indenture by more than one trustee; or</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">to make any change that does not adversely affect the rights of any holder of debt securities of any series
        issued under the indenture.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Each indenture also provides that we and the trustee
may, with the consent of the holders of not less than a majority in aggregate principal amount of the outstanding debt securities of all
series of Senior Debt Securities or Subordinated Securities, as the case may be, then outstanding and affected thereby (voting as one
class), add any provisions to, or change in any manner, eliminate in any way the provisions of, the indenture or supplemental indenture
or modify in any manner the rights of the holders of the debt securities. We and the trustee may not, however, without the consent of
the holder of each outstanding debt security affected thereby:</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">extend the fixed maturities of any outstanding debt securities or reduce the principal amount or premium,
        if any, or reduce the rate or extend the time of payment of interest;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -18pt; margin: 0pt 0 0pt 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">reduce the percentage in aggregate principal amount of the outstanding debt securities, the consent of whose
        holders is required to amend or supplement the indenture or any supplemental indenture;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; padding-right: 36pt">modify the subordination provisions in a manner adverse to the holders of such debt securities;
        or</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">make any change to provisions of the indenture to remove any of the limitations in this paragraph upon us
        or the trustee.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Concerning the Trustee</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The indentures limit the right of the trustee, should
it become a creditor of ours, to obtain payment of claims or secure its claims. The trustee is permitted to engage in certain other transactions.
However, if the trustee acquires any conflicting interest, and there is a default under the debt securities of any series for which it
is trustee, the trustee must eliminate the conflict or resign.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>No Individual Liability of Directors, Officers, Employees or Stockholders</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The indentures provide that none of our directors, officers,
employees or stockholders will have any liability for any of our obligations under the debt securities or the indentures or for any claim
based on, in respect of or by reason of such obligations or their creation. Each holder of debt securities by accepting a debt security
waives and releases all such liability. The waiver and release will be part of the consideration for the issue of the debt securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Governing Law</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The indentures and the debt securities will be governed
by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><B><A NAME="a_010"></A>Description of Common Stock</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We are authorized to issue 10,000,000 shares of common
stock, par value $0.01 per share. Each share of common stock has the same relative rights as, and is identical in all respects to, each
other share of common stock. All of our shares of common stock are duly authorized, fully paid and nonassessable.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Dividends</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The holders of our common stock are entitled to receive
and share equally in such dividends, if any, declared by the Board of Directors out of funds legally available therefor. Under New York
Business Corporation Law, we may pay dividends on our outstanding shares except when the Corporation is insolvent or would be made insolvent
by the dividend. In addition, we may pay dividends and other distributions either (1) out of surplus, so that our net assets remaining
after such payment or distribution is at least equal the amount of our stated capital, or (2) if we have no such surplus, out of our net
profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year; provided, that, if our capital is less
than the aggregate amount of the stated capital represented by the issued and outstanding shares of all classes having a preference upon
the distribution of assets, we may not pay dividends out of such net profits until the deficiency in the amount of stated capital represented
by the issued and outstanding shares of all classes having a preference upon the distribution of assets has been repaired. If we issue
preferred stock, the holders thereof may have a priority over the holders of our common stock with respect to dividends.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Voting Rights</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The holders of our common stock are generally entitled
to one vote per share.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Board of Directors</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Our bylaws provide that the Board of Directors (subject
to amendment) consists of 13 members and never less than three. Directors are elected by a plurality of the votes cast by shareholders
present at the annual shareholders&rsquo; meeting, or if the annual meeting is not held, at a special meeting called to elect directors.
Holders of our common stock are not entitled to cumulate their votes in the election of directors.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Board of Directors is divided into three classes,
as nearly equal in number as possible. The members of each class are elected for a term of three years and only one class of directors
is elected annually. Thus, it would take at least two annual elections to replace a majority of the Board of Directors.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Liquidation</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In the event of our liquidation, dissolution or winding
up, the holders of our common stock would be entitled to receive, after payment or provision for payment of all our debts and liabilities
and the holders of any preferred stock if authorized, all of our assets available for distribution.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>No Preemptive or Redemption Rights</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Holders of our common stock are not entitled to preemptive
rights with respect to any shares that may be issued. The common stock is not subject to redemption.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Certain Provisions in Our Certificate of Incorporation, Our Bylaws,
and Applicable Laws and Regulations</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Our certificate of incorporation, our bylaws, and applicable
federal and New York laws and regulations contain a number of provisions relating to corporate governance and rights of shareholders that
might discourage future takeover attempts. As a result, shareholders who might desire to participate in such transactions may not have
an opportunity to do so. In addition, these provisions would also render the removal of our Board of Directors or management more difficult.
Such provisions include, but are not limited to, the requirement of a supermajority vote of shareholders to approve certain business combinations
and other corporate actions, special procedural rules for certain business combinations, a classified board of directors and restrictions
on the calling of special meetings of shareholders that do not provide for the calling of special meetings by the shareholders.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>Election of Directors</I>. Our Board of Directors
is divided into three classes, as nearly equal in number as possible. The members of each class are elected for a term of three years
and only one class of directors is elected annually. Thus, it would take at least two annual elections to replace a majority of the Board
of Directors. Further, our bylaws establish qualifications for board members, including Corporation stock ownership requirements, and
notice and information requirements and procedures in connection with the nomination by shareholders of candidates for election to the
Board of Directors or the proposal by shareholders of business to be acted upon at a meeting of shareholders. Such notice and information
requirements are applicable to all shareholder business proposals and nominations, and are in addition to any requirements under federal
securities laws.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>Prohibition of Cumulative Voting</I>.&nbsp;Our shareholders
are not entitled to cumulative voting in the election of directors.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>Restrictions on Call of Special Meetings</I>.&nbsp;Our
bylaws provide that special meetings of shareholders can be called by the Board of Directors, the chairman of the Board or the President.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>Amendments to Certificate of Incorporation and Bylaws</I>.&nbsp;Our
certificate of incorporation provides that provisions relating to the powers of directors and business combinations with certain shareholders&nbsp;may
only be amended by an affirmative vote of at least 75% of the outstanding shares of common stock of the Corporation. Article III of the
Bylaws, which describes the powers of directors, may only be amended by an affirmative vote of at least 75% of the outstanding shares
of common stock of the Corporation.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>Removal of Directors</I>.&nbsp;A director of the
Corporation may be removed from the Board of Directors with or without cause only by an affirmative vote of at least 75% of the outstanding
shares of common stock of the Corporation.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>Business Combinations Involving Certain Shareholders</I>.&nbsp;Our
certificate of incorporation provides that a &ldquo;Major Shareholder&rdquo; (a person who owns with an affiliate or associate or any
person acting in concert therewith 10% or more of the Corporation&rsquo;s common stock) may engage in a business combination with the
Corporation (i) if the Business Combination was approved by the Board of Directors prior to the Major Shareholder becoming a Major Shareholder,
(ii) if the Major Shareholders sought and obtained the unanimous approval of the Board of Directors to become a Major Shareholder and
the Business Combination was approved by a majority of the continuing directors of the Corporation, (iii) if approved by 75% or more of
the continuing directors, or (iv) if approved by the affirmative vote of at least 75% of the outstanding shares of common stock of the
Corporation and at least 75% of the outstanding shares of common stock of the Corporation beneficially owned by shareholders other than
any Major Shareholder.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>Federal Laws and Regulations. </I>The Bank Holding
Company Act generally would prohibit any company that is not engaged in financial activities and activities that are permissible for a
bank holding company or a financial holding company from acquiring control of us. &ldquo;Control&rdquo; is generally defined as ownership
of 25% or more of the voting stock or other exercise of a controlling influence. In addition, any existing bank holding company would
need the prior approval of the Federal Reserve before acquiring 5% or more of our voting stock. The Change in Bank Control Act of 1978,
as amended, prohibits a person or group of persons from acquiring control of a bank holding company unless the Federal Reserve has been
notified and has not objected to the transaction. Under a rebuttable presumption established by the Federal Reserve, the acquisition of
10% or more of a class of voting stock of a bank holding company with a class of securities registered under Section 12 of the Exchange
Act, such as us, could constitute acquisition of control of the bank holding company.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><I>New York Business Corporation Law</I>. The business
combination provisions of New York Business Corporation Law could prohibit or delay mergers or other takeovers or change in control attempts
with respect to the Corporation and, accordingly, may discourage attempts to acquire the Corporation. In general, such provisions prohibit
an &ldquo;interested shareholder&rdquo; (i.e., a person who owns 20% or more of our outstanding voting stock) from engaging in various
business combination transactions with our Corporation, unless (a) the business combination transaction, or the transaction in which the
interested shareholder became an interested shareholder, was approved by the Board of Directors prior to the interested shareholder&rsquo;s
stock acquisition date, (b) the business combination transaction was approved by the disinterested shareholders at a meeting called no
earlier than five years after the interested shareholder&rsquo;s stock acquisition date, or (c)&nbsp;if the business combination transaction
takes place no earlier than five years after the interested shareholder&rsquo;s stock acquisition date, the price paid to all the shareholders
under such transaction meets statutory criteria.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><A NAME="a_011"></A><B>Description of Warrants</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 37.05pt"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">We may issue warrants to purchase debt securities
or common stock. We may offer warrants separately or together with one or more additional warrants, debt securities or common stock, or
any combination of those securities in the form of units, as described in the appropriate prospectus supplement. If we issue warrants
as part of a unit, the accompanying prospectus supplement will specify whether those warrants may be separated from the other securities
in the unit prior to the warrants&rsquo; expiration date. Below is a description of certain general terms and provisions of the warrants
that we may offer. Further terms of the warrants will be described in the applicable prospectus supplement.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">The applicable prospectus supplement will contain,
where applicable, the following terms of and other information relating to the warrants:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the specific designation and aggregate number of, and the price at which we will issue, the warrants;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the currency or currency units in which the offering price, if any, and the exercise price are payable;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the date on which the right to exercise the warrants will begin and the date on which that right will expire
        or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the
        warrants;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any applicable anti-dilution provisions;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any applicable redemption or call provisions;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the circumstances under which the warrant exercise price may be adjusted;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the warrants will be issued in fully registered form or bearer form, in definitive or global form
        or in any combination of these forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the
        unit and of any security included in that unit;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any applicable material United States federal income tax consequences;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents,
        transfer agents, registrars or other agents;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants
        on any securities exchange;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the designation, aggregate principal amount, currency and terms of the debt securities that may be purchased
        upon exercise of the warrants;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">if applicable, the designation and terms of the debt securities or common stock with which the warrants are
        issued and the number of warrants issued with each security;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">if applicable, the date from and after which the warrants and the related debt securities or common stock
        will be separately transferable;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the principal amount of debt securities or the number of shares of common stock purchasable upon exercise
        of a warrant and the price at which those shares may be purchased;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">information with respect to book-entry procedures, if any;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the warrants are to be sold separately or with other securities as parts of units; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any additional terms of the warrants, including terms, procedures and limitations relating to the exchange
        and exercise of the warrants.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The applicable prospectus supplement will describe the
terms of any warrants. The preceding description and any description of warrants in the applicable prospectus supplement does not purport
to be complete and is subject to and is qualified in its entirety by reference to the warrant agreement and, if applicable, collateral
arrangements and depositary arrangements relating to such warrants.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0cm"><B><A NAME="a_012"></A>Description of Purchase Contracts</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">We may issue purchase contracts, including purchase
contracts issued as part of a unit with one or more other securities, for the purchase or sale of our debt securities or common stock.
The price of our debt securities or price per share of our common stock, as applicable, may be fixed at the time the purchase contracts
are issued or may be determined by reference to a specific formula contained in the purchase contracts. We may issue purchase contracts
in such amounts and in as many distinct series as we wish.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">The applicable prospectus supplement may contain,
where applicable, the following information about the purchase contracts issued under it:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the purchase contracts obligate the holder to purchase or sell, or both, our debt securities or common
        stock, as applicable, and the nature and amount of each of those securities, or method of determining those amounts;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the purchase contracts are to be prepaid or not;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance
        or level of our common stock;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any acceleration, cancellation, termination or other provisions relating to the settlement of the purchase
        contracts;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">United States federal income tax considerations relevant to the purchase contracts; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the purchase contracts will be issued in fully registered global form.</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">The applicable prospectus supplement will describe
the terms of any purchase contracts. The preceding description and any description of purchase contracts in the applicable prospectus
supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the purchase contract agreement
and, if applicable, collateral arrangements and depositary arrangements relating to such purchase contracts.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0cm"><A NAME="a_013"></A><B>Description of Units</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">We may issue units comprised of two or more of the
other securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also the
holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included
security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred
separately, at any time or at any time before a specified date.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">The applicable prospectus supplement may describe:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the designation and terms of the units and of the securities comprising the units, including whether and under
        what circumstances those securities may be held or transferred separately;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities
        comprising the units;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the terms of the unit agreement governing the units;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">United States federal income tax considerations relevant to the units; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 36pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">whether the units will be issued in fully registered or global form.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">The preceding description and any description of
units in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference
to the form of unit agreement, which will be filed with the SEC in connection with the offering of such units, and, if applicable, collateral
arrangements and depositary arrangements relating to such units.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: center; text-indent: 0cm"><A NAME="a_014"></A><B>Description of Subscription Rights</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The following briefly summarizes the general provisions
of subscription rights to purchase additional shares of our common stock or debt securities, which we may issue. The specific terms of
any subscription rights, including the period during which the subscriptions rights may be exercised, the manner of exercising such subscription
rights, and the transferability of subscription rights, will be disclosed in the applicable prospectus supplement.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>General</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may distribute subscription rights, which may or
may not be transferable, to the holders of our common stock or holders of our debt securities as of a record date set by our Board of
Directors, at no cost to such holders. Each holder will be given the right to purchase a specified number of whole shares of our common
stock or debt securities for every share of our common stock or debt securities that the holder thereof owned on such record date, as
set forth in the applicable prospectus supplement. The subscription rights will be evidenced by subscription rights certificates, which
may be in definitive or book-entry form. Each right will entitle the holder to purchase shares of our common stock or our debt securities
at a rate and price to be established by our Board of Directors, as set forth in the applicable prospectus supplement. If holders of rights
wish to exercise their subscription rights, they must do so before the expiration date of the subscription rights offering, as set forth
in the applicable prospectus supplement. Upon the expiration date, the subscription rights will expire and will no longer be exercisable,
unless, in our sole discretion prior to the expiration date, we extend the subscription rights offering.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Exercise Price</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Our Board of Directors will determine the exercise price
or prices for the subscription rights based upon a number of factors, including, without limitation, our business prospects; our capital
requirements; the price or prices at which an underwriter or standby purchasers may be willing to purchase securities that remain unsold
in the subscription rights offering; and general conditions in the securities markets, especially for securities of financial institutions.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The subscription price may or may not reflect the actual
or long-term fair value of the common stock or debt securities offered in the subscription rights offering. We provide no assurances as
to the market values or liquidity of any subscription rights issued, or as to whether or not the market prices of the common stock or
debt securities subject to the subscription rights will be more or less than the subscription rights&rsquo; exercise price during the
term of the rights or after the rights expire.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Exercising Rights; Fees and Expenses</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The manner of exercising subscription rights will be
set forth in the applicable prospectus supplement. Any subscription agent or escrow agent will be set forth in the applicable prospectus
supplement. We will pay all fees charged by any subscription agent and escrow agent in connection with the distribution and exercise of
subscription rights. Subscription rights holders will be responsible for paying all other commissions, fees, taxes or other expenses incurred
in connection with their transfer of subscription rights that are transferable. Neither we nor the subscription agent will pay such expenses.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Expiration of Rights</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The applicable prospectus supplement will set forth
the expiration date and time (&ldquo;Expiration Date&rdquo;) for exercising subscription rights. If holders of subscription rights do
not exercise their subscription rights prior to such time, their subscription rights will expire and will no longer be exercisable and
will have no value. We will extend the Expiration Date as required by applicable law and may, in our sole discretion, extend the Expiration
Date. If we elect to extend the Expiration Date, we will issue a press release announcing such extension prior to the scheduled Expiration
Date.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Withdrawal and Termination</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may withdraw the subscription rights offering at
any time prior to the Expiration Date for any reason. We may terminate the subscription rights offering, in whole or in part, at any time
before completion of the subscription rights offering if there is any judgment, order, decree, injunction, statute, law or regulation
entered, enacted, amended or held to be applicable to the subscription rights offering that in the sole judgment of our Board of Directors
would or might make the subscription rights offering or its completion, whether in whole or in part, illegal or otherwise restrict or
prohibit completion of the subscription rights offering. We may waive any of these conditions and choose to proceed with the subscription
rights offering even if one or more of these events occur. If we terminate the subscription rights offering, in whole or in part, all
affected rights will expire without value, and all subscription payments received by the subscription agent will be returned promptly
without interest.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Rights of Subscribers</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Holders of subscription rights will have no rights as
holders with respect to our common stock or debt securities for which the rights may be exercised until they have exercised their rights
by payment in full of the exercise price and in the manner provided in the applicable prospectus supplement, and such common stock or
debt securities, as applicable, have been issued to such persons. Holders of subscription rights will have no right to revoke their subscriptions
or receive their monies back after they have completed and delivered the materials required to exercise their subscription rights and
have paid the exercise price to the subscription agent. All exercises of rights will be final and cannot be revoked by the holder of rights.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B></B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Regulatory Limitations</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We will not be required to issue to any person or group
of persons shares of our common stock or debt securities pursuant to the subscription rights offering if, in our sole opinion, such person
would be required to give prior notice to or obtain prior approval from, any state or federal governmental authority to own or control
such securities if, at the time the rights offering is scheduled to expire, such person has not obtained such clearance or approval in
form and substance reasonably satisfactory to us.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Standby Agreements</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may enter into one or more separate agreements with
one or more standby underwriters or other persons to purchase, for their own account or on our behalf, our common stock or debt securities
not subscribed for in the subscription rights offering. The terms of any such agreements will be described in the applicable prospectus
supplement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_015"></A>GLOBAL SECURITIES</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Unless otherwise indicated in the applicable prospectus
supplement, securities other than common stock will be issued in the form of one or more global certificates, or &ldquo;global securities,&rdquo;
registered in the name of a depositary or its nominee. Unless otherwise indicated in the applicable prospectus supplement, the depositary
will be The Depository Trust Company, commonly referred to as DTC, and the securities will be registered in the name of Cede &amp; Co.
No person that acquires a beneficial interest in those securities will be entitled to receive a certificate representing that person&rsquo;s
interest in the securities except as described herein or in the applicable prospectus supplement. Unless and until definitive securities
are issued under the limited circumstances described below, all references to actions by holders of securities issued in global form will
refer to actions taken by DTC upon instructions from its participants, and all references to payments and notices to holders will refer
to payments and notices to DTC or Cede &amp; Co., as the registered holder of these securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">DTC is a limited-purpose trust company organized under
New York Banking Law, a &ldquo;banking organization&rdquo; within the meaning of New York Banking Law, a member of the Federal Reserve
System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code, and a &ldquo;clearing agency&rdquo;
registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities that DTC participants deposit with DTC.
DTC also facilitates the settlement among DTC participants of securities transactions, such as transfers and pledges, in deposited securities
through electronic computerized book-entry changes in DTC participants&rsquo; accounts, thereby eliminating the need for physical movement
of certificates. DTC participants include securities brokers and dealers, banks, trust companies and clearing corporations, and may include
other organizations. DTC is a wholly owned subsidiary of the Depository Trust &amp; Clearing Corporation, or DTCC. DTCC, in turn, is owned
by a number of DTC&rsquo;s participants and subsidiaries of DTCC as well as by the New York Stock Exchange, Inc., the American Stock Exchange,
LLC and the Financial Industry Regulatory Authority, Inc. Indirect access to the DTC system also is available to others such as banks,
brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly.
The rules applicable to DTC and DTC participants are on file with the SEC.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Persons that are not participants or indirect participants
but desire to purchase, sell or otherwise transfer ownership of, or other interests in, securities may do so only through participants
and indirect participants. Under a book-entry format, holders may experience some delay in their receipt of payments, as such payments
will be forwarded by our designated agent to Cede &amp; Co., as nominee for DTC. DTC will forward such payments to its participants, who
will then forward them to indirect participants or holders. Holders will not be recognized by the relevant registrar, transfer agent,
trustee or warrant agent as registered holders of the securities entitled to the benefits of our certificate of incorporation or the applicable
indenture, warrant agreement, trust agreement, guarantee or other applicable security. Beneficial owners that are not participants will
be permitted to exercise their rights only indirectly through and according to the procedures of participants and, if applicable, indirect
participants.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Under the rules, regulations and procedures creating
and affecting DTC and its operations as currently in effect, DTC will be required to make book-entry transfers of securities among participants
and to receive and transmit payments to participants. DTC rules require participants and indirect participants with which beneficial securities
owners have accounts to make book-entry transfers and receive and transmit payments on behalf of their respective account holders.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Because DTC can act only on behalf of participants,
who in turn act only on behalf of participants or indirect participants, and certain banks, trust companies and other persons approved
by it, the ability of a beneficial owner of securities issued in global form to pledge such securities to persons or entities that do
not participate in the DTC system may be limited due to the unavailability of physical certificates for these securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">DTC will take any action permitted to be taken by a
registered holder of any securities under our certificate of incorporation or the relevant indenture, warrant agreement, trust agreement,
guarantee or other applicable security only at the direction of one or more participants to whose accounts with DTC such securities are
credited.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Unless otherwise indicated in the applicable prospectus
supplement, a global security will be exchangeable for the relevant definitive securities registered in the names of persons other than
DTC or its nominee only if:</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">DTC notifies us that it is unwilling or unable to continue as depositary for that global security or if DTC
        ceases to be a clearing agency registered under the Exchange Act when DTC is required to be so registered;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">we execute and deliver to the relevant registrar, transfer agent, trustee and/or warrant agent an order complying
        with the requirements of the applicable indenture, trust agreement, warrant agreement, guarantee or other security that the global security
        will be exchangeable for definitive securities in registered form; or</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 37.05pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">there has occurred and is continuing a default in the payment of any amount due in respect of the securities
        or, in the case of debt securities, an event of default or an event that, with the giving of notice or lapse of time, or both, would constitute
        an event of default with respect to these debt securities.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any global security that is exchangeable under the preceding
sentence will be exchangeable for securities registered in such names as DTC directs.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon the occurrence of any event described in the preceding
paragraph, DTC is generally required to notify all participants of the availability of definitive securities. Upon DTC surrendering the
global security representing the securities and delivery of instructions for re-registration, the registrar, transfer agent, trustee or
warrant agent, as the case may be, will reissue the securities as definitive securities, and then such persons will recognize the holders
of such definitive securities as registered holders of securities entitled to the benefits of our certificate of incorporation or the
relevant indenture trust agreement and/or warrant agreement or other security.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Redemption notices will be sent to Cede &amp; Co. as
the registered holder of the global securities. If less than all of a series of securities are being redeemed, DTC will determine the
amount of the interest of each direct participant to be redeemed in accordance with its then current procedures.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Except as described above, the global security may not
be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or to a successor
depositary we appoint. Except as described above, DTC may not sell, assign, transfer or otherwise convey any beneficial interest in a
global security evidencing all or part of any securities unless the beneficial interest is in an amount equal to an authorized denomination
for these securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The information in this section concerning DTC and DTC&rsquo;s
book-entry system has been obtained from sources that we believe to be accurate, but we assume no responsibility for the accuracy thereof.
None of us, any trustees, any registrar and transfer agent or any warrant agent, or any agent of any of them, will have any responsibility
or liability for any aspect of DTC&rsquo;s or any participant&rsquo;s records relating to, or for payments made on account of, beneficial
interests in a global security, or for maintaining, supervising or reviewing any records relating to such beneficial interests.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Secondary trading in notes and debentures of corporate
issuers is generally settled in clearing-house or next-day funds. In contrast, beneficial interests in a global security, in some cases,
may trade in the DTC&rsquo;s same-day funds settlement system, in which secondary market trading activity in those beneficial interests
would be required by DTC to settle in immediately available funds. There is no assurance as to the effect, if any, that settlement in
immediately available funds would have on trading activity in such beneficial interests. Also, settlement for purchases of beneficial
interests in a global security upon the original issuance of the security may be required to be made in immediately available funds.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_016"></A>PLAN OF
DISTRIBUTION</P>

<P STYLE="font-size: 10pt; text-indent: 2.25pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">We may sell our securities through underwriters or dealers,
directly to purchasers, through agents, or through any combination thereof.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 37.05pt; margin: 0pt 0">Each time that we use this prospectus to sell our
securities, we will also provide a prospectus supplement that contains the specific terms of the offering. The prospectus supplement will
set forth the terms of the offering of such stock, including:</P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt; text-indent: 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the name or names of any underwriters, dealers or agents and the type and amounts of securities underwritten
        or purchased by each of them;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -19.95pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the public offering price of the securities and the proceeds to us and any discounts, commissions or concessions
        allowed or reallowed or paid to dealers; and</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -19.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">that any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may
        be changed from time to time.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -19.95pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Sales of the securities may be effected from time
to time in one or more transactions, including negotiated transactions:</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">at a fixed price or prices, which may be changed;</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 70.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">at market prices prevailing at the time of sale (including sales deemed to be an &ldquo;at-the-market&rdquo;
        offering as defined in Rule 415 under the Securities Act);</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 70.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">at prices related to prevailing market prices; or</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 70.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36pt"></TD>
    <TD STYLE="text-align: justify; width: 34.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">at negotiated prices.</TD></TR>
  </TABLE>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Any 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; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">If underwriters are used in the sale of any securities,
the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions,
including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The securities
may be either offered to the public through underwriting syndicates represented by managing underwriters, or directly by underwriters.
Generally, the underwriters&rsquo; obligations to purchase the securities will be subject to certain conditions precedent. The underwriters
will be obligated to purchase all of the securities if they purchase any of the securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0">To the extent that we make sales to or through one or
more underwriters or agents in at-the-market offerings, we will do so pursuant to the terms of a distribution agreement between us and
the underwriters or agents. If we engage in at-the-market sales pursuant to a distribution agreement, we will issue and sell shares of
our common stock to or through one or more underwriters or agents, which may act on an agency basis or on a principal basis. During the
term of any such agreement, we may sell shares on a daily basis in exchange transactions or otherwise as we agree with the underwriters
or agents. The distribution agreement will provide that any shares of our common stock sold will be sold at prices related to the then
prevailing market prices for our common stock. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid
cannot be determined at this time and will be described in a prospectus supplement. Pursuant to the terms of the distribution agreement,
we also may agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our common stock
or other securities. The terms of each such distribution agreement will be set forth in more detail in a prospectus supplement to this
prospectus. If any underwriter or agent acts as principal, or broker dealer acts as underwriter, it may engage in certain transactions
that stabilize, maintain or otherwise affect the price of our securities. We will describe any such activities in the prospectus supplement
relating to the transaction.</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">We may sell the securities through agents from time
to time. The prospectus supplement will name any agent involved in the offer or sale of our securities and any commissions we pay to them.
Generally, any agent will be acting on a best efforts basis for the period of its appointment.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">We may authorize underwriters, dealers or agents to
solicit offers by certain purchasers to purchase our securities at the public offering price set forth in the prospectus supplement pursuant
to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only
to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth any commissions or discounts
we pay for solicitation of these contracts.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Agents and underwriters may be entitled to indemnification
by us against certain civil liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribution with respect
to payments that the agents or underwriters may be required to make in respect thereof. Agents and underwriters may be customers of, engage
in transactions with, or perform services for us in the ordinary course of business.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">In connection with the sale of any of the securities,
underwriters or agents may receive compensation from us in the form of underwriting discounts or commissions and may also receive compensation
from purchasers of the securities, for whom they may act as agents, in the form of discounts, concessions or commissions. Underwriters
may sell the securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions
from the underwriters and/or commissions from the purchasers for whom they may act as agents. Discounts, concessions and commissions may
be changed from time to time. Dealers and agents that participate in the distribution of the securities may be deemed to be underwriters
under the Securities Act of, and any discounts, concessions or commissions they receive from us and any profit on the resale of securities
they realize may be deemed to be underwriting compensation under applicable federal and state securities laws.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Unless otherwise specified in the related prospectus
supplement, each series of securities will be a new issue with no established trading market, other than our common stock, which is listed
on the NASDAQ Global Select Market. We expect that any common stock sold pursuant to a prospectus supplement will be listed on the NASDAQ
Global Select Market, subject to official notice of issuance. We may elect to list any series of debt securities on an exchange, but we
are not obligated to do so. It is possible that one or more underwriters 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. No assurance can be given as to the liquidity
of, or the trading market for, any offered securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">We may enter into derivative transactions with third
parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus
supplement indicates in connection with those derivatives then the third parties may sell securities covered by this prospectus and the
applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed
from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us
in settlement of those derivatives to close out any related open borrowings of securities. The third party in such sale transactions will
be an underwriter and will be identified in the applicable prospectus supplement (or a post-effective amendment).</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Until the distribution of the securities is completed,
rules of the SEC may limit the ability of any underwriters and selling group members to bid for and purchase the securities. As an exception
to these rules, underwriters are permitted to engage in some transactions that stabilize the price of the securities. Such transactions
consist of bids or purchases for the purpose of pegging, fixing or maintaining the price of the securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Underwriters may engage in overallotment. If any underwriters
create a short position in the securities in an offering in which they sell more securities than are set forth on the cover page of the
applicable prospectus supplement, the underwriters may reduce that short position by purchasing the securities in the open market.</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt; text-indent: 34.2pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt; text-indent: 34.2pt"></P>

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<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt; text-indent: 34.2pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">The lead underwriters may also impose a penalty bid
on other underwriters and selling group members participating in an offering. This means that if the lead underwriters purchase securities
in the open market to reduce the underwriters&rsquo; short position or to stabilize the price of the securities, they may reclaim the
amount of any selling concession from the underwriters and selling group members who sold those securities as part of the offering.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">In general, purchases of a security for the purpose
of stabilization or to reduce a short position could cause the price of the security to be higher than it might be in the absence of such
purchases. The imposition of a penalty bid might also have an effect on the price of a security to the extent that it was to discourage
resales of the security before the distribution is completed.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">We do not make any representation or prediction as
to the direction or magnitude of any effect that the transactions described above might have on the price of the securities. In addition,
we do not make any representation that underwriters will engage in such transactions or that such transactions, once commenced, will not
be discontinued without notice.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">If we offer securities in a subscription rights offering
to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters. We
may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not enter into
a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">Underwriters, dealers and agents may engage in transactions
with us or perform services for us in the ordinary course of business.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">If indicated in the applicable prospectus supplement,
we will authorize underwriters or other persons acting as our agents to solicit offers by particular institutions to purchase securities
from us at the public offering price set forth in such prospectus supplement pursuant to delayed delivery contracts providing for payment
and delivery on the date or dates stated in such prospectus supplement. Each delayed delivery contract will be for an amount no less than,
and the aggregate amounts of securities sold under delayed delivery contracts shall be not less nor more than, the respective amounts
stated in the applicable prospectus supplement. Institutions with which such contracts, when authorized, may be made include commercial
and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but will
in all cases be subject to our approval. The obligations of any purchaser under any such contract will be subject to the conditions that
(a)&nbsp;the purchase of the securities will not at the time of delivery be prohibited under the laws of any jurisdiction in the United
States to which the purchaser is subject, and (b)&nbsp;if the securities are being sold to underwriters, we will have sold to the underwriters
the total amount of the securities less the amount thereof covered by the contracts. The underwriters and such other agents will not have
any responsibility in respect of the validity or performance of such contracts.</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">To comply with applicable state securities laws, the
securities offered by this prospectus will be sold, if necessary, in such jurisdictions only through registered or licensed brokers or
dealers. In addition, securities may not be sold in some states unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_017"></A>LEGAL OPINIONS</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">The validity of the securities offered hereby will
be passed upon for us by Luse Gorman, PC, Washington, D.C.</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center; text-indent: 0cm; margin: 0pt 0"><A NAME="a_018"></A>EXPERTS</P>

<P STYLE="font-size: 10pt; text-indent: 34.2pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">The consolidated financial
statements of Chemung Financial Corporation and its subsidiaries as of December&nbsp;31, 2022 and 2021 and for each of the two years in
the period ended December&nbsp;31, 2022 have been audited by Crowe LLP, an independent registered public accounting firm, as set forth
in their report appearing in Chemung Financial Corporation&rsquo;s Annual Report on Form&nbsp;10-K&nbsp;for the year ended December&nbsp;31,
2022 and incorporated in this prospectus by reference. Such consolidated financial statements have been so incorporated in reliance upon
the report of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PART II<BR> INFORMATION NOT REQUIRED IN THE PROSPECTUS</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Item 14. Other Expenses of Issuance and Distribution.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin: 0pt 0">Set forth below is an estimate of the approximate amount
of fees and expenses which we may incur in connection with the issuance and distribution of the securities being registered, other than
underwriting compensation.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin: 0pt 0"></P>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 79%; font-size: 10pt; text-align: left">Securities and Exchange Commission registration fee&#9;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="width: 18%; font-size: 10pt; text-align: right">8,265</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Listing fees&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accounting fees and expenses&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Legal fees and expenses&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Blue Sky expenses&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Printing&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Trustee&rsquo;s expenses&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Fees of rating agencies&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Transfer agent fees and expenses&#9;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Miscellaneous expenses</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">*</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 290pt; padding-left: 0pt; font-size: 10pt; text-align: center">Total</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: right">*</TD>
    <TD STYLE="border-bottom: Black 2pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR></TABLE>


<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="text-align: justify; margin: 0pt 0; font-size: 10pt">* These fees and expenses depend on the securities offered and the number
of securities issuances and cannot be estimated at this time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Item 15. Indemnification of Directors and Officers.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">Under Section&nbsp;722 of the
New York Business Corporation Law (the &ldquo;NYBCL&rdquo;), a corporation may indemnify its directors and officers (or a person who is
or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise) against reasonable expenses (including attorneys&rsquo; fees), judgement, fines and amounts paid in
settlement actually and necessarily incurred by the person 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. In the case of shareholder derivative suits, the corporation may indemnify a director
or officer (or a person who is or was serving at the request of the corporation as a director or officer of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise) against reasonable expenses (including attorneys&rsquo; fees) and amounts
paid in settlement actually and necessarily incurred by him or her 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, except that no indemnification may be made in respect of (1)&nbsp;a
threatened action, or a pending action that is settled or otherwise disposed or (2)&nbsp;any claim, issue or matter as to which such person
has been adjudged to be liable to the corporation, unless and only to the extent the court in which the action was brought or, if no action
was brought, any court of competent jurisdiction, finds that, in view of all the circumstances of the case, such person is fairly and
reasonably entitled to indemnification for such expenses and settlement amount as the court deems proper.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">The indemnification provisions
of the NYBCL require indemnification of any individual who has been successful on the merits or otherwise in defense of any action or
proceeding that he or she was a party to by virtue of the fact that he or she is or was a director or officer of the corporation. Except
as provided in the preceding sentence, unless ordered by a court pursuant to Section&nbsp;724 of the NYBCL, any indemnification under
the NYBCL as described in the immediately preceding paragraph may be made only if, pursuant to Section&nbsp;723 of the NYBCL, indemnification
is authorized in the specific case and after a finding that the director or officer met the requisite standard of conduct by the disinterested
directors if a quorum is available or, if the quorum so directs or is unavailable, by (1)&nbsp;the board of directors upon the written
opinion of independent legal counsel or (2)&nbsp;the shareholders.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; background-color: white"></P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">Chemung Financial Corporation&rsquo;s certificate
of incorporation provides that any person made or threatened to be made a party to any action or proceeding, whether civil or criminal,
by reason of the fact that he is or was a director or officer of Chemung Financial Corporation shall be indemnified by Chemung Financial
against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys&rsquo; fees actually and necessarily
incurred as a result of such action or proceeding, or any appeal therein, to the fullest extent permitted by New&nbsp;York law.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">As permitted by Section 722 of the NYBCL, Section&nbsp;6
of the certificate of incorporation of Chemung Financial Corporation provides:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">&ldquo;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification.</U></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">Every person who is or was, or whose testator or
intestate was, a director or officer of the Corporation, or of any corporation which he served as such at the request of the Corporation,
shall be indemnified by the Corporation to the fullest extent permitted by law against all expenses and liabilities reasonably incurred
by or imposed upon him, in connection with any proceeding to which he may be made, or threatened to be made, a party, or in which he may
become involved by reason of his or his testator&rsquo;s or intestate&rsquo;s being or having been a director or officer of the Corporation,
or of such other corporation, whether or not he is a director or officer of the Corporation or such other corporation at the time the
expenses or liabilities are incurred.&rdquo;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: 36pt; margin: 0pt 0; background-color: white">Chemung Financial Corporation has purchased insurance
on behalf of any person who is or was a director, officer, employee or agent of Chemung Financial Corporation, or is or was serving at
the request of Chemung Financial Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status
as such, whether or not Chemung Financial Corporation would have the power to indemnify him against such liability under the provisions
of Chemung Financial Corporation&rsquo;s certificate of incorporation.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Item 16. Exhibits.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 37.05pt">The following is a list of exhibits filed
as part of the Registration Statement:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 36.75pt">1.1</TD>
    <TD>Form of Underwriting Agreement of Equity Securities*</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 36.75pt">1.2</TD>
    <TD>Form of Underwriting Agreement of Debt Securities*</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh310k2007.htm">3.1</A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh310k2007.htm">Certificate of Incorporation of Chemung Financial Corporation dated December 20, 1984 (incorporated by reference to Exhibit 3.1 to Registrant's
        Form 10-K for the year ended December 31, 2007 filed with the SEC on March 13, 2008)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh3amend10k2007.htm">3.2</A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356308000060/exh3amend10k2007.htm">Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation, dated March 28, 1988 (incorporated by reference
        to Exhibit 3.2 to Registrant's Form 10-K for the year ended December 31, 2007 filed with the SEC on March 13, 2008)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356306000050/ex3amend98.htm">3.3</A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356306000050/ex3amend98.htm">Certificate of Amendment to the Certificate of Incorporation of Chemung Financial Corporation, dated May 13, 1998 (incorporated by reference
        to Exhibit 3.4 to Registrant&rsquo;s Form 10-K for the year ended December 31, 2005 and filed with the SEC on March 15, 2006).</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000117184322005765/exh_31.htm">3.4</A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000117184322005765/exh_31.htm">Amended and Restated Bylaws of Chemung Financial Corporation, as amended to August 17, 2022 (incorporated by reference to Exhibit 3.1
        to Registrant&rsquo;s Form 8-K filed with the SEC on August 19, 2022)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356303000047/exhibit4stockspecimen.htm">4.1</A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/763563/000076356303000047/exhibit4stockspecimen.htm">Specimen Stock Certificate (incorporated by reference to Exhibit 4.1 to Registrant&rsquo;s Annual Report on Form 10-K for the year ended
        December 31, 2002 filed with the SEC on March 24, 2003)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="exh_42.htm">4.2</A></TD>
    <TD><A HREF="exh_42.htm">Form of Indenture for Senior Debt Securities (including form of Note)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="exh_43.htm">4.3</A></TD>
    <TD><A HREF="exh_43.htm">Form of Indenture for Subordinated Debt Securities (including form of Note)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt">4.4</TD>
    <TD>Form of Purchase Contract Agreement*</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt">4.5</TD>
    <TD>Form of Warrant Agreement (including Form of Warrant Certificate)*</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt">4.6</TD>
    <TD>Form of Unit Agreement*</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt">4.7</TD>
    <TD>Form of Subscription Rights Agreement*</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="exh_51.htm">5.1</A></TD>
    <TD><A HREF="exh_51.htm">Opinion of Luse Gorman, PC</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="exh_231.htm">23.1</A></TD>
    <TD><A HREF="exh_231.htm">Consent of Crowe LLP</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="exh_51.htm">23.2</A></TD>
    <TD><A HREF="exh_51.htm">Consent of Luse Gorman, PC (included in Exhibit 5.1)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt"><A HREF="#poa">24.1</A></TD>
    <TD><A HREF="#poa">Power of Attorney (contained on signature page of this filing)</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 37.05pt">25.1</TD>
    <TD>Form T-1 Statement of Eligibility of the Trustee under the Indenture for Senior Debt Securities**</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 36.75pt">25.2</TD>
    <TD>Form T-1 Statement of Eligibility of the Trustee under the Indenture for Subordinated Debt Securities**</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 36.75pt"><A HREF="exh_107.htm">107</A></TD>
    <TD><A HREF="exh_107.htm">Calculation of Fee Filing Table</A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 10%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: -11.4pt; margin: 0pt 0 0pt 11.4pt">* To be filed by amendment or incorporated by reference to
a Current Report on Form 8-K.</P>

<P STYLE="font-size: 10pt; text-indent: -11.4pt; margin: 0pt 0 0pt 11.4pt">** To be filed pursuant to Section 305(b)(2) of the Trust Indenture
Act of 1939, as amended, under electronic form type 305B2.</P>

<P STYLE="font-size: 10pt; text-indent: -37.05pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt; text-indent: -37.05pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0"><B>Item 17. Undertakings.</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">The undersigned Registrant hereby undertakes:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(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; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">(i) To include any prospectus required by Section 10(a)(3) of the Securities Act
of 1933;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">(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 SEC pursuant
to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than 20&nbsp;percent change in the maximum
aggregate offering price set forth in the &quot;Calculation of Registration Fee&quot; table in the effective registration statement; and</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">(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; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">provided, however, that paragraphs (1)(i),(1)(ii) and (1)(iii) above 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 SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(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; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(4) That, for purposes of determining liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -2.85pt; margin: 0pt 0 0pt 37.05pt">(i) 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; font-size: 10pt; text-indent: -2.85pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; text-indent: -2.85pt; margin: 0pt 0 0pt 37.05pt">(ii) Each prospectus required to be filed pursuant to Rule
424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule
415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall
be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used
after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in
Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a
new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 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.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 37.05pt; font-size: 10pt"></P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(5) That, for the purpose of determining liability of the registrant under the Securities Act
of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering
of securities of the 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; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">(i) any preliminary prospectus or prospectus of the registrant relating to the offering
required to be filed pursuant to Rule 424;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">(ii) any free writing prospectus relating to the offering prepared by or on behalf
of the registrant or used or referred to by the registrant;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">(iii) the portion of any other free writing prospectus relating to the offering
containing material information about the registrant or its securities provided by or on behalf of the registrant; and</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0 0pt 37.05pt">(iv) any other communication that is an offer in the offering made by the registrant
to the purchaser.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(6) That, for the purpose of determining any liability under the Securities Act of 1933, each
filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(7) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy
as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(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 of 1939, as amended in accordance with the rules and regulations prescribed
by the SEC under Section 305(b)(2) of the Trust Indenture Act of 1939, as amended.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 34 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin: 0pt 0">Pursuant to the requirements of the Securities Act of
1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this Registration Statement on Form S-3 to be signed on its behalf by the undersigned, thereunto duly authorized,
in the Town of Elmira, State of New York, on June 21, 2023.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD COLSPAN="2"><B>CHEMUNG FINANCIAL CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Anders M. Tomson</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Anders M. Tomson</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>(Duly Authorized Representative)</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><A NAME="poa"></A><B>POWER OF ATTORNEY</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin: 0pt 0">We, the undersigned directors and officers of Chemung
Financial Corporation (the &ldquo;Corporation&rdquo;) hereby severally constitute and appoint Anders M. Tomson our true and lawful attorney
and agent, to do any and all things in our names in the capacities indicated below which said Anders M. Tomson may deem necessary or advisable
to enable the Corporation to comply with the Securities Act of 1933, and any rules, regulations and requirements of the Securities and
Exchange Commission, in connection with the registration statement on Form S-3 relating to the offering of the Corporation&rsquo;s securities,
including specifically, but not limited to, power and authority to sign for us in our names in the capacities indicated below the registration
statement and any and all amendments (including post-effective amendments) thereto; and we hereby approve, ratify and confirm all that
said Anders M. Tomson shall do or cause to be done by virtue thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36pt; margin: 0pt 0">Pursuant to the requirements of the Securities Act of
1933, this Registration Statement on Form S-3 has been signed by the following persons in the capacities and on the date indicated.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 36pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><U>Signatures</U></TD>
  <TD STYLE="text-align: center; width: 34%"><U>Title</U></TD>
  <TD STYLE="text-align: center; width: 33%"><U>Date</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Anders M. Tomson&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>President and Chief Executive Officer</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Anders M. Tomson</TD>
  <TD>(Principal Executive Officer)&#9;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Karl F. Krebs&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Chief Financial Officer and Treasurer</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Karl F. Krebs</TD>
  <TD>(Principal Financial Officer and</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Principal Accounting Officer)</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Raimundo C. Archibold, Jr.&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Raimundo C. Archibold, Jr.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Ronald M. Bentley&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Ronald M. Bentley</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><U>/s/ David M. Buicko&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD STYLE="width: 34%">Director&#9;</TD>
  <TD STYLE="text-align: center; width: 33%">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>David M. Buicko</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ David J. Dalrymple&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director and Chairman of the Board of Directors</TD>
  <TD STYLE="text-align: center">June
21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>David J. Dalrymple</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Robert H. Dalrymple&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Robert H. Dalrymple</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Richard E. Forrestel, Jr.&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Richard E. Forrestel, Jr.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Denise V. Gonick&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Denise V. Gonick</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Stephen M. Lounsberry, III&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Stephen M. Lounsberry, III</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Joseph F. Meade, IV&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Joseph F. Meade, IV</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Jeffrey B. Streeter&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Jeffrey B. Streeter</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ G. Thomas Tranter, Jr.&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>G. Thomas Tranter, Jr.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><U>/s/ Thomas R. Tyrrell&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></TD>
  <TD>Director</TD>
  <TD STYLE="text-align: center">June 21, 2023</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Thomas R. Tyrrell</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>exh_42.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
  <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>&nbsp;Exhibit 4.2</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>CHEMUNG FINANCIAL CORPORATION,</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>AS ISSUER</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>AND</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>[ ],</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>AS TRUSTEE</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SENIOR INDENTURE</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>DATED AS OF [ ], 20[ ]</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SENIOR DEBT SECURITIES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CROSS-REFERENCE TABLE</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Reconciliation and tie between the Trust Indenture Act of 1939, as amended (the &ldquo;Trust
Indenture Act&rdquo;), and the Indenture dated as of [ ], 20[ ].</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 50%"><FONT STYLE="font-size: 10pt"><B>SECTION OF TRUST INDENTURE
        ACT</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center; width: 50%"><FONT STYLE="font-size: 10pt"><B>SECTION OF INDENTURE</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">310(a)(1) and (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.09</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">310(a)(3) and (4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">310(a)(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.09</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">310(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.08 and 7.10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">311(a) and (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">312(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.01 and 5.02(a)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">312(b) and (c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.02(b) and (c)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">313(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(a)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">313(b)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">313(b)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(b)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">313(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(c)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">313(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(d)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">314(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.03</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">314(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">314(c)(1) and (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">14.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">314(c)(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">314(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">314(e)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">15.05</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">314(f)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">315(a), (c) and (d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">315(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">315(e)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">316(a)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.12</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">316(a)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Omitted</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">316(a) last sentence</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">8.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">316(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.08</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">316(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">8.06</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">317(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.03 and 6.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">317(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4.03(a)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">318(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">15.07</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Attention should also be directed to Section 318(c) of the Trust Indenture Act, which provides
that the provisions of Sections 310 to and including Section 317 of the Trust Indenture Act are a part of and govern every qualified indenture,
whether or not physically contained therein.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page(s)</B></FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 1 DEFINITIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt; width: 20%"><FONT STYLE="font-size: 10pt">SECTION
        1.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt; width: 75%"><FONT STYLE="font-size: 10pt">Definitions.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; width: 5%"><FONT STYLE="font-size: 10pt">1</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE
        OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Amount Unlimited;
        Issuable in Series.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Form of Trustee&rsquo;s
        Certificate of Authentication.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Form of Securities
        Generally; Establishment of Terms of Series.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Securities in Global
        Form.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Denominations; Record
        Date; Payment of Interest.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Execution, Authentication,
        Delivery and Dating of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Exchange and Registration
        of Transfer of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Temporary Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Mutilated, Destroyed,
        Lost or Stolen Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Cancellation.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Book-Entry Only
        System.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 3 REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Redemption of Securities,
        Applicability of Section.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Notice of Redemption,
        Selection of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Payment of Securities
        Called for Redemption.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Redemption Suspended
        During Event of Default.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Payment of Principal,
        Premium and Interest.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Offices for Notices
        and Payments.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Provisions as to
        Paying Agent.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Statement as to
        Compliance.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Corporate Existence.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD> </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt">SECTION 4.06.</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt">Waiver of Covenants.</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right">17</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE
        COMPANY AND THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt; width: 20%"><FONT STYLE="font-size: 10pt">SECTION
        5.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt; width: 75%"><FONT STYLE="font-size: 10pt">Securityholder
        Lists.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; width: 5%"><FONT STYLE="font-size: 10pt">17</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 5.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Preservation and
        Disclosure of Lists.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 5.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Reports by the Company.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 5.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Reports by the Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 6 REMEDIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Events of Default;
        Acceleration of Maturity.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Collection of Indebtedness
        and Suits for Enforcement by Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Trustee May File
        Proofs of Claim.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Trustee May Enforce
        Claims Without Possession of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Application of Money
        Collected.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Limitation on Suits.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Unconditional Right
        of Securityholders to Receive Principal and Interest.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Restoration of Rights
        and Remedies.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Rights and Remedies
        Cumulative.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Delay or Omission
        Not Waiver.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.12.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Control by Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.13.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Waiver of Past Defaults.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.14.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Undertaking for
        Costs.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.15.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Waiver of Stay or
        Extension Laws.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 7 CONCERNING THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Duties and Responsibilities
        of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Reliance on Documents,
        Opinions, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">No Responsibility
        for Recitals, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Ownership of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Moneys to be Held
        in Trust.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD> </TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 20%; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION
        7.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 75%; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Compensation
        and Expenses of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Officers&rsquo;
        Certificate or Opinion of Counsel as Evidence.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Disqualifications;
        Conflicting Interest of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Eligibility of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Resignation or Removal
        of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Acceptance by Successor
        Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.12.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Successor by Merger,
        etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.13.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Limitations on Rights
        of Trustee as Creditor.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.14.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Notice of Default.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.15.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Appointment of Authenticating
        Agent.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 8 CONCERNING THE SECURITYHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Action by Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Proof of Execution
        by Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Who Are Deemed Absolute
        Owners.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Company-Owned Securities
        Disregarded.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Revocation of Consents;
        Future Securityholders Bound.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Record Date.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 9 SECURITYHOLDERS&rsquo; MEETINGS</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Purposes of Meeting.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Call of Meetings
        by Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Call of Meetings
        by Company or Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Qualifications for
        Voting.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Regulations.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Voting.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 10 SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 10.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Supplemental Indentures
        without Consent of Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 10.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Supplemental Indentures
        with Consent of Holders.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 10.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Compliance with
        Trust Indenture Act; Effect of Supplemental Indentures.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD> </TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 20%; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION
        10.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 75%; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Notation
        on Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">ARTICLE
        11 CONSOLIDATION, MERGER, SALE OR CONVEYANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 11.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Company May Consolidate,
        etc., on Certain Terms.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 11.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Successor Corporation
        Substituted.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 11.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Opinion of Counsel
        and Officers&rsquo; Certificate to be Given Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">ARTICLE
        12 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Discharge of Indenture.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Deposited Moneys
        to be Held in Trust by Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Paying Agent to
        Repay Moneys Held.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Return of Unclaimed
        Moneys.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">ARTICLE
        13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 13.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Indenture and Securities
        Solely Corporate Obligations.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 14 DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Applicability of
        Article.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Defeasance and Discharge.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Covenant Defeasance.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Conditions to Defeasance
        or Covenant Defeasance.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Deposited Money
        and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 15 MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Benefits of Indenture
        Restricted to Parties and Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Provisions Binding
        on Company&rsquo;s Successors.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Addresses for Notices,
        etc., to Company and Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Notice to Holders
        of Securities; Waiver.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Evidence of Compliance
        with Conditions Precedent.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Legal Holidays.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Trust Indenture
        Act to Control.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Execution in Counterparts.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD> </TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 20%; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION
        15.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 75%; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Governing
        Law; Waiver of Jury Trial.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Severability.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Interpretations.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.12.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">U.S.A. Patriot Act.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD> </TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 16 RANKING OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD> </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 36pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 16.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Ranking.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD> </TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">THIS INDENTURE, dated as of [ ], 20[ ] between Chemung Financial Corporation,
a corporation duly organized and existing under the laws of the State of New York (the &ldquo;Company&rdquo;), and [ ], a [ ], as trustee
(the &ldquo;Trustee,&rdquo; which term shall include any successor trustee appointed pursuant to Article 7 of this Indenture).</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">WHEREAS, the Company deems it necessary to issue from time to time for its
lawful purposes securities (the &ldquo;Securities&rdquo;) evidencing its indebtedness and has duly authorized the execution and delivery
of this Indenture to provide for the issuance of the Securities in one or more series, unlimited as to principal amount, to bear such
rates of interest, to mature at such time or times, and to have such other provisions as shall be fixed as hereinafter provided; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">WHEREAS, the Company represents that all acts and things necessary to constitute
these presents a valid indenture and agreement according to its terms have been done and performed, and the execution of this Indenture
has in all respects been duly authorized, and the Company, in the exercise of legal right and power in it vested, is executing this Indenture;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">NOW, THEREFORE:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In order to declare the terms and conditions upon which the Securities are
authenticated, issued and received, and in consideration of the premises and the purchase and acceptance of the Securities by the holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of the respective holders from time to time of
the Securities, as follows:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 1</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>DEFINITIONS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 1.01. Definitions.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The terms defined in this Section (except as herein 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. All other terms used in this Indenture that are defined in the Trust Indenture Act or that are by
reference therein defined in the Securities Act shall have the meanings (except as herein otherwise expressly provided or unless the context
otherwise requires) assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of this Indenture
as originally executed. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance
with United States generally accepted accounting principles as are generally accepted at the time of any computation. The words &ldquo;herein,&rdquo;
&ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include
the plural as well as the singular.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Additional Amounts&rdquo; shall mean any additional amounts to be
paid by the Company in respect of Securities of a series, as may be specified pursuant to Section 2.03(b) hereof and in such Security
and under the circumstances specified therein, in respect of specified taxes, assessments or other governmental charges imposed on certain
holders who are United States Aliens.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Authorized Officer&rdquo; shall have the meaning set forth in Section
3.02 hereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Board of Directors&rdquo; or &ldquo;Board&rdquo; shall mean the Board
of Directors of the Company or any duly authorized committee of such Board.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Board Resolution&rdquo; shall mean a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors or by a committee acting under authority
of or appointment by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the
Trustee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Business Day&rdquo; shall mean, unless otherwise specified pursuant
to Section 2.03(b), any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions or
trust companies in the City of New York, New York, or any Place of Payment are authorized or obligated by law, regulation or executive
order to remain closed.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Capital Stock&rdquo; shall mean, as to shares of a particular corporation,
outstanding shares of stock of any class, whether now or hereafter authorized, irrespective of whether such class shall be limited to
a fixed sum or percentage in respect of the rights of the holders thereof to participate in dividends and in the distribution of assets
upon the voluntary liquidation, dissolution or winding up of such corporation.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Commission&rdquo; shall mean the Securities and Exchange Commission
or any successor agency.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Company&rdquo; shall mean the person named as the &ldquo;Company&rdquo;
in the first paragraph of this instrument until a successor corporation shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter &ldquo;Company&rdquo; shall mean such successor corporation.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Company Request&rdquo; and &ldquo;Company Order&rdquo; mean, respectively,
a written request or order signed in the name of the Company by its Chief Executive Officer, President, Chief Financial Officer, Vice
President, General Counsel, Secretary or Assistant Secretary or Treasurer or Assistant Treasurer and delivered to the Trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Corporate Trust Office&rdquo; 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 [
], Attention: Chemung Financial Corporation Administrator, or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor
Trustee may designate from time to time by notice to the holders and the Company).</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;covenant defeasance&rdquo; shall have the meaning set forth in Section
14.03.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Default&rdquo; or &ldquo;default&rdquo; shall have the meaning specified
in Article 6.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;defeasance&rdquo; shall have the meaning set forth in Section 14.02.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Depositary&rdquo; shall mean, with respect to the Securities of any
series issuable or issued in whole or in part in the form of one or more permanent global Securities, the person designated as Depositary
by the Company pursuant to Section 2.03(b), which must be a clearing agency registered under the Exchange Act, until a successor Depositary
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Depositary&rdquo; shall mean or
include each person who is then a Depositary hereunder, and if at any time there is more than one such person, &ldquo;Depositary&rdquo;
as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of such series.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Dollar&rdquo; or &ldquo;$&rdquo; shall mean a dollar or other equivalent
unit in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private
debts.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Event of Default&rdquo; shall have the meaning specified in Article
6.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Exchange Act&rdquo; shall mean the Securities Exchange Act of 1934,
as amended.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Exchange Date&rdquo; shall have the meaning set forth in Section 2.08.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Global Security&rdquo; or &ldquo;Global Securities&rdquo; means a
Security or Securities, as the case may be, in the form established pursuant to Section 2.03 evidencing all or part of a Series of Securities,
issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;holder,&rdquo; &ldquo;holder of Securities,&rdquo; &ldquo;securityholder&rdquo;
or other similar term shall mean in the case of any Registered Security, the person in whose name such Security is registered in the Security
Register kept by the Company for that purpose, in accordance with the terms hereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Indebtedness&rdquo; means, without duplication, the principal, premium,
if any, unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating
to the Company whether or not a claim for post-filing interest is allowed in such proceeding), fees, charges, expenses, reimbursement
and indemnification obligations, and all other amounts payable under or in respect of the following indebtedness of the Company, whether
any such indebtedness exists as of the date of the Indenture or is created, incurred or assumed after such date: (i) all obligations for
borrowed money, (ii) all obligations evidenced by debentures, Securities or other similar instruments, (iii) all obligations in respect
of letters of credit or bankers acceptances or similar instruments (or reimbursement obligations with respect thereto), (iv) all obligations
to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business,
(v) all indebtedness of others guaranteed by the Company or any of its Subsidiaries or for which the Company or any of its Subsidiaries
is legally responsible or liable (whether by agreement to purchase indebtedness of, or to supply funds or to invest in, others) and (vi)
indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company
but excluding any obligations of the Company which are required (as opposed to elected to be treated) as capitalized leases under United
States generally accepted accounting principles.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Indenture&rdquo; shall mean this instrument as originally executed
and delivered or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof, including without limitation, the forms and terms of particular series of Securities established
as contemplated by Article 2.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Material Subsidiary&rdquo; means Chemung Canal Trust Company, or any
successor thereof or any Subsidiary of the Company that is a depository institution and that has consolidated assets equal to 80% or more
of the Company&rsquo;s consolidated assets.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Officers&rsquo; Certificate&rdquo; shall mean a certificate signed
by the Chief Executive Officer, President or other principal executive officer and by the Chief Financial Officer or other principal financial
officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company and delivered to the Trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Opinion of Counsel&rdquo; shall mean an opinion in writing signed
by legal counsel, who may be an employee of or counsel to the Company and who shall be reasonably satisfactory to the Trustee, or who
may be other counsel reasonably satisfactory to the Trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Original Issue Discount Securities&rdquo; shall mean any Securities
that are initially sold at a discount from the principal amount thereof and that provide upon an Event of Default for declaration of an
amount less than the principal amount thereof to be due and payable upon acceleration thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Outstanding&rdquo; or &ldquo;outstanding,&rdquo; when used with reference
to Securities, shall, subject to the provisions of Section 7.08, Section 8.01 and Section 8.04, mean, as of any particular time, all Securities
authenticated and delivered by the Trustee under this Indenture, except:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities theretofore cancelled
by the Trustee or delivered to the Trustee for cancellation;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities, or portions thereof,
for the payment or redemption of which moneys 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 and held in trust by the Company (if the Company shall
act as its own paying agent) for the holders of such Securities; provided, that if such Securities, or portions thereof, are to be redeemed
prior to the maturity thereof, notice of such redemption shall have been given as provided in Article 3, or provision satisfactory to
the Trustee shall have been made for giving such notice;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities that have been defeased
pursuant to Section 14.02 hereof; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities that have been paid
pursuant to Section 2.09, or Securities in exchange for, in lieu of and in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07, unless proof satisfactory to the Trustee is presented that any such Securities are
held by bona fide holders in due course.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Periodic Offering&rdquo; shall mean an offering of Securities of a
series, from time to time, the specific terms of which (including, without limitation, the rate or rates of interest or formula for determining
the rate or rates of interest thereon, if any, the maturity date or dates thereof and the redemption provisions, if any, with respect
thereto) are to be determined by the Company upon the issuance of such Securities.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Person&rdquo; or &ldquo;person&rdquo; shall mean any individual, corporation,
limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Place of Payment,&rdquo; when used with respect to the Securities
of any series, means the place or places where, subject to the provisions of Section 4.02, the principal of (and premium, if any, on)
and any interest on the Securities of that series are payable as specified as contemplated by Section 2.03(b).</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;record date&rdquo; as used with respect to any interest payment date
shall have the meaning specified in Section 2.05.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Registered Security&rdquo; shall mean any Security established pursuant
to Section 2.01 and Section 2.03(b) that is registered on the Security Register of the Company.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Responsible Officer,&rdquo; when used with respect to the Trustee,
shall mean any officer within its Corporate Trust Office of the Trustee (or any successor group of the Trustee), including any Vice President,
Assistant Vice President, Assistant Secretary or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and also shall mean, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of such officer&rsquo;s knowledge of and familiarity with the particular subject, and in each case,
who has direct responsibility for the administration of this Indenture.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Securities&rdquo; shall have the meaning set forth in the preamble
of this Indenture.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Securities Act&rdquo; shall mean the Securities Act of 1933, as amended.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Security Register&rdquo; and &ldquo;Security Registrar&rdquo; shall
have the respective meanings set forth in Section 2.07(a) hereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Series&rdquo; or &ldquo;Series of Securities&rdquo; means each series
of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.03.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Subsidiary&rdquo; shall mean, in respect of any Person, any corporation,
association, partnership, limited liability company or other business entity of which more than 50% of the total voting power of shares
of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such
Person, (b) such Person and one or more Subsidiaries of such Person or (c) one or more Subsidiaries of such Person.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Trust Indenture Act,&rdquo; except as otherwise provided in this Indenture,
shall mean the Trust Indenture Act of 1939, as amended, as in force at the date of this Indenture as originally executed.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Trustee&rdquo; shall mean the person identified as &ldquo;Trustee&rdquo;
in the first paragraph hereof until the acceptance of appointment of a successor trustee pursuant to the provisions of Article 7, and
thereafter shall mean such successor trustee, and if at any time there is more than one such person, &ldquo;Trustee&rdquo; as used with
respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;United States Alien&rdquo; shall mean any person who, for United States
federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate
or trust, or a foreign partnership to the extent that one or more of its members is, for United States federal income tax purposes, a
foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;USA PATRIOT Act&rdquo; shall have the meaning set forth in Section
15.12 hereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&ldquo;Vice President&rdquo; when used with respect to the Company or the
Trustee shall mean any vice president, whether or not designated by a number or word or words added before or after the title &ldquo;vice
president,&rdquo; including any Executive or Senior Vice President.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><B>ARTICLE 2</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.01. Amount Unlimited; Issuable in Series.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon the execution of this Indenture, or from time to time thereafter, Securities
up to the aggregate principal amount and containing terms and conditions from time to time authorized by or pursuant to a Board Resolution,
or in an indenture supplemental hereto or Officers&rsquo; Certificate, as set forth in Section 2.03, may be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and make available for delivery the Securities
to or upon Company Order, without any further action by the Company but subject to the provisions of Section 2.03, or in an indenture
supplemental hereto or Officers&rsquo; Certificate, as set forth in Section 2.03.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Securities may be issued in one or more series. The aggregate principal
amount of Securities of all series that may be authenticated and delivered and outstanding under this Indenture is not limited hereunder.
The Securities of a particular series may be issued up to the aggregate principal amount of Securities for such series from time to time
authorized by or pursuant to a Board Resolution. Securities may differ between Series in respect of any matters; provided that all Series
of Securities shall be equally and ratably entitled to the benefits of this Indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.02. Form of Trustee&rsquo;s Certificate of Authentication.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The form of the Trustee&rsquo;s certificate of authentication to be borne
by the Securities shall be in substantially the following form:</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">Form of Trustee&rsquo;s Certificate of Authentication</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ], as Trustee</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By: ____________________________________</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.03. Form of Securities Generally; Establishment of Terms of Series.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registered Securities, if
any, of each series, the temporary global Securities of each series, if any, and the permanent global Securities of each series, if any,
shall be in the forms established from time to time in or pursuant to one or more Board Resolutions (and, to the extent established pursuant
to rather than set forth in one or more Board Resolutions, in an Officers&rsquo; Certificate (to which shall be attached true and correct
copies of the relevant Board Resolution(s)) detailing such establishment) or established in an indenture supplemental hereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Securities may be issued in typewritten, printed or engraved form with
such letters, numbers or other marks of identification or designation (including CUSIP numbers, if then generally in use) 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 stock exchange on which the Securities may be listed, or to conform to usage.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the initial
issuance of Securities of any series, the particular terms of Securities of such series shall be established in or pursuant to one or
more Board Resolutions (and to the extent established pursuant to rather than set forth in one or more Board Resolutions, in an Officers&rsquo;
Certificate (to which shall be attached true and correct copies of the relevant Board Resolution(s)) detailing such establishment) or
established in an indenture supplemental hereto, including the following:</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the designation of the particular
series (which shall distinguish such series from all other series);</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount
of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to this Indenture and except for any Securities
which, pursuant to Section 2.06, are deemed never to have been authenticated and delivered hereunder);</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether Securities of the series
are to be issuable as Registered Securities, whether any Securities of the series are to be issuable initially in temporary global form
and, if so, the name of the Depositary with respect to any such temporary global Security, and whether any Securities of the series are
to be issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange
such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which
any such exchanges may occur, if other than in the manner provided in Section 2.07 and the name of the Depositary with respect to any
such permanent global Security;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date as of which any temporary
Security in global form representing Outstanding Securities of such series shall be dated, if other than the date of original issuance
of the first Securities of the series to be issued;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the person to whom any interest
on any Registered Security of the series shall be payable, if other than the person in whose name that Security (or one or more predecessor
Securities) is registered at the close of business on the regular record date for such interest, the extent to which, or the manner in
which, any interest payable on a temporary global Security on an interest payment date will be paid if other than in the manner provided
in Section 2.05 and the extent to which, or the manner in which, any interest payable on a permanent global Security on an interest payment
date will be paid;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date or dates on which the
principal of the Securities of such series is payable;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate or rates, and if applicable
the method used to determine the rate, at which the Securities of such series shall bear interest, if any, the date or dates from which
such interest shall accrue, the date or dates on which such interest shall be payable and the record date or dates for the interest payable
on any Registered Securities on any interest payment date;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the place or places at which,
subject to the provisions of Section 4.02, the principal of (and premium, if any, on) and any interest on Securities of such series shall
be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered
for exchange and notices and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the obligation, if any, of the
Company to redeem or purchase Securities of such series, at the option of the Company or at the option of a holder thereof, pursuant to
any sinking fund or other redemption provisions and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series may be so redeemed or purchased, in whole or in part;</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(10) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than minimum denominations
of $1,000 and any integral multiple thereof, the denominations in which any Registered Securities of such series shall be issuable;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than the principal
amount thereof, the portion of the principal amount of Securities of such series which shall be payable upon declaration of acceleration
of the maturity thereof;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the currency, currencies or
currency units in which payment of the principal of (and premium, if any, on) and any interest on any Securities of the series shall be
payable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency
of the United States of America for purposes of the definition of &ldquo;Outstanding&rdquo; in Section 1.01;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the principal of (and premium,
if any, on) or any interest on the Securities of the series are to be payable, at the election of the Company or a holder thereof, in
one or more currencies or currency units, other than that or those in which the Securities are stated to be payable, the currency or currencies
in which payment of the principal of (and premium, if any, on) and any interest on Securities of such series as to which such election
is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the amount of payments of
principal of (and premium, if any, on) or any interest on the Securities of the series may be determined with reference to an index, the
manner in which such amounts shall be determined;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the Securities will
be issued in book-entry only form;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any interest rate calculation
agents, exchange rate calculation agents or other agents with respect to Securities of such series;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if either or both of Section
14.02 and Section 14.03 do not apply to the Securities of the series;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether and under what circumstances
the Company will pay Additional Amounts in respect of any series of Securities and whether the Company has the option to redeem such Securities
rather than pay such Additional Amounts;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions relating to
the extension of maturity of, or the renewal of, Securities of such series, or the conversion of Securities of such series into other
securities of the Company;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions relating to
the purchase or redemption of all or any portion of a tranche or series of Securities, including the period of notice required to redeem
those Securities;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms and conditions, if
any, pursuant to which the Securities of the series are secured;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the subordination terms of
the Securities of the series; and</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 72pt; margin: 0pt 0">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other terms of the Securities
or provisions relating to the payment of principal, premium (if any), or interest thereon, including, but not limited to, whether such
Securities are issuable at a discount or premium, as amortizable Securities, and if payable in, convertible or exchangeable for commodities
or for the securities of the Company or any third party.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All Securities of any one series need not be issued at the same time and
may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution or
Officers&rsquo; Certificate referred to above or as set forth in an indenture supplemental hereto, and, unless otherwise provided, the
authorized principal amount of any series may be increased to provide for issuances of additional Securities of such series. If so provided
by or pursuant to the Board Resolution or Officers&rsquo; Certificate or supplemental indenture referred to above, the terms of such Securities
to be issued from time to time may be determined as set forth in such Board Resolution, Officers&rsquo; Certificate or supplemental indenture,
as the case may be. All Securities of any one series shall be substantially identical except as to denomination, interest rate, maturity
and other similar terms and except as may be provided otherwise by or pursuant to such Board Resolution, Officers&rsquo; Certificate or
supplemental indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.04. Securities in Global Form.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If Securities of a series are issuable in global form, as specified as contemplated
by Section 2.03(b), then, notwithstanding clause (10) of Section 2.03(b) and the provisions of Section 2.05, any such Security in global
form shall represent such of the Securities of such series Outstanding as shall be specified therein, and any such Security in global
form may provide that it shall represent the aggregate amount of Securities Outstanding from time to time endorsed thereon and that the
aggregate amount of Securities Outstanding represented thereby may from time to time be reduced to reflect any exchanges of beneficial
interests in such Security in global form for Securities of such series as contemplated herein. Any endorsement of a Security in global
form to reflect the amount, or any decrease in the amount, of Securities Outstanding represented thereby shall be made by the Trustee
or the Security Registrar in such manner and upon instructions given by such person or persons as shall be specified in such Security
in global form or in the Company Order to be delivered to the Trustee pursuant to Section 2.06 or Section 2.08. Subject to the provisions
of Section 2.06 and, if applicable, Section 2.08, the Trustee or the Security Registrar shall deliver and redeliver any Security in permanent
global form in the manner and upon instructions given by the person or persons specified in such Security in global form or in the applicable
Company Order. If a Company Order pursuant to Section 2.06 or Section 2.08 has been, or simultaneously is, delivered, any instructions
by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not be
represented by a Company Order and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The provisions of the last sentence of Section 2.06 shall apply to any Security
represented by a Security in global form if such Security was never issued and sold by the Company and the Company delivers to the Trustee
or the Security Registrar the Security in global form together with written instructions (which need not be represented by a Company Order
and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby,
together with the written statement contemplated by the last sentence of Section 2.06.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Notwithstanding the provisions of Section 2.05, unless otherwise specified
as contemplated by Section 2.03(b), payment of principal of and any premium and interest on any Security in permanent global form shall
be made to the persons or persons specified therein.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.05. Denominations; Record Date; Payment of Interest.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided as
contemplated by Section 2.03(b) with respect to any series of Securities, any Registered Securities of a series shall be issuable in minimum
denominations of $1,000.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &ldquo;record date&rdquo;
as used with respect to an interest payment date for any series of a Registered Security shall mean such day or days as shall be specified
as contemplated by Section 2.03(b); provided, that in the absence of any such provisions with respect to any series, such term shall mean
(1) the last day of the calendar month next preceding such interest payment date if such interest payment date is the 15th day of a calendar
month; or (2) the 15th day of a calendar month next preceding such interest payment date if such interest payment date is the first day
of the calendar month.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Unless otherwise provided as contemplated by Section 2.03 with respect to
any series of Securities, the person in whose name any Registered Security is registered at the close of business on the record date with
respect to an interest payment date shall be entitled to receive the interest payable on such interest payment date notwithstanding the
cancellation of such Security upon any registration of transfer or exchange thereof subsequent to such record date prior to such interest
payment date; provided, that if and to the extent the Company shall default in the payment of the interest due on such interest payment
date, such defaulted interest shall be paid to the persons in whose names the Securities are registered on a subsequent record date established
by notice given to the extent and in the manner set forth in Section 15.04 by or on behalf of the Company to the holders of Securities
of the series in default not less than 15 days preceding such subsequent record date, such record date to be not less than five days preceding
the date of payment of such defaulted interest, or in any other lawful manner acceptable to the Trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified
by Board Resolution or Company Order for a particular series of Securities, the principal of, redemption premium, if any, on and interest,
if any, on the Securities of any series shall be payable at the office or agency of the Company maintained pursuant to Section 4.02 in
a Place of Payment for such series, in Dollars; provided, that, at the option of the Company, payment of interest with respect to a Registered
Security may be paid by check mailed to the holders of the Registered Securities entitled thereto at their last addresses as they appear
on the Security Register or wired if held in book-entry form at the Depositary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.06. Execution, Authentication, Delivery and Dating of Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Securities shall be signed on behalf of the Company by its Chief Executive
Officer, its President or one of its Vice Presidents. Such signatures may be the manual, electronic or facsimile signatures of such then
current officers.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any Security may be signed on behalf of the Company by such persons as, at
the actual date of the execution of such Security, shall be the proper officers of the Company, although at the date of the execution
of this Indenture any such person was not such officer. Securities bearing the manual, electronic or facsimile signatures of individuals
who were, at the actual date of the execution of such Security, the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities, as
the case may be, or did not hold such offices at the date of such Securities.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon the execution and delivery of this Indenture, the Company shall deliver
to the Trustee an Officers&rsquo; Certificate as to the incumbency and specimen signatures of officers authorized to execute and deliver
the Securities and give instructions under this Section and, as long as Securities are Outstanding under this Indenture, such incumbency
certificate shall be amended and replaced whenever an officer is to be added or deleted from the listing. The Trustee may conclusively
rely on the documents delivered pursuant to this Section (unless revoked by superseding comparable documents) and Section 2.03 hereof
as to the authorization of the Board of Directors of any Securities delivered hereunder, and the form and terms thereof, and as to the
authority of the instructing officers referred to in this Section so to act.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee shall at any time, and from time to time, authenticate Securities
for original issue in an unlimited aggregate principal amount upon receipt by the Trustee of a Company Order; provided, that with respect
to Securities of a series subject to a Periodic Offering, (a) such Company Order may be delivered to the Trustee prior to the delivery
to the Trustee of such Securities for authentication and delivery, (b) the Trustee shall authenticate and deliver Securities of such series
for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount, if any, established
for such series, pursuant to a Company Order, (c) the maturity date or dates, original issue date or dates, interest rate or rates and
any other terms of Securities of such series shall be determined by Company Order or pursuant to such procedures, and (d) if provided
for in such procedures, such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from
the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Prior to the issuance of a Security of any new series, and the authentication
thereof by the Trustee, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board Resolution or Officers&rsquo;
Certificate or indenture supplemental hereto establishing the terms and the form of the Securities of that series pursuant to Section
2.01 and Section 2.03;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Officers&rsquo; Certificate
stating that all conditions precedent provided for in this Indenture relating to the issuance, authentication and delivery of Securities
in such form have been complied with;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Opinion of Counsel stating
that the form and terms of such Securities have been established in conformity with the provisions of this Indenture; provided, that with
respect to Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to receive such Opinion of Counsel only
once at or prior to the time of the first authentication of Securities of such series.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">With respect to Securities of a series offered in a Periodic Offering, the
Trustee may rely, as to the authorization by the Company of any of such Securities, the form and terms thereof and the legality, validity,
binding effect and enforceability thereof, upon the Opinion of Counsel and other documents delivered pursuant to this Section in connection
with the first authentication of Securities of such series unless and until such Opinion of Counsel or other documents have been superseded
or revoked. In connection with the authentication and delivery of Securities of a series subject to a Periodic Offering, the Trustee shall
be entitled to assume that the Company&rsquo;s instructions to authenticate and deliver such Securities do not violate any rules, regulations
or orders of any governmental agency or commission having jurisdiction over the Company.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Each Registered Security shall be dated the date of its authentication except
as otherwise provided by Board Resolution or Officers&rsquo; Certificate or indenture supplemental hereto.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The aggregate principal amount of Securities of any series outstanding at
any time may not exceed any limit upon the maximum principal amount for such series set forth in or pursuant to the Board Resolution or
Officers&rsquo; Certificate or indenture supplemental hereto delivered pursuant to Section 2.03, except as provided in Section 2.08.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">No Security shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose unless there appears on such Security, a certificate of authentication substantially in the form provided
for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section 2.10 together with a written statement stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.07. Exchange and Registration of Transfer of Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall keep, at an
office or agency to be designated and maintained by the Company in accordance with Section 4.02 (as such, a &ldquo;Security Registrar&rdquo;),
registry books (the &ldquo;Security Register&rdquo;) in which, subject to such reasonable regulations as it may prescribe, the Company
shall register Registered Securities and shall register the transfer of Registered Securities of each such series as provided in this
Article 2. Such Security Register shall be in written form or in any other form capable of being converted into written form within a
reasonable time. At all reasonable times such Security Register shall be open for inspection by the Trustee. Upon due presentment for
registration of transfer of any Registered Security of a particular series at such office or agency maintained pursuant to Section 4.02
for such purpose in a Place of Payment, the Company shall execute and register and the Trustee shall authenticate and make available for
delivery in the name of the transferee or transferees a new Registered Security or Registered Securities of such series of any authorized
denominations and for an equal aggregate principal amount and tenor.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the holder,
Registered Securities of any series may be exchanged for other Registered Securities of the same series of any authorized denominations
and of an equal aggregate principal amount and tenor. Registered Securities to be exchanged shall be surrendered at any such office or
agency maintained pursuant to Section 4.02 for such purpose in a Place of Payment, and the Company shall execute and register and the
Trustee shall authenticate and make available for delivery in exchange therefor the Security or Securities that the securityholder making
the exchange shall be entitled to receive.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any
registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All Registered Securities presented for registration of transfer or for exchange,
redemption or payment, as the case may be, shall (if so required by the Company or the Trustee) be duly endorsed by, or be accompanied
by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee or the Security Registrar duly
executed by, the holder thereof or their attorney duly authorized in writing.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">No service charge shall be made for any exchange or registration of transfer
of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection therewith, other than exchanges pursuant to the terms of this Indenture not involving any transfer.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company shall not be required (1) to exchange or register the transfer
of Securities of any series to be redeemed for a period of 15 days next preceding any selection of such Securities to be redeemed, or
(2) to exchange or register the transfer of any Registered Security so selected, called or being called for redemption, except in the
case of any such series to be redeemed in part the portion thereof not to be so redeemed.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing,
except as otherwise specified as contemplated by Section 2.03(b), any permanent global Security shall be exchangeable pursuant to this
Section only as provided in this paragraph. If the beneficial owners of interests in a permanent global Security are entitled to exchange
such interests for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified
as contemplated by Section 2.03(b), then without unnecessary delay but in any event not later than the earliest date on which such interests
may be so exchanged, the Company shall deliver to the Trustee or the Security Registrar definitive Securities of that series in aggregate
principal amount equal to the principal amount of such permanent global Security executed by the Company. On or after the earliest date
on which such interests may be so exchanged, in accordance with instructions given by the Company to the Trustee or the Security Registrar
and the Depositary (which instructions shall be in writing), such permanent global Security shall be surrendered from time to time by
the Depositary or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the Company&rsquo;s
agent for such purpose, or to the Security Registrar, to be exchanged, in whole or in part, for definitive Securities of the same series
without charge and the Trustee shall authenticate and make available for delivery in accordance with such instructions, in exchange for
each portion of such permanent global Security, a like aggregate principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such permanent global Security to be exchanged which shall be in the form of Registered
Securities; provided, that no such exchanges may occur for a period of 15 days next preceding any selection of Securities of that series
and of like tenor for redemption. Promptly following any such exchange in part, such permanent global Security should be returned by the
Trustee or the Security Registrar to the Depositary or such other depositary referred to above in accordance with the instructions of
the Company referred to above. If a Registered Security is issued in exchange for any portion of a permanent global Security after the
close of business at the office or agency where such exchange occurs on (i) any record date and before the opening of business at such
office or agency on the relevant interest payment date, or (ii) any special record date and before the opening of business at such office
or agency on the related proposed date for payment of defaulted interest as provided in Section 2.05, interest or defaulted interest,
as the case may be, will not be payable on such interest payment date or proposed date for payment, as the case may be, in respect of
such Registered Security, but will be payable on such interest payment date or proposed date for payment, as the case may be, only to
the person to whom interest in respect of such portion of such permanent global Security is payable in accordance with the provisions
of this Indenture.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained
herein to the contrary, neither the Trustee nor the Security Registrar shall be responsible for ascertaining whether any transfer complies
with the restrictions set forth in this Indenture, the registration provisions of or exemptions from the Securities Act or applicable
state securities laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.08. Temporary Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Pending the preparation of definitive Securities of any series, the Company
may execute and the Trustee shall, upon Company Order, authenticate and make available for delivery, temporary Securities of such series
(typewritten, printed, lithographed or otherwise produced). Such temporary Securities, in any authorized denominations, shall be substantially
in the form of the definitive Securities in lieu of which they are issued, in registered form, in the form approved from time to time
by or pursuant to a Board Resolution but with such omissions, insertions, substitutions and other variations as may be appropriate for
temporary Securities, all as may be determined by the Company, but not inconsistent with the terms of this Indenture or any provision
of applicable law.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Except in the case of temporary Securities in global form (which shall be
exchanged as hereinafter provided), if temporary Securities of any series are issued, the Company will cause definitive Securities of
that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities
of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series
at the office or agency of the Company maintained pursuant to Section 4.02 in a Place of Payment for such series for the purpose of exchanges
of Securities of such series, without charge to the holder. Upon surrender for cancellation of any one or more temporary Securities of
any series, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a like aggregate
principal amount of definitive Securities of the same series and of like tenor of authorized denominations.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Without unnecessary delay but in any event not later than the date specified
in, or determined pursuant to the terms of, any such temporary global Security of a series (the &ldquo;Exchange Date&rdquo;), the Company
shall deliver to the Trustee definitive Securities of that series, in aggregate principal amount equal to the principal amount of such
temporary global Security, executed by the Company. On or after the Exchange Date such temporary global Security shall be presented and
surrendered by the Depositary to the Trustee, as the Company&rsquo;s agent for such purpose, or to the Security Registrar, to be exchanged,
in whole or from time to time in part, for definitive Securities of such series without charge, and the Trustee shall authenticate and
make available for delivery, in exchange for each portion of such temporary global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as the portion of such temporary global Security to be exchanged.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Every temporary Security 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.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If any mutilated Security is surrendered to the Trustee, the Company shall
execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If there shall be delivered to the Company and the Trustee (a) evidence to
their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as may be required by them to
save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security
has been acquired by a bona fide purchaser, the Company shall, subject to the following paragraph, execute and the Trustee shall authenticate
and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like
tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon the issuance of any new Security under this Section, the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Every new Security of any series issued pursuant to this Section in lieu
of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not
the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security, if any, shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.10. Cancellation.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All Securities surrendered for payment, redemption, exchange or registration
of transfer or for credit against any sinking fund payment, as the case may be, shall, if surrendered to the Company or any agent of the
Company or of the Trustee, be delivered to the Trustee. All Registered Securities so delivered shall be promptly cancelled by the Trustee,
upon written request of the Company. The Company may deliver to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other person
for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities cancelled as provided in this Section except as expressly provided by this Indenture. Any cancelled Securities held
by the Trustee shall be disposed in accordance with its then customary procedures and, upon written request of the Company, the Trustee
shall deliver to the Company a certificate of such disposal. The acquisition of any Securities by the Company shall not operate as a redemption
or satisfaction of the Indebtedness represented thereby unless and until such Securities are surrendered to the Trustee for cancellation.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 2.11. Book-Entry Only System.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If specified by the Company pursuant to Section 2.03(b) with respect to Securities
represented by a Security in global form, a series of Securities may be issued initially in book-entry only form and, if issued in such
form, shall be represented by one or more Securities in global form registered in the name of the Depositary or other depositary designated
with respect thereto. So long as such system of registration is in effect, (a) Securities of such series so issued in book-entry only
form will not be issuable in the form of or exchangeable for Securities in certificated or definitive registered form, (b) the records
of the Depositary or such other depositary will be determinative for all purposes and (c) neither the Company, the Trustee nor any paying
agent, Security Registrar or transfer agent for such Securities will have any responsibility or liability for (i) any aspect of the records
relating to or payments made on account of owners of beneficial interests in the Securities of such series, (ii) maintaining, supervising
or reviewing any records relating to such beneficial interests, (iii) receipt of notices, voting and requesting or directing the Trustee
to take, or not to take, or consenting to, certain actions hereunder, or (iv) the records and procedures of the Depositary, or such other
depositary, as the case may be.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Members of, or participants in, the Depositary shall have no rights under
this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under the
Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of the Global Security for all purposes whatsoever.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>ARTICLE 3</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REDEMPTION OF SECURITIES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 3.01. Redemption of Securities, Applicability of Section.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Redemption of Securities of any series as permitted or required by the terms
thereof shall be made in accordance with the terms of such Securities as specified pursuant to Section 2.03 hereof and this Article; provided,
however, that if any provision of any series of Securities shall conflict with any provision of this Section, the provision of such series
of Securities shall govern.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 3.02. Notice of Redemption, Selection of Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case the Company shall desire to exercise the right to redeem all or,
as the case may be, any part of a series of Securities pursuant to Section 3.01, it shall fix a date for redemption. Notice of redemption
of Securities to be redeemed at the election of the Company shall be given by the Company, or, at the Company&rsquo;s written request,
by the Trustee in the name and at the expense of the Company. The Company or the Trustee, as the case may be, shall give notice of such
redemption, in the manner and to the extent set forth in Section 15.04, on that date prior to the date fixed for a redemption to the holders
of such Securities so to be redeemed, as a whole or in part, (a) as set forth in Board Resolutions, as described in Section 2.03, or (b)
as determined by the Chief Executive Officer, the Chief Financial Officer, the President, the Treasurer, any Executive Vice President,
the Secretary and each officer of the Company designated by any of the foregoing officers (each, an &ldquo;Authorized Officer&rdquo;)
and evidenced by the preparation of an offering document or an Officers&rsquo; Certificate specifying the period of notice of such redemption.
If the Board Resolutions or an Authorized Officer do not specify a longer period of notice of such redemption, the Company or, at the
written request of the Company, the Trustee, shall give notice of such redemption, in the manner and to the extent set forth in Section
15.04, at least ten Business Days and not more than 60 calendar days prior to the date fixed for a redemption to the holders of such Securities
so to be redeemed as a whole or in part. Notice given in such manner shall be conclusively presumed to have been duly given, whether or
not the holder receives such notice. In any case, failure to give such notice or any defect in the notice to the holder of any such Security
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other such
Security. If the Company requests the Trustee to give any notice of redemption, it shall make such request in writing in an Officers&rsquo;
Certificate delivered to the Trustee at least ten days prior to the designated date for delivering such notice, unless a shorter period
is satisfactory to the Trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Each such notice of redemption shall specify the date fixed for redemption,
the redemption price at which such Securities are to be redeemed, the CUSIP numbers of such Securities, the Place of Payment where such
Securities maturing after the date of redemption, are to be surrendered for payment of the redemption prices, that payment will be made
upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in
the notice, and that on and after the date interest thereon or on the portions thereof to be redeemed will cease to accrue. If less than
all of a series is to be redeemed, the notice of redemption shall specify the numbers of the Securities to be redeemed. In case any Security
is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall
state that, upon surrender of such Security, a new Security or Securities of the same series in principal amount equal to the unredeemed
portion thereof will be issued.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">On or before the redemption date specified in the notice of redemption given
as provided in this Section, the Company will deposit in trust with the Trustee or with one or more paying agents an amount of money sufficient
to redeem on the redemption date all the Securities or portions of Securities so called for redemption at the appropriate redemption price,
together with accrued interest, if any, to the date fixed for redemption. If less than all of a series of Securities is to be redeemed,
the Company will give the Trustee adequate written notice at least 45 days in advance (unless a shorter notice shall be satisfactory to
the Trustee) as to the aggregate principal amount of Securities to be redeemed.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If less than all the Securities of a series are to be redeemed, the Trustee
shall select, by lot or in such other manner is it shall deem appropriate and fair, not more than 60 days prior to the date of redemption,
the numbers of such Securities Outstanding not previously called for redemption, to be redeemed in whole or in part. The portion of principal
of Securities so selected for partial redemption shall be equal to the minimum authorized denomination for Securities of that series or
any integral multiple thereof. The Trustee shall promptly notify the Company of the Securities to be redeemed. If, however, less than
all the Securities of a series having differing issue dates, interest rates and stated maturities are to be redeemed, the Company in its
sole discretion shall select the particular Securities of such series to be redeemed and shall notify the Trustee in writing at least
45 days prior to the relevant redemption date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 3.03. Payment of Securities Called for Redemption.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If notice of redemption has been given as above provided, the Securities
or portions of Securities with respect to which such notice has been given shall become due and payable on the date and at the place stated
in such notice at the applicable redemption price, together with any interest accrued to the date fixed for redemption, and on and after
that date (unless the Company shall default in the payment of such Securities at the redemption price, together with interest accrued
to that date) interest on such Securities or portions of Securities so called for redemption shall cease to accrue. On presentation and
surrender of such Securities subject to redemption at the Place of Payment and in the manner specified in such notice, such Securities
or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest
accrued thereon to the date fixed for redemption; provided, that unless otherwise specified as contemplated by Section 2.03, installments
of interest on Registered Securities whose stated maturity date is on or prior to the date of redemption shall be payable to the holders
of such Registered Securities, or one or more predecessor Securities, registered as such at the close of business on the relevant record
dates according to their terms and the provisions of Section 2.05.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">At the option of the Company, payment with respect to Registered Securities
may be made by check to the holders of such Securities or other persons entitled thereto against presentation and surrender of such Securities.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any Security that is to be redeemed only in part shall be surrendered at
a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the holder thereof or such holder&rsquo;s attorney duly authorized
in writing), and upon such presentation, the Company shall execute and the Trustee shall authenticate and make available for delivery
to the holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations, in
aggregate principal amount equal to the unredeemed portion of the principal of the Security so presented. If a temporary global Security
or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or permanent global
Security, respectively.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 3.04. Redemption Suspended During Event of Default.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee shall not redeem any Securities (unless all Securities then outstanding
are to be redeemed) or commence the giving of any notice of redemption of Securities during the continuance of any Event of Default of
which a Responsible Officer of the Trustee has actual knowledge or has received written notice thereof, except that where the giving of
notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem such Securities, provided funds are
deposited with it for such purpose. Except as aforesaid, any moneys theretofore or thereafter received by the Trustee shall, during the
continuance of such Event of Default, be held in trust for the benefit of the securityholders and applied in the manner set forth in Section
6.06; provided, that in case such Event of Default shall have been waived as provided herein or otherwise cured, such moneys shall thereafter
be held and applied in accordance with the provisions of this Article.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 4</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>PARTICULAR COVENANTS OF THE COMPANY</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 4.01. Payment of Principal, Premium and Interest.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company will duly and punctually pay or cause to be paid the principal
of (and premium, if any, on) and any interest on each of the Securities of a series at the place, at the respective times and in the manner
provided in the terms of the Securities and this Indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 4.02. Offices for Notices and Payments.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If Securities of a series are issuable only as Registered Securities, the
Company will maintain in each Place of Payment for such series an office or agency where Securities of that series may be presented or
surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company will give to the Trustee notice of the location of each such
office or agency and of any change in the location thereof. In case the Company shall fail to maintain any such office or agency as required,
or shall fail to give such notice of the location or of any change in the location thereof, presentations and surrenders of Securities
of that series may be made and notices and demands may be served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the same as its agent to receive such respective presentations, surrenders, notices and demands.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company may also from time to time designate one or more other offices
or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time
to time rescind such designations; provided, that no such designation or rescission shall in any manner relieve the Company of its obligation
to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes. The
Company will give prompt written notice to the Trustee and the holders of any such designation or rescission and of any change in the
location of any such other office or agency.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company hereby initially designates the principal Corporate Trust Office
of the Trustee as the office of the Company where Registered Securities may be presented for payment, for registration of transfer and
for exchange as in this Indenture provided and where notices and demands to or upon the Company in respect of the Securities or of this
Indenture may be served; provided, however, that the Trustee shall not be deemed an agent of the Company for service of legal process.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 4.03. Provisions as to Paying Agent.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;Whenever the Company
shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&#9;&#8239;&#8239;&#8239;(1) &#8239;&#8239;&#8239;&#8239;that it will hold
sums held by it as such agent for the payment of the principal of (and premium, if any, on) or any interest on the Securities of such
series (whether such sums have been paid to it by the Company or by any other obligor on the Securities of such series) in trust for the
benefit of the persons entitled thereto until such sums shall be paid to such persons or otherwise disposed of as herein provided and
will notify the Trustee of the receipt of sums to be so held;</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&#9;&#8239;&#8239;&#8239;(2)&#8239;&#8239;&#8239;&#8239;&#8239;that it
will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment
of the principal of (or premium, if any, on) or any interest on the Securities of such series when the same shall be due and payable;
and</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 55.1pt; margin: 0pt 0">&#9;&#8239;&#8239;&#8239;(3)&#8239;&#8239;&#8239;&#8239;&#8239;that at
any time when any such failure has occurred and is continuing, it will, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such paying agent.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Company shall act as
its own paying agent, it will, on or before each due date of the principal of (and premium, if any) or any interest on the Securities
of any 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 any interest so becoming due until such sums shall be paid to such persons or otherwise disposed of as herein
provided. The Company will promptly notify the Trustee of any failure to take such action.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Company shall have
one or more paying agents with respect to a series of Securities, it will, on or prior to each due date of the principal of (and premium,
if any, on) or any interest on, any Securities, deposit with a paying agent a sum sufficient to pay the principal (and premium, if any)
or any 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 its action or failure so to act.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Section to
the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture
with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all
sums held in trust for such series by it or any paying agent hereunder as required by this Section, such sums to be held by the Trustee
upon the trusts herein contained, and upon such payment by any paying agent to the Trustee, such paying agent shall be released from all
further liability with respect to such money.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Section to
the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section
12.03 and Section 12.04.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 4.04. Statement as to Compliance.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year of the Company, commencing with the fiscal year ending in the year during which the first series of Securities is issued
hereunder (but in no event more than one year from the issuance of the first series hereunder), an Officers&rsquo; Certificate signed
by the Chief Executive Officer, President or other principal executive officer and by the Chief Financial Officer or other principal financial
officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company, stating, as to each signer thereof,
that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a review of the activities of
the Company during such year and of performance under this Indenture has been made under their supervision; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the best of their knowledge,
based on such review, the Company has fulfilled all its obligations under this Indenture throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default known to them and the nature and status thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 4.05. Corporate Existence.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to the provisions of Article 11, the Company will do or cause to
be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and
franchises and the corporate existence and rights (charter and statutory) and franchises of its Subsidiaries; provided, that the Company
shall not be required to, or to cause any Subsidiary to, preserve any right or franchise or to keep in full force and effect the corporate
existence of any Subsidiary if the Company shall determine that the keeping in existence or preservation thereof is no longer desirable
in or consistent with the conduct of the business of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 4.06. Waiver of Covenants.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company may omit in any particular instance to comply with any covenant
or condition set forth herein if before or after the time for such compliance the holders of a majority in principal amount of the Securities
of all series affected thereby then Outstanding shall either waive such compliance in such instance or generally waive compliance with
such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company in respect of any such covenant or condition shall
remain in full force and effect.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 5</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 5.01. Securityholder Lists.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company covenants and agrees that it will furnish or cause to be furnished
to the Trustee (1) semiannually, within 15 days before each record date when any Securities of a series are Outstanding, a list, in such
form as the Trustee may reasonably require, of all information in the possession or control of the Company as to the names and addresses
of the holders of such Registered Securities as of such date, and (2) at such other times as the Trustee may request in writing, within
10 days after receipt by the Company of any such request, a list, in such form as the Trustee may reasonably require, of all information
in the possession or control of the Company as to the names and addresses of the holders of Registered Securities of a particular series
specified by the Trustee as of a date not more than 15 days prior to the time such information is furnished; provided, that if and so
long as the Trustee shall be the Security Registrar with respect to such series, such list shall not be required to be furnished.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 5.02. Preservation and Disclosure of Lists.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 each series of Securities
contained in the most recent list furnished to it as provided in Section 5.01 or received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. The Company, the Trustee, the Security Registrar and anyone else shall have the protection of Section 312(c)
of the Trust Indenture Act with respect to the sending of any material pursuant to a request made pursuant to Section 312(b) of the Trust
Indenture Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 5.03. Reports by the Company.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants so long
as Securities are Outstanding, the Company shall file with the Trustee and the Commission, and transmit to holders, copies of such information,
documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant to such Act; provided, that with respect to any such information, documents or reports required to be filed with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act, the Company intends to file such information, documents or reports
with the Commission in electronic form in accordance with Regulation S-T of the Commission using the Commission&rsquo;s Electronic Data
Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic system approved by the Commission,
will constitute delivery by the Company of such reports to the Trustee and holders in compliance with the Trust Indenture Act.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to
the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company makes with
the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information and documents
to the Trustee in accordance with this Section 5.03 will be solely for the purposes of compliance with Section 314(a) of the Trust Indenture
Act. The Trustee&rsquo;s receipt of such reports, information and documents (whether or not filed in electronic form) is for informational
purposes only and the Trustee&rsquo;s receipt of such will not constitute actual or constructive notice of any information contained therein
or determinable from information contained therein, including the Company&rsquo;s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates). The Trustee shall have no liability or responsibility
for the filing, content or timelines of any report hereunder aside from any report transmitted under this Indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 5.04. Reports by the Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 60 days after [ ] of
each year commencing with the first [ ] following the first issuance of Securities pursuant to Section 2.01, so long as any Securities
are outstanding hereunder and if there has been any change in the following, the Trustee shall transmit by mail, first-class postage prepaid,
to the securityholders, as their names appear upon the Security Register, a brief report dated as of such [ ] with respect to any of the
events specified in Section 313(a) and Section 313(b)(2) of the Trust Indenture Act that may have occurred since the later of the immediately
preceding [ ] and the date of this Indenture.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall transmit the
reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall comply with
Sections 313(b) and 313(c) of the Trust Indenture Act.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports under this Section will
be transmitted in the manner and to the Persons required by Section 313(c) and Section 313(d) of the Trust Indenture Act. The Company
agrees to notify the Trustee when any Securities become listed on any stock exchange.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 6</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>REMEDIES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.01. Events of Default; Acceleration of Maturity.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case one or more of the following Events of Default with respect to a
particular series shall have occurred and be continuing:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; default in (i) the payment
of the principal of (or premium, if any, on) any of the Securities of such series as and when the same shall become due and payable either
at maturity, upon redemption, by declaration or otherwise or (ii) any payment required by any sinking or analogous fund established with
respect to that series;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default in the payment of any
installment of interest upon any of the Securities of such series as and when the same shall become due and payable, and continuance of
such default for a period of 90 days;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure on the part of the
Company duly to observe or perform any other of the covenants or agreements on the part of the Company contained in the Securities or
in this Indenture for a period of 90 days after the date on which written notice of such failure, requiring the Company to remedy the
same, shall have been given to the Company by the Trustee, or to the Company and the Trustee by the holders of at least 25% in aggregate
principal amount of the Securities of that series at the time Outstanding;</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a court having jurisdiction
in the premises shall enter a decree or order for relief in respect of the Company or the Material Subsidiary in an involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Company or any Material Subsidiary or for any substantial part of their
respective property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and in effect
for a period of 60 consecutive days;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company or the Material
Subsidiary shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or the
Material Subsidiary or for any substantial part of their respective property, or shall make any general assignment for the benefit of
creditors; or</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other Event of Default
provided with respect to Securities of that series;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">then, if an Event of Default described in clause (a), (b), (c), or (f) shall have occurred and
be continuing, and in each and every such case, unless the principal amount of all the Securities of such 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 securityholders) may declare the principal
amount of all the Securities (or, with respect to Original Issue Discount Securities, such lesser amount as may be specified in the terms
of such 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; or, if an Event of Default described in clause (d) or (e) shall have occurred and be continuing, and in each
and every such case, unless the principal of all the Securities of such series shall have already become due and payable, either the Trustee
or the holders of not less than 25% in aggregate principal amount of all the Securities of that series then Outstanding hereunder, by
notice in writing to the Company (and to the Trustee if given by securityholders), may declare the principal of all the Securities (or,
with respect to Original Issue Discount Securities, such lesser amount as may be specified in the terms of such Securities) to be due
and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.02. Rescission and Annulment</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The provisions in Section 6.01 are subject to the condition that if, at any
time after the principal of the Securities of any one or more of all series, as the case may be, shall have been so declared due and payable,
and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Company
shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of such
series or of all the Securities, as the case may be, and the principal of (and premium, if any, on) all Securities of such series or of
all the Securities, as the case may be (or, with respect to Original Issue Discount Securities, such lesser amount as may be specified
in the terms of such Securities), which shall have become due otherwise than by acceleration (with interest upon such principal and premium,
if any) and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at
the same rate as the rate of interest specified in the Securities of such series or all Securities, as the case may be (or, with respect
to Original Issue Discount Securities, at the rate specified in the terms of such Securities for interest on overdue principal thereof
upon maturity, redemption or acceleration of such series, as the case may be), to the date of such payment or deposit, and such amount
as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or willful misconduct, and any and all
defaults under the Indenture, other than the non-payment of the principal of Securities that has become due by acceleration, shall have
been remedied; then and in every such case the holders of a majority in aggregate principal amount of the Securities of such series (or
of all the Securities, as the case may be) then Outstanding, by written notice to the Company and to the Trustee, may waive all defaults
with respect to that series or with respect to all Securities, as the case may be in such case, treated as a single class and rescind
and annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
default or shall impair any right consequent thereon.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason
or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and the securityholders,
as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers
of the Company, the Trustee and the securityholders, as the case may be, shall continue as though no such proceedings had been taken.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company covenants that if:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default is made in the payment
of any installment of interest on any Security when such interest becomes due and payable and such default continues for a period of 90
days, or</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default is made in the payment
of the principal or premium, if any, of any Security at the maturity thereof, including any maturity occurring by reason of a call for
redemption or otherwise,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">then the Company will, upon demand of the Trustee, pay to it, for the benefit of the holders
of such Securities, the whole amount that shall have become due and payable on such Securities for principal or premium, if any, and interest,
with interest upon the overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments
of interest, at the rate borne by such Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If the Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due
and unpaid, and may prosecute such proceedings to judgment or final decree, and may enforce the same against the Company or any other
obligor upon the Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property
of the Company or any other obligor upon the Securities, wherever situated.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If an Event of Default occurs and is continuing, the Trustee may in its discretion
proceed to protect and enforce its rights and the rights of the securityholders by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.04. Trustee May File Proofs of Claim.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In the case of the pendency of a receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or such other obligor or their creditors, the Trustee (irrespective of whether the principal
of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file and prove a claim for
the whole amount of principal and premium, if any, and any interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the holders of Securities allowed in
such judicial proceeding; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver, assignee, trustee, liquidator
or sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each holder of Securities to make
such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the holders of
Securities, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.06. To the extent that such payment of reasonable compensation,
expenses, disbursements, advances and other amounts out of the estate in any such proceedings shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, moneys, securities and other
property which the holders of the Securities may be entitled to receive in such proceedings, whether in liquidation or under any plan
or reorganization or arrangements or otherwise.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or adopt on behalf of the holder of a Security any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any holder thereof, or to authorize the Trustee to vote in respect of the claim of any holder
of a Security in any such proceeding.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All rights of action and claims under this Indenture or the Securities may
be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Securities in respect of which such judgment has been recovered.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.06. Application of Money Collected.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any money collected by the Trustee pursuant to this Article shall be applied
in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal
or premium, if any, or any interest, upon presentation of the Securities, as the case may be, and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">FIRST: To the payment of all amounts due the Trustee under Section 7.06 or
14.05;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">SECOND: To the payment of all senior Indebtedness of the Company if and to
the extent required by Article 16;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">THIRD: To the payment of the amounts then due and unpaid upon the Securities
for principal of and premium, if any, and any interest on the Securities, in respect of which or for the benefit of which such money has
been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities, for
principal and any interest, respectively; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">FOURTH: To the Company or its successors or assigns, or to whomsoever may
be lawfully entitled to receive the same.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.07. Limitation on Suits.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">No holder of any Security of any series shall have any right to institute
any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such holder has previously
given written notice to the Trustee of a continuing Event of Default;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the holders of not less than
25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee hereunder;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such holder or holders have
offered to the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with such request;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee for 60 days after
its receipt of such notice, request and offer of indemnity has failed to institute any such proceedings; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no direction inconsistent with
such written request has been given to the Trustee during such 60-day period by the holders of a majority in principal amount of the Outstanding
Securities; it being understood and intended that no one or more such holders of Securities shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such holders
of Securities or to obtain or to seek to obtain priority or preference over any other of such holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all such holders of Securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.08. Unconditional Right of Securityholders to Receive Principal and Interest.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Notwithstanding any other provision in this Indenture, the holder of any
Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and (subject
to Section 2.05 and Section 3.02) any interest on such Security on the respective stated maturities expressed in such Security (or, in
the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such holder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.09. Restoration of Rights and Remedies.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If the Trustee or any holder of a Security has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such holder, then and in every such case the Company, the Trustee and the holders of Securities
shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Trustee and the holders shall continue as though no such proceeding has been instituted.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.10. Rights and Remedies Cumulative.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Except as provided in Section 2.09, no right or remedy herein conferred upon
or reserved to the Trustee or to the holders of Securities is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate right or remedy.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.11. Delay or Omission Not Waiver.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">No delay or omission of the Trustee or of any holder of any Security to exercise
any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver of any such Default or any
acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the holders of Securities may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the holders of Securities, as the case may be.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.12. Control by Securityholders.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The holders of a majority in principal amount of Outstanding Securities of
each series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee, provided that</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such direction shall not be
in conflict with any statute, rule of law or with this Indenture;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may take any other
action deemed proper by the Trustee which is not inconsistent with such direction; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee need not take any
action which it in good faith determines might involve it in personal liability or be unjustly prejudicial to the securityholders not
consenting (provided, however, that the Trustee shall not have an affirmative obligation to determine whether such action is unduly prejudicial
to the securityholders not consenting).</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon receipt by the Trustee of any such direction with respect to Securities
of a series all or part of which is represented by a temporary global Security or a permanent global Security, the Trustee shall establish
a record date for determining holders of Outstanding Securities of such series entitled to join in such direction, which record date shall
be at the close of business on the day the Trustee receives such direction. The holders on such record date, or their duly designated
proxies, and only such persons, shall be entitled to join in such direction, whether or not such holders remain holders after such record
date, provided that, unless such majority in principal amount shall have been obtained prior to the day which is 90 days after such record
date, such direction shall automatically and without further action by any holder be cancelled and of no further effect. Nothing in this
paragraph shall prevent a holder, or a proxy of a holder, from giving, after expiration of such 90-day period, a new direction identical
to a direction which has been cancelled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established
pursuant to the provisions of this Section 6.12.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.13. Waiver of Past Defaults.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The holders of a majority in principal amount of the Securities of each series
at the time Outstanding may, on behalf of the holders of all the Securities of that series, waive any past default hereunder and its consequences,
except a default:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the payment of the principal
of, premium, if any, or any interest on any Security; or</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of a covenant or
provision hereof that pursuant to Article 10 cannot be modified or amended without the consent of the holder of each Outstanding Security
affected.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon any such waiver, such default shall cease to exist, and any Default
or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other default or impair any right consequent thereon.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.14. Undertaking for Costs.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All parties to this Indenture agree, and each holder of any Security by their
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys&rsquo; fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted
by the Trustee, to any suit instituted by any holder, or group of holders, holding in the aggregate more than 10% in principal amount
of the Outstanding Securities of any series, or to any suit instituted by any holder of any Securities for the enforcement of the payment
of the principal of, premium, if any, or any interest on any Security on or after the respective stated maturities expressed in such Security
(or, in the case of redemption, on or after the redemption date, except, in the case of a partial redemption, with respect to the portion
not so redeemed).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 6.15. Waiver of Stay or Extension Laws.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension
laws wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and
the Company (to the extent that it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 7</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CONCERNING THE TRUSTEE</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.01. Duties and Responsibilities of Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, prior to the occurrence
of an Event of Default of a particular series and after the curing of all Events of Default of such series which may have occurred, undertakes
to perform such duties and only such duties with respect to such series as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee. In the absence of bad faith or willful misconduct on the
part of the Trustee, the Trustee may 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 which 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 on their face to the requirements of this Indenture.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case an Event of Default
with respect to a particular series has occurred (which has not been cured), the Trustee shall exercise with respect to such 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 their own affairs.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provisions of this Indenture
shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 60pt">&#9;(1) &#8239;&#8239;&#8239;&#8239;prior to the occurrence of an Event of
Default with respect to a particular series and after the curing of all Events of Default with respect to such series which may have occurred,
the duties and obligations of the Trustee with respect to such series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable 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;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 60pt">&#9;(2)&#8239;&#8239;&#8239;&#8239;&#8239;the Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer or Officers, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 60pt">&#9;(3)&#8239;&#8239;&#8239;&#8239;&#8239;the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of Securities
pursuant to Section 6.12 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.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture
shall be construed as requiring the Trustee to expend or risk its own funds or otherwise to incur any personal financial liability in
the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.02. Reliance on Documents, Opinions, etc.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to the provisions of Section 7.01:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may rely and shall
be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, judgement, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties not only as the due execution, validity and effectiveness, but also as to the truth and accuracy
of any information contained herein. The Trustee need not investigate any fact or matter stated in the document;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any request, direction, order
or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (unless other evidence
in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified
by the Secretary or any Assistant Secretary of the Company; and whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other
evidence be herein specifically prescribed) may, in the absence of bad faith or willful misconduct on its part, rely upon an Officers&rsquo;
Certificate and/or Opinion of Counsel;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may consult with
counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
holders of any Securities pursuant to the provisions of this Indenture, unless such holders shall have offered to the Trustee security
or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred therein or thereby;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, coupon or other paper or documents, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent
or attorney;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee may execute any
of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be liable
for any action taken, suffered or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Indenture;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in no event will the Trustee
be responsible or liable for special, indirect, incidental, 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="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in no event will 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 reasonable control, including, without limitation, strikes, pandemics, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, sabotage, epidemics, riots, nuclear or natural catastrophes, earthquakes, fires,
floods, or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services,
labor disputes, acts of civil or military authorities and governmental actions, or the unavailability of the Federal Reserve Bank wire
or telex or other wire or communication facility; it being understood that the Trustee will use reasonable efforts that are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee shall not be required
to give any bond or surety in respect of the performance of its powers hereunder;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(k) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the permissive rights of the
Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with respect to such permissive rights, the Trustee
shall not be answerable other than for its negligence or willful misconduct.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.03. No Responsibility for Recitals, etc.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The recitals contained herein and in the Securities, other than the Trustee&rsquo;s
certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness
of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, provided that
the Trustee shall not be relieved of its duty to authenticate Securities only as authorized by this Indenture. The Trustee shall not be
accountable for the use or application by the Company of Securities or the proceeds thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.04. Ownership of Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee, any authenticating agent, any paying agent, any Security Registrar
or any other agent of the Company or of the Trustee, 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, authenticating agent, paying agent, Security Registrar or such other agent
of the Company or of the Trustee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.05. Moneys to be Held in Trust.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to the provisions of Section 12.04 hereof, all moneys received by
the Trustee or any paying agent shall, until used or applied as herein provided, be held un-invested 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. Neither the Trustee nor any paying
agent shall be under any liability for interest on any moneys received by it hereunder except such as it may agree in writing with the
Company to pay thereon.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.06. Compensation and Expenses of Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder as agreed in writing between the Company
and the Trustee (which to the extent permitted by law shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust), and, except as otherwise expressly provided, the Company will pay or reimburse the Trustee forthwith upon
its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions
of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly
in its employ) except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. If any property
other than cash shall at any time be subject to the lien of this Indenture, the Trustee, if and to the extent authorized by a receivership
or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property to such lien, shall be entitled
to make and to be reimbursed for, advances for the purpose of preserving such property or of discharging tax liens or other prior liens
or encumbrances thereon. The Company also covenants to indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless
against, any and all loss, damage, claims, suit, liability or expense, (including attorney&rsquo;s fees and expenses, and taxes (other
than taxes based upon, measured or determined by, the income of the Trustee)) incurred without negligence or willful misconduct on the
part of the Trustee, 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, whether asserted by the Company, a Holder or any other person. The obligations of
the Company under this Section 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. This indemnification shall apply to officers, directors, employees, shareholders
and agents of the Trustee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">To secure the Company&rsquo;s obligations under this Section, the Trustee
shall have a senior claim to which the Securities are hereby made subordinate on all money or property held or collected by the Trustee,
except that held in trust to pay principal of (and premium, if any) and interest, if any, on particular Securities.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">When the Trustee incurs expenses or renders services after an Event of Default,
the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy law.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The provisions of this Section shall survive the resignation or removal of
the Trustee and the termination of this Indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.07. Officers&rsquo; Certificate or Opinion of Counsel as Evidence.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to the provisions of 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 any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers&rsquo; Certificate or Opinion of Counsel delivered to the Trustee, and such certificate or opinion, in the
absence of negligence, bad faith or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.08. Disqualifications; Conflicting Interest of Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If the Trustee has or shall acquire any &ldquo;conflicting interest&rdquo;
within the meaning 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="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.09. Eligibility of Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">There shall at all times be a Trustee hereunder which shall be a corporation
organized and doing business under the laws of the United States or of any State or Territory thereof or of the District of Columbia,
which (a) is authorized under such laws to exercise corporate trust powers, (b) is subject to supervision or examination by federal, state,
territorial or District of Columbia authority, (c) shall have at all times a combined capital and surplus of not less than $50,000,000
and (d) shall not be the Company or any person directly or indirectly controlling, controlled by, or under common control with the Company.
If such corporation 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 at any time shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 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="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.10. Resignation or Removal of Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, or any trustee
or trustees hereafter appointed, may at any time resign with respect to one or more or all series by giving written notice of resignation
to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to the
applicable 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 at the expense of the Company. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at any time any of
the following shall occur:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 60pt">&#9;(1)&#8239;&#8239;&#8239;&#8239;&#8239;the Trustee shall fail to comply
with Section 7.08 with respect to any series of Securities after written request therefor by the Company or by any securityholder who
has been a bona fide holder of a Security or Securities of such series for at least six months, or</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 60pt">&#9;(2)&#8239;&#8239;&#8239;&#8239;&#8239;the Trustee shall cease to be eligible
in accordance with the provisions of Section 7.09 with respect to any series of Securities and shall fail to resign after written request
therefor by the Company or by any such securityholder, or</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 60pt">&#9;(3)&#8239;&#8239;&#8239;&#8239;&#8239;the Trustee shall become incapable
of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, 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="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">then, in any such case, the Company may remove the Trustee with respect to the applicable series
of Securities and appoint a successor trustee with respect to 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 Trustee so removed and one copy to the successor trustee, or,
subject to the provisions of Section 6.14, any securityholder of such series who has been a bona fide holder of a Security or Securities
of the applicable series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon 30 days&rsquo; prior written
notice, the holders of a majority in aggregate principal amount of the Securities of all series (voting as one class) at the time Outstanding
may at any time remove the Trustee with respect to Securities of all series and appoint a successor trustee with respect to the Securities
of all series.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any resignation or removal
of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this Section shall become effective upon
the appointment of a successor trustee and the acceptance of appointment by the successor trustee as provided in Section 7.11.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.11. Acceptance by Successor Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any successor trustee appointed as provided in Section 7.10 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon
the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations with respect
to such series of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written
request of the Company or of the successor trustee, the predecessor trustee shall, upon payment of any amounts then due it pursuant to
the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of
the predecessor trustee. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing in order
more fully and certainly to vest in and confirm to such successor trustee all such rights and powers. Any trustee, including the initial
Trustee, ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such trustee to secure any
amounts then due it pursuant to the provisions of Section 7.06.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">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 predecessor Trustee and each successor trustee with respect to
the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect
to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee,
and 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 and 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.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">No successor trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor trustee shall be qualified and eligible under the provisions of this Article 7.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon acceptance of appointment by a successor trustee as provided in this
Section, the Company shall mail notice of the succession of such trustee hereunder to all holders of Securities of any applicable series
as the names and addresses of such holders shall appear on the registry books. If the Company fails to mail such notice in the prescribed
manner within ten days after the acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to
be so mailed at the expense of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.12. Successor by Merger, etc.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be
a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor
of the Trustee hereunder, provided such corporation shall be qualified and eligible under the provisions of this Article 7, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.13. Limitations on Rights of Trustee as Creditor.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee shall comply with Section 311(a) of the Trust Indenture Act,
excluding any creditor relationship described in Section 311(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="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.14. Notice of Default.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Within 90 days after the occurrence of any default on a series of Securities
hereunder of which a Responsible Officer of the Trustee has received notice or is deemed to have notice in accordance with this Section
7.14, the Trustee shall transmit to all securityholders of that series, in the manner and to the extent provided in Section 15.04, notice
of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived;
provided, that except in the case of a default in the payment of the principal of or interest on any Security or on the payment of any
sinking or purchase fund installment, the Trustee shall be protected in withholding such notice if and so long as a Responsible Officer
of the Trustee in good faith determine that the withholding of such notice is in the interests of the securityholders; and provided, further,
that in the case of any default of the character specified in clause (c) of Section 6.01 no such notice to securityholders shall be given
until at least 30 days after the occurrence thereof. The Trustee will not be required to take notice or be deemed to have notice of any
default or Event of Default, except failure by the Company to pay or cause to be made any of the payments required to be made to the Trustee,
unless a Responsible Officer shall receive written notice of such default or Event of Default from the Company or by the holders of at
least 25% in aggregate principal amount of the then Outstanding Securities delivered to the Corporate Trust Office of the Trustee and
such notice states that it is a notice of a default or Event of Default with respect to the Securities and this Indenture, and in the
absence of such notice so delivered the Trustee may conclusively assume no default or Event of Default exists. For the purpose of this
Section, the term &ldquo;default&rdquo; means any event which is, or after notice or lapse of time or both would become, an Event of Default
with respect to Securities of such series.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 7.15. Appointment of Authenticating Agent.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee may appoint an authenticating agent or agents (which may be an
affiliate or affiliates of the Company) with respect to one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon original issue or upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 2.09, 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. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee&rsquo;s certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an authenticating agent and a certificate of authentication
executed on behalf of the Trustee by an authenticating agent. Each authenticating agent shall be acceptable to the Company and shall at
all times be a corporation organized and doing business under the laws of the United States of America or of any State or Territory thereof
or of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers or to otherwise act as authenticating
agent, (b) is subject to supervision or examination by federal, state, territorial or District of Columbia authority, and (c) shall have
at all times a combined capital and surplus of not less than $50,000,000. If such authenticating agent publishes reports of condition
at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such authenticating agent shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time an authenticating agent shall cease to be eligible in accordance with the
provisions of this Section, such authenticating agent shall resign immediately in the manner and with the effect specified in this Section.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any corporation into which an authenticating agent may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such authenticating
agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of such authenticating agent,
shall continue to be an authenticating agent, provided such corporation shall be otherwise eligible under this Section, without the execution
or filing of any paper or any further act on the part of the Trustee or such authenticating agent.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">An authenticating agent may resign at any time by giving written notice thereof
to the Trustee and to the Company. The Trustee may at any time terminate the agency of an authenticating agent by giving written notice
thereof to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such authenticating agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor authenticating agent which shall be acceptable to the Company and shall promptly give notice of such appointment to
all holders of Securities in the manner and to the extent provided in Section 15.04. Any successor authenticating agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect
as if originally named as an authenticating agent. No successor authenticating agent shall be appointed unless eligible under the provisions
of this Section.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company agrees to pay to each authenticating agent from time to time
reasonable compensation for its services under this Section.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If an appointment with respect to one or more series is made pursuant to
this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee&rsquo;s certificate of authentication,
an alternative certificate of authentication in the following form:</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font-size: 10pt; margin: 0pt 0">[ ],</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">as Trustee</P></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ], as Authenticating Agent</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">_____________________________</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font-size: 10pt; margin: 0pt 0">Authorized Signatory</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Date:</P></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If all of the Securities of a series may not be originally issued at one
time, and the Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment
where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested by the Company
in writing, shall appoint in accordance with this Section an authenticating agent (which, if so requested by the Company, shall be such
affiliate of the Company) having an office in a Place of Payment designated by the Company with respect to such series of Securities,
provided that the terms and conditions of such appointment are acceptable to the Trustee.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 8</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CONCERNING THE SECURITYHOLDERS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 8.01. Action by Securityholders.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Whenever in this Indenture it is provided that the holders of a specified
percentage in aggregate principal amount of the Securities of any or all series may take any action (including the making of any demand
or request, the giving of any authorization, 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 specified percentage have joined therein may be evidenced (a) by any instrument or any number
of instruments of similar tenor executed by securityholders in person or by agent or proxy appointed in writing, or (b) by a combination
of such instrument or instruments and any such record of such a meeting of securityholders.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In determining whether the holders of a specified percentage in aggregate
principal amount of the Securities of any or all series have taken any action (including the making of any demand or request, the giving
of any authorization, direction, notice, consent or waiver or the taking of any other action), (i) the principal amount of any Original
Issue Discount Security that may be counted in making such determination and that shall be deemed to be outstanding for such purposes
shall be equal to the amount of the principal thereof that could be declared to be due and payable upon an Event of Default pursuant to
the terms of such Original Issue Discount Security at the time the taking of such of such action is evidenced to the Trustee, and (ii)
the principal amount of a Security denominated in a foreign currency or currency unit shall be the Dollar equivalent, determined as of
the date of original issuance of such Security in accordance with Section 2.03(b) hereof, of the principal amount of such Security.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 8.02. Proof of Execution by Securityholders.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05,
proof of the execution of any instrument by a securityholder or its agent or proxy, or of the holding by any person of a Security, shall
be sufficient and conclusive in favor of the Trustee and the Company if made in accordance with such reasonable rules and regulations
as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The principal amount and serial numbers of Registered Securities held by
any person, and the date of holding the same, shall be proved by the Security Register.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The record of any securityholders&rsquo; meeting shall be proved in the manner
provided in Section 9.06.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 8.03. Who Are Deemed Absolute Owners.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Prior to due presentment of a Registered Security for registration of transfer,
the Company, the Trustee and any agent of the Company or of the Trustee may deem the person in whose name such Registered Security shall
be registered upon the Security Register to be, and may treat them as, the absolute owner of such Registered Security (whether or not
such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon), for the purpose of receiving payment
of or on account of the principal of (and premium, if any) and, subject to the provisions of Section 2.05 and Section 2.07, any interest
on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall
be affected by any notice to the contrary. All such payments so made to any holder for the time being, or upon their order, shall be valid
and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Notwithstanding the foregoing, with respect to any temporary or permanent
global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or of the Trustee, from giving effect
to any written certification, proxy or other authorization furnished by a Depositary, or impair, as between a Depositary and holders of
beneficial interests in any temporary or permanent global Security, as the case may be, the operation of customary practices governing
the exercise of the rights of the Depositary as holder of such temporary or permanent global Security.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 8.04. Company-Owned Securities Disregarded.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In determining whether the holders of the required aggregate principal amount
of Securities have provided any request, demand, authorization, notice, direction, consent or waiver under this Indenture, Securities
which are owned by the Company or any other obligor on the Securities, or by any person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any other obligor on the Securities, 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 request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee
actually knows are so owned shall be so disregarded. Securities so owned which 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&rsquo;s right to vote 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 the 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>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 8.05. Revocation of Consents; Future Securityholders Bound.</B></P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">At any time prior to the taking of any action by the holders of the percentage
in aggregate principal amount of the Securities specified in this Indenture in connection with such action, any holder of a Security,
the identifying number of which 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 at its office 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 upon registration of transfer
of or in exchange or substitution therefor in respect of anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders
of the percentage in aggregate principal amount of the Securities 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.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 8.06. Record Date.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company may, but shall not be obligated to, set a record date for purposes
of determining the identity of holders of Securities of any series entitled to vote or consent to any action by vote or consent or to
otherwise take any action under this Indenture authorized or permitted by Section 6.12 and Section 6.13 or otherwise under this Indenture.
Such record date shall be the later of (i) the date 20 days prior to the first solicitation of such consent or vote or other action and
(ii) the date of the most recent list of holders of such Securities delivered to the principal corporate trust office of the Trustee pursuant
to Section 5.01 prior to such solicitation. If such a record date is fixed, those persons who were holders of such Securities at the close
of business on such record date shall be entitled to vote or consent or take such other action, or to revoke any such action, whether
or not such persons continue to be holders after such record date, and for that purpose the Outstanding Securities shall be computed as
of such record date.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>ARTICLE 9</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITYHOLDERS&rsquo; MEETINGS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 9.01. Purposes of Meeting.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">A meeting of holders of any or all series of Securities may be called at
any time and from time to time pursuant to the provisions of this Article for any of the following purposes:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to give any notice to the Company
or to the Trustee, or to give any directions to the Trustee, or to waive any default hereunder and its consequences, or to take any other
action authorized to be taken by securityholders pursuant to any of the provisions of Article 6;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to remove the Trustee and appoint
a successor trustee pursuant to the provisions of Article 7;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to consent to the execution
of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to take any other action authorized
to be taken by or on behalf of the holders of any specified aggregate principal amount of the Securities of any or all series, as the
case may be, under any other provision of this Indenture or under applicable law.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 9.02. Call of Meetings by Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee may at any time call a meeting of securityholders of any or all
series to take any action specified in Section 9.01, to be held at such time and at such place in [ ], [ ] or as the Trustee shall determine.
Notice of every meeting of the securityholders of any or all series, setting forth the time and place of such meeting and in general terms
the action proposed to be taken at such meeting, shall be given in the manner provided in Section 15.04 not less than 20 nor more than
180 days prior to the date fixed for the meeting.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 9.03. Call of Meetings by Company or Securityholders.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case at any time the Company, pursuant to a Board Resolution, or the holders
of at least 10% in aggregate principal amount of the Securities of any or all series, as the case may be, then Outstanding, shall have
requested the Trustee to call a meeting of securityholders of any or all series to take any action authorized in Section 9.01, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have provided notice
of such meeting in the manner provided in Section 15.04 within 30 days after receipt of such request, then the Company or the holders
of such Securities in the amount above specified may determine the time and the place in [ ], [ ] for such meeting and may call such meeting
by giving notice thereof as provided in Section 9.02.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 9.04. Qualifications for Voting.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">To be entitled to vote at any meeting of securityholders a person shall be
a holder of one or more Securities of such series Outstanding with respect to which a meeting is being held or a person appointed by an
instrument in writing as proxy by such a holder or holders. The only persons who shall be entitled to be present or to speak at any meeting
of the securityholders of any series shall be the persons entitled to vote at such meeting and their counsel and any representatives of
the Trustee and its counsel and any representatives of the Company and its counsel.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 9.05. Regulations.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of securityholders of a series, in regard to proof of the holding
of Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting
as it deems fit. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner
specified in Article 8 and the appointment of any proxy shall be proved in the manner specified in Article 8. Such regulations may provide
that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Article
8 or other proof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee shall, by an instrument in writing, appoint a temporary chairman
of the meeting, unless the meeting shall have been called by the Company or by securityholders as provided in Section 9.03, in which case
the Company or the securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a majority in principal amount of the Securities
represented at the meeting and entitled to vote.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to the provisions of Section 8.01 and Section 8.04, at any meeting
each securityholder or proxy shall be entitled to one vote for each $1,000 (or the Dollar equivalent thereof in connection with Securities
issued in a foreign currency or currency unit) Outstanding principal amount of Securities of such series held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the
chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote except as a securityholder or proxy.
Any meeting of securityholders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time,
and the meeting may be reconvened without further notice.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 9.06. Voting.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The vote upon any resolution submitted to any meeting of securityholders
shall be by written ballot on which shall be subscribed the signatures of the securityholders or proxies and on which shall be inscribed
the identifying number or numbers or to which shall be attached a list of identifying numbers of the Securities held or represented by
them. The chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast
at the meeting. A record in duplicate of the proceedings of each meeting of securityholders shall be prepared by the secretary of the
meeting and there shall be attached to the record the original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that
the notice was mailed as provided in Section 9.02. The record shall be signed and verified by the chairman and secretary of the meeting
and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to
have attached thereto the ballots voted at the meeting.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any record so signed and verified shall be conclusive evidence of the matters
therein stated.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 10</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SUPPLEMENTAL INDENTURES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 10.01. Supplemental Indentures without Consent of Securityholders.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Without the consent of any holders of Securities, the Company, when authorized
by or pursuant to 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 in force at the date of the execution thereof) for one or
more of the following purposes:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence the succession
of another corporation to the Company, or successive successions, pursuant to Article 11 hereof, and the assumption by the successor corporation
of the covenants, agreements and obligations of the Company herein and in the Securities;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to the covenants of
the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall consider to be for the protection
of the holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in
this Indenture as herein set forth, with such period of grace, if any, and subject to such conditions as such supplemental indenture may
provide;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to establish any series of
Securities and the form or terms of securities of any series as permitted by Section 2.01 and Section 2.03, including, without limitation,
any subordination provisions and any conversion or exchange provisions applicable to Securities that are convertible into or exchangeable
for other securities or property, and any deletions from or additions or changes to this Indenture in connection therewith (provided that
any such deletions, additions and changes shall not be applicable to any other series of Securities then Outstanding);</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add any additional Events
of Default with respect to all or any series of Securities (as shall be specified in such supplemental indenture) or change any of the
provisions of this Indenture regarding acceleration of maturity upon an Event of Default;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to supplement any of the provisions
of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant defeasance and/or satisfaction
and discharge of any series of Securities pursuant to Article 14, provided that any such action shall not adversely affect the interests
of any holder of a Security of such series or any other Security in any material respect;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to or change any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities, registrable or not
registrable as to principal;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to make provisions with respect
to conversion or exchange rights of holders of Securities of any series;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of any series of
Securities which are convertible into or exchangeable for commodities or for the securities of the Company to safeguard or provide for
the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification or change of outstanding
securities or any merger, consolidation, statutory share exchange or combination of the Company with or into another Person or any sale,
lease, assignment, transfer, disposition or other conveyance of all or substantially all of the properties and assets of the Company to
any other Person or other similar transactions, if expressly required by the terms of such series of Securities established pursuant to
Section 2.03;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add to, delete from or revise
the conditions, limitations or restrictions on issue, authentication and delivery of Securities of any series;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to modify, eliminate or add
to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the Trust
Indenture Act, or under any similar federal statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly
permitted by the Trust Indenture Act, excluding however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act or
any corresponding provision in any similar federal statute hereafter enacted;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(k) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to modify, eliminate or add
to any of the provisions of this Indenture, provided that any such change or elimination (i) shall become effective only when there is
no Security of any series Outstanding and created prior to the execution of such supplemental indenture that is entitled to the benefit
of such provision or (ii) shall not apply to any Security Outstanding;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(l) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to conform the Indenture or
the Securities to the description thereof in the related prospectus, offering memorandum or disclosure document (as provided in an Officers&rsquo;
Certificate delivered to the Trustee);</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to cure any ambiguity or to
correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any
other provisions contained herein or in any supplemental indenture;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(n) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to add guarantees with respect
to, or to secure, any series of Security;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(o) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to evidence and provide for
the acceptance and appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add or change
any provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one trustee, pursuant to Section 7.11; and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to make any change to the Securities
of any series or to make any other provisions in regard to matters or questions arising under this Indenture that do not adversely affect
the legal rights under this Indenture of any holder of Securities of any series issued under this Indenture, including provisions necessary
or desirable to provide for or facilitate the administration of the trusts hereunder.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to
accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to
enter into any such supplemental indenture which adversely affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture
or otherwise. No supplemental indenture shall be effective as against the Trustee unless and until the Trustee has duly executed and delivered
the same.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 10.02. Supplemental Indentures with Consent of Holders.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">With the consent (evidenced as provided in Section 8.01) of the holders of
not less than a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected by such supplemental
indenture (voting as one class), 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 in
force at the date of the execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the Securities
of such series under this Indenture; provided, that no such supplemental indenture shall (a) extend the fixed maturity of any Securities,
or reduce the principal amount thereof or premium, if any, or reduce the rate or extend the time of payment of interest thereon, without
the consent of the holder of each Security so affected, (b) reduce the aforesaid percentage of Securities, the consent of the holders
of which is required for any such supplemental indenture, without the consent of the holders of all Securities then Outstanding, (c) modify
the subordination provisions in a manner adverse to the holders of such Securities, or (d) modify any of the above provisions.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Upon the request of the Company, accompanied by a copy of a Board Resolution
certified by the Secretary or an Assistant Secretary of the Company authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of securityholders as aforesaid, the Trustee shall join with the Company in
the execution of such supplemental indenture unless such supplemental indenture affects the Trustee&rsquo;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.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">It shall not be necessary for the consent of the securityholders 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="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Promptly after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Article 10, the Company shall provide notice, in the manner and to the extent provided in
Section 15.04, setting forth in general terms the substance of such supplemental indenture, to all holders of Securities of each series
so affected. Any failure of the Company so to provide 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="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 10.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any supplemental indenture executed pursuant to the provisions of this Article
10 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any supplemental indenture pursuant to the provisions
of this Article 10 and subject to the provisions in any supplemental indenture relating to the prospective application of such instrument,
this Indenture shall 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 theretofore or thereafter
authenticated and delivered hereunder 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="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee, subject to the provisions of Section 7.01 and Section 7.02,
shall be entitled to receive and shall be fully protected in relying upon an Officers&rsquo; Certificate and Opinion of Counsel as conclusive
evidence that any such supplemental indenture complies with the provisions of this Article 10 and that all conditions precedent thereto
have been satisfied.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 10.04. Notation on Securities.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Securities of any series authenticated and delivered after the execution
of any supplemental indenture pursuant to the provisions of this Article 10 may bear a notation in form approved by the Company as to
any matter provided for in such supplemental indenture. New Securities of any series so modified as to conform, in the opinion of the
Company and 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, without charge to the securityholders, in exchange for the Securities of such
series then Outstanding.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 11</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CONSOLIDATION, MERGER, SALE OR CONVEYANCE</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 11.01. Company May Consolidate, etc., on Certain Terms.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company covenants that it will not merge into or consolidate with any
other corporation or sell or convey all or substantially all of its assets to any person, firm or corporation, unless (a) either the Company
shall be the continuing corporation, or the successor corporation (if other than the Company) shall be a corporation organized and existing
under the laws of the United States of America or a state thereof or the District of Columbia and such corporation shall expressly assume
the due and punctual payment of the principal of (and premium, if any, on) and any interest on all the Securities, according to their
tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by
the Company by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such corporation,
and (b) the Company or such successor corporation, as the case may be, shall not, immediately after such merger or consolidation, or such
sale or conveyance, be in default in the performance of any such covenant or condition.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 11.02. Successor Corporation Substituted.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case of any such consolidation, merger, sale or conveyance and upon any
such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for, and may exercise every
right and power of, the Company, with the same effect as if it had been named herein as the party of the first part. Such successor corporation
thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities issuable
hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor
corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall make available for delivery any Securities which previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed
and delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of
such Securities had been issued at the date of the execution thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case of any such consolidation, merger, sale or conveyance such changes
in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 11.03. Opinion of Counsel and Officers&rsquo; Certificate to be Given Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee shall receive an Opinion of Counsel and Officers&rsquo; Certificate
as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption, complies with the provisions
of this Article 11 and that all conditions precedent herein provided for relating to such transaction have been complied with.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 12</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 12.01. Discharge of Indenture.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If at any time:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company shall have delivered
to the Trustee for cancellation all Securities of any series theretofore authenticated (other than (i) Securities that have been destroyed,
lost or stolen and that have been replaced or paid as provided in Section 2.09, and (ii) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Section 4.03), or</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all such Securities of such
series not theretofore delivered to the Trustee for cancellation (i) shall have become due and payable, or (ii) are by their terms to
become due and payable within one year, or (iii) are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption, and the Company in the case of (b)(i), (b)(ii) or (b)(iii) above shall deposit or cause
to be deposited with the Trustee as trust funds the entire amount (other than moneys repaid by the Trustee or any paying agent to the
Company in accordance with Section 12.04) sufficient to pay at maturity or upon redemption all Securities of such series not therefore
delivered to the Trustee for cancellation, including principal (and premium, if any) and any interest due or to become due to such date
of maturity or date fixed for redemption, as the case may be, and if in either case the Company shall also pay or cause to be paid all
other sums payable hereunder by the Company with respect to such series, then this Indenture shall cease to be of further effect with
respect to the Securities of such series, and the Trustee, on demand of and at the cost and expense of the Company and subject to Section
15.05, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Securities of
such series. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the
Trustee in connection with this Indenture or the Securities of such series. Notwithstanding the satisfaction and discharge of this Indenture
with respect to the Securities of any series or of all series, the obligations of the Company to the Trustee under Section 7.06 shall
survive.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company will deliver to the Trustee an Officers&rsquo; Certificate and
an Opinion of Counsel which together shall state that all conditions precedent herein provided for relating to the satisfaction and discharge
of this Indenture have been complied with.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to the provisions of clause (e) of Section 4.03, all moneys deposited
with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the payment, either directly or through any paying
agent (including the Company acting as its own paying agent), to the persons entitled thereto, of all sums due and to become due thereon
for principal and interest (and premium, if any) for which payment of such money has been deposited with the Trustee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 12.03. Paying Agent to Repay Moneys Held.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In connection with the satisfaction and discharge of this Indenture with
respect to Securities of any series and the payment of all amounts due to the Trustee under Section 7.06, all moneys with respect to such
Securities then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be repaid to it or
paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 12.04. Return of Unclaimed Moneys.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to applicable law, any moneys deposited with or paid to the Trustee
or any paying agent for the payment of the principal of (and premium, if any) or interest on any Security and not applied but remaining
unclaimed for two years after the date upon which such principal (and premium, if any, on) or interest shall have become due and payable,
shall be repaid to the Company by the Trustee or such paying agent upon written request from the Company, and the holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Company for any payment which such holder may be entitled to collect
and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 13</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 13.01. Indenture and Securities Solely Corporate Obligations.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">No recourse under or upon any obligation, covenant or agreement contained
in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, or against
any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor corporation, either
directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the
acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 14</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>DEFEASANCE AND COVENANT DEFEASANCE</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 14.01. Applicability of Article.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Unless, as specified pursuant to Section 2.03(b), provision is made that
either or both of (a) defeasance of the Securities of a series under Section 14.02 and (b) covenant defeasance of the Securities of a
series under Section 14.03 shall not apply to the Securities of a series, then the provisions of such Section 14.02 and Section 14.03,
together with Section 14.04 and Section 14.05, shall be applicable to the Outstanding Securities of all series upon compliance with the
conditions set forth below in this Article 14.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 14.02. Defeasance and Discharge.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Subject to Section 14.05, the Company may cause itself to be discharged from
its obligations with respect to the Outstanding Securities of any series on and after the date the conditions precedent set forth below
are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, &ldquo;defeasance&rdquo;). For this
purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the
Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture insofar
as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same),
except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of holders of Outstanding
Securities of such series to receive, solely from the trust fund described in Section 14.04 and as more fully set forth in such Section,
payments of the principal of and any premium and interest on such Securities when such payments are due, (b) the Company&rsquo;s obligations
with respect to such Securities under Section 2.07, Section 2.08, Section 2.09, Section 4.02 and Section 4.03 and such obligations as
shall be ancillary thereto, (c) the rights, powers, trusts, duties, immunities and other provisions in respect of the Trustee hereunder,
and (D) this Article 14. Subject to compliance with this Article 14, defeasance with respect to Securities of a series by the Company
is permitted under this Section 14.02 notwithstanding the prior exercise of its rights under Section 14.03 with respect to the Securities
of such series. Following a defeasance, payment of the Securities of such series may not be accelerated because of an Event of Default.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 14.03. Covenant Defeasance.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company may cause itself to be released from its obligations under any
Sections applicable to Securities of a series that are determined pursuant to Section 2.03(b) to be subject to this provision with respect
to the Outstanding Securities of such series on and after the date the conditions precedent set forth below are satisfied but subject
to satisfaction of the conditions subsequent set forth below (hereinafter, &ldquo;covenant defeasance&rdquo;). For this purpose, such
covenant defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly by reason
of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein
or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 14.04. Conditions to Defeasance or Covenant Defeasance.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The following shall be the conditions precedent or, as specifically noted
below, subsequent to application of either Section 14.02 or Section 14.03 to the Outstanding Securities of such series:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall irrevocably
have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of the holders of such Securities, (i) money in an amount, or (ii) U.S.
Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms
will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, sufficient,
without reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, (1) the principal
of and any premium and interest on the Outstanding Securities of such series to maturity or redemption, as the case may be, and (2) any
mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities of such series on the due dates thereof.
Before such a deposit the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date
or dates in accordance with Article 3 which shall be given effect in applying the foregoing. For this purpose, &ldquo;U.S. Government
Obligations&rdquo; means securities that are (x) direct obligations of the United States of America for the payment of which its full
faith and credit is pledged or (y) 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, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligation
or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the
holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No default, or event that after
notice or lapse of time, or both, would become a default with respect to the Securities of such series, shall have happened and be continuing
(i) on the date of such deposit or (ii) insofar as Section 6.01(a) and Section 6.01(b) are concerned, at any time during the period ending
on the 123rd day after the date of such deposit or, if longer, ending on the day following the expiration of the longest preference period
applicable to the Company in respect of such deposit (it being understood that the condition in this clause (b) is a condition subsequent
and shall not be deemed satisfied until the expiration of such period);</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such defeasance or covenant
defeasance shall not (i) cause the Trustee for the Securities of such series to have a conflicting interest as defined in Section 7.08
or for purposes of the Trust Indenture Act with respect to any securities of the Company or (ii) result in the trust arising from such
deposit to constitute, unless it is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such defeasance or covenant
defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such defeasance or covenant
defeasance shall not cause any Securities of such series then listed on any registered national securities exchange under the Exchange
Act to be delisted;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a defeasance
under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from,
or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been a change
in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders
of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such
defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such defeasance had not occurred;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of covenant defeasance
under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the holders of the Outstanding
Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such covenant defeasance had not occurred;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such defeasance or covenant
defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed on the Company in
connection therewith pursuant to Section 2.03(b); and</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company shall
have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions precedent and
subsequent provided for in this Indenture relating to either the defeasance under Section 14.02 or the covenant defeasance under Section
14.03, as the case may be, have been complied with.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 14.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other
Miscellaneous Provisions.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee pursuant to Section 14.04 in respect of the Outstanding Securities of such series shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through
any paying agent (but not including the Company acting as its own paying agent) as the Trustee may determine, to the holders of such Securities
of all sums due and to become due thereon in respect of principal and any premium and interest, but such money need not be segregated
from other funds except to the extent required by law.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the money or U.S. Government Obligations deposited pursuant to Section 14.04 or the principal and
interest received in respect thereof.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Anything herein to the contrary notwithstanding, the Trustee shall deliver
or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section
14.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent defeasance
or covenant defeasance, provided that the Trustee shall not be required to liquidate any U.S. Government Obligations in order to comply
with the provisions of this paragraph.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Anything herein to the contrary notwithstanding, if and to the extent the
deposited money or U.S. Government Obligations (or the proceeds thereof) either (i) cannot be applied by the Trustee in accordance with
this Section because of a court order or by operation of Article 16 or (ii) are for any reason insufficient in amount, then the Company&rsquo;s
obligations to pay principal of and any premium and interest on the Securities of such series shall be reinstated to the extent necessary
to cover the deficiency on any due date for payment. In any such case, the Company&rsquo;s interest in the deposited money and U.S. Government
Obligations (and proceeds thereof) shall be reinstated to the extent the Company&rsquo;s payment obligations are reinstated.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 15</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>MISCELLANEOUS PROVISIONS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.01. Benefits of Indenture Restricted to Parties and Securityholders.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Nothing in this Indenture or in the Securities, expressed or implied, shall
give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and assigns and the
holders of the Securities (and, with respect to the provisions of Article 16, the holders of senior Indebtedness), any legal or equitable
right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being
for the sole benefit of the parties hereto and their successors and assigns and the holders of the Securities (and, with respect to the
provisions of Article 16, the holders of senior Indebtedness).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.02. Provisions Binding on Company&rsquo;s Successors.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All the covenants, stipulations, promises and agreements in this Indenture
contained by or in behalf of the Company shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.03. Addresses for Notices, etc., to Company and Trustee.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any request, demand, authorization, direction, notice, consent, waiver or
other document provided or permitted by this Indenture is duly given if in writing and delivered in person or delivered by first-class
postage prepaid mail, facsimile, email or overnight air courier guaranteeing next day delivery, to the other&rsquo;s address:</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Trustee, addressed
to the Trustee at the principal Corporate Trust Office of the Trustee, [ ], Attention: Chemung Financial Corporation Administrator, Telephone:
[ ].</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company by the Trustee
or by the holders of Securities, addressed to it at [ ], Attention: [ ], Email: [ ].</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Company or the Trustee by written notice to the other may designate additional
or different addresses for subsequent notices or communications.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">All notices and communications will be deemed to have been duly given: five
Business Days after being deposited in the mail, postage prepaid, if delivered by mail; on the first Business Day after being sent, if
sent by facsimile and the sender receives confirmation of successful transmission; upon confirmation of transmittal (but excluding any
automatic reply to such email), if sent by email; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.04. Notice to Holders of Securities; Waiver.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Except as otherwise expressly provided herein, where this Indenture provides
for notice of holders of Securities of any event, such notice shall be sufficiently given to holders of Registered Securities if in writing
and mailed, first-class postage prepaid, to each holder of a Registered Security affected by such event, at the address of such holder
as it appears in the Security Register, not earlier than the earliest date, and not later than the latest date, prescribed for the giving
of such notice.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt"></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">In case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice to holders of Registered Securities by mail, then such notification as
shall be made with the approval of the Trustee shall constitute sufficient notice to such holders for every purpose hereunder. In any
case where notice to holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular holder of a Registered Security shall affect the sufficiency of such notice with respect to other
holders of Registered Securities.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Notwithstanding any other provision of this Indenture or any Security, where
this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security
(whether by mail or otherwise), such notice shall be sufficiently given when delivered to the Depositary for such Security (or its designee)
pursuant to the customary procedures of such Depositary.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
of such notice. Waivers of notice by holders of Securities shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Any request, demand, authorization, direction, notice, consent or waiver
required or permitted under this Indenture shall be in the English language.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.05. Evidence of Compliance with Conditions Precedent.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">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 Officers&rsquo; Certificate stating
that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in
the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Each Officers&rsquo; Certificate and Opinion of Counsel provided for in this
Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include
(a) a statement that the person making such certificate or opinion has read such covenant or condition; (b) a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; (c) a statement that, in the opinion of such person, they have made such examination or investigation as is necessary to enable
them to express an informed opinion as to whether or not such covenant or condition has been complied with; and (d) a statement as to
whether or not, in the opinion of such person, such condition or covenant has been complied with.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.06. Legal Holidays.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In any case where the date of maturity of interest on or principal of the
Securities or the date fixed for redemption of any Securities shall be a Saturday or Sunday or a legal holiday in City of New York, New
York or in such other Place of Payment as the Company may designate pursuant to Section 4.02, or a day on which banking institutions in
City of New York, New York or in such other Place of Payment are authorized or obligated by law, regulation or executive order to remain
closed, then payment of interest or principal (and premium, if any) need not be made on such date but may be made on the next succeeding
Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall
accrue for the period after such date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.07. Trust Indenture Act to Control.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with another provision included in this Indenture which is required to be included in this Indenture by any of Sections 310
to 317, inclusive, of the Trust Indenture Act, such required provision shall control.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.08. Execution in Counterparts.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">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. The exchange of copies of this
Indenture and of signature pages by facsimile or electronic format (<I>e.g</I>., &ldquo;.pdf&rdquo; or &ldquo;.tif&rdquo;) transmission
will constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (<I>e.g.</I>, &ldquo;.pdf&rdquo; or &ldquo;.tif&rdquo;)
will be deemed to be their original signatures for all purposes. Unless otherwise provided herein or in any other Securities, the words
&ldquo;execute&rdquo;, &ldquo;execution&rdquo;, &ldquo;signed&rdquo;, and &ldquo;signature&rdquo; and words of similar import used in
or related to any document to be signed in connection with this Indenture, any other Securities or any of the transactions contemplated
hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any Applicable Law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein
to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.09. Governing Law; Waiver of Jury Trial.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">THIS INDENTURE AND EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The parties hereby (i) irrevocably submit to the non-exclusive jurisdiction
of any federal or state court sitting in the Borough of Manhattan, the city of New York, (ii) waive any objection to laying of venue in
any such action or proceeding in such courts, and (iii) waive any objection that such courts are an inconvenient forum or do not have
jurisdiction over any party.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.10. Severability.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">In case any provision in this Indenture or in the Securities shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Trustee, by its execution of this Indenture, hereby accepts the trusts
in this Indenture declared and provided, upon the terms and conditions hereinabove set forth. This Indenture, any supplemental indenture
hereto and the exhibits hereto or thereto set forth the entire agreement and understanding of the parties related to this transaction
and supersedes all prior agreements and understandings, oral or written.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.11. Interpretations.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The Table of Contents, Cross-Reference Table and Headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture
and shall in no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 36pt">This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 15.12. U.S.A. Patriot Act.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">The parties hereto acknowledge that in accordance with Title III of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the &ldquo;USA PATRIOT
Act&rdquo;), 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>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>ARTICLE 16</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>RANKING OF SECURITIES</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>SECTION 16.01. Ranking.</B></P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">Except as otherwise provided in a supplemental indenture or pursuant to Section
2.01, the Company agrees, and each holder by accepting a Security agrees, that the indebtedness evidenced by the Securities constitutes
and will constitute a senior unsecured general obligation of the Company, ranking equally with other existing and future senior unsecured
Indebtedness of the Company, ranking equally with other existing and future senior unsecured Indebtedness of the Company and ranking senior
in right of payment to any future Indebtedness of the Company that is expressly made subordinate to the Securities by the terms of such
Indebtedness.</P>

<P STYLE="font-size: 10pt; text-indent: 24.5pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 24.5pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, all as of the day and year first above written.</P>

<P STYLE="font-size: 10pt; text-indent: 36pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CHEMUNG FINANCIAL CORPORATION</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">_____________________________________</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>[ ], as Trustee</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">_____________________________________</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">46</P>

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

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>exh_43.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.3</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DATED AS OF [ ], 20[ ]</B></P>

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reconciliation and tie between the Trust Indenture Act of 1939, as
amended (the &ldquo;Trust Indenture Act&rdquo;), and the Indenture dated as of [ ], 20[ ].</P>

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

<TABLE CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
  <TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECTION OF TRUST INDENTURE ACT</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECTION OF INDENTURE</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">310(a)(1) and (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.09</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">310(a)(3) and (4)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">310(a)(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.09</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">310(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.08 and 7.10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">311(a) and (b)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">312(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.01 and 5.02(a)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">312(b) and (c)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.02(b) and (c)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">313(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(a)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">313(b)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">313(b)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(b)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">313(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(c)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">313(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.04(d)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">5.03</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(c)(1) and (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">14.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(c)(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(e)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">15.05</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(f)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">315(a), (c) and (d)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">315(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">7.14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">315(e)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">316(a)(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.12</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">316(a)(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Omitted</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">316(a) last sentence</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">8.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">316(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.08</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">316(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">8.06</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">317(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">6.03 and 6.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">317(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">4.03(a)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-align: center; text-indent: -12pt"><FONT STYLE="font-size: 10pt">318(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">15.07</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note: This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention should also be directed to Section 318(c) of the Trust Indenture
Act, which provides that the provisions of Sections 310 to and including Section 317 of the Trust Indenture Act are a part of and govern
every qualified indenture, whether or not physically contained therein.</P>

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

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

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

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

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page(s)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 1 DEFINITIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 1.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitions.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 2 ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amount Unlimited; Issuable in Series.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Form of Trustee&rsquo;s Certificate of Authentication.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Form of Securities Generally; Establishment of Terms of Series.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Securities in Global Form.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Denominations; Record Date; Payment of Interest.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Execution, Authentication, Delivery and Dating of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exchange and Registration of Transfer of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Temporary Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Mutilated, Destroyed, Lost or Stolen Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Cancellation.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 2.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Book-Entry Only System.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 3 REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Redemption of Securities, Applicability of Section.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Notice of Redemption, Selection of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Payment of Securities Called for Redemption.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 3.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Redemption Suspended During Event of Default.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Payment of Principal, Premium and Interest.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Offices for Notices and Payments.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Provisions as to Paying Agent.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Statement as to Compliance.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Corporate Existence.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 4.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Waiver of Covenants.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 19%; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 5.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 73%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Securityholder Lists.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 5.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Preservation and Disclosure of Lists.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 5.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Reports by the Company.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 5.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Reports by the Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 6 REMEDIES</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Events of Default; Acceleration of Maturity.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Collection of Indebtedness and Suits for Enforcement by Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trustee May File Proofs of Claim.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trustee May Enforce Claims Without Possession of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Application of Money Collected.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Limitation on Suits.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Unconditional Right of Securityholders to Receive Principal and Interest.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Restoration of Rights and Remedies.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Rights and Remedies Cumulative.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Delay or Omission Not Waiver.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.12.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Control by Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.13.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Waiver of Past Defaults.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.14.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Undertaking for Costs.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 6.15.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Waiver of Stay or Extension Laws.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 7 CONCERNING THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Duties and Responsibilities of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Reliance on Documents, Opinions, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">No Responsibility for Recitals, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Ownership of Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Moneys to be Held in Trust.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 19%; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 73%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Compensation and Expenses of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Officers&rsquo; Certificate or Opinion of Counsel as Evidence.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Disqualifications; Conflicting Interest of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Eligibility of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Resignation or Removal of Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Acceptance by Successor Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.12.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Successor by Merger, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.13.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Limitations on Rights of Trustee as Creditor.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.14.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Notice of Default.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 7.15.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Appointment of Authenticating Agent.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 8 CONCERNING THE SECURITYHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Action by Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Proof of Execution by Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Who Are Deemed Absolute Owners.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Company-Owned Securities Disregarded.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Revocation of Consents; Future Securityholders Bound.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 8.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Record Date.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 9 SECURITYHOLDERS&rsquo; MEETINGS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Purposes of Meeting.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Call of Meetings by Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Call of Meetings by Company or Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Qualifications for Voting.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Regulations.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 9.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Voting.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 10 SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 10.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Supplemental Indentures without Consent of Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 10.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Supplemental Indentures with Consent of Holders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD></TD></TR></TABLE>

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<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt; width: 19%"><FONT STYLE="font-size: 10pt">SECTION 10.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 73%"><FONT STYLE="font-size: 10pt">Compliance with Trust Indenture Act; Effect of Supplemental Indentures.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; width: 2%"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 19%; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 10.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 73%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Notation on Securities.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 11 CONSOLIDATION, MERGER, SALE OR CONVEYANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 11.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Company May Consolidate, etc., on Certain Terms.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 11.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Successor Corporation Substituted.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 11.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Opinion of Counsel and Officers&rsquo; Certificate to be Given Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 12 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Discharge of Indenture.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Deposited Moneys to be Held in Trust by Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Paying Agent to Repay Moneys Held.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 12.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Return of Unclaimed Moneys.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 13.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Indenture and Securities Solely Corporate Obligations.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 14 DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Applicability of Article.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Defeasance and Discharge.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Covenant Defeasance.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Conditions to Defeasance or Covenant Defeasance.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 14.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 15 MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Benefits of Indenture Restricted to Parties and Securityholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.02.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Provisions Binding on Company&rsquo;s Successors.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.03.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Addresses for Notices, etc., to Company and Trustee.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.04.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Notice to Holders of Securities; Waiver.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.05.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Evidence of Compliance with Conditions Precedent.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.06.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Legal Holidays.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD></TD></TR></TABLE>

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<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt; width: 19%"><FONT STYLE="font-size: 10pt">SECTION 15.07.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 73%"><FONT STYLE="font-size: 10pt">Trust Indenture Act to Control.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; width: 2%"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.08.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Execution in Counterparts.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 19%; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.09.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 73%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Governing Law; Waiver of Jury Trial.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.10.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Severability.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.11.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interpretations.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 15.12.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">U.S.A. Patriot Act.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">ARTICLE 16 SUBORDINATION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SECTION 16.01.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Securities Subordinate to Senior Indebtedness.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS INDENTURE, dated as of [ ], 20[ ] between
Chemung Financial Corporation, a corporation duly organized and existing under the laws of the State of New York (the &ldquo;Company&rdquo;),
and [ ], a [ ], as trustee (the &ldquo;Trustee,&rdquo; which term shall include any successor trustee appointed pursuant to Article 7
of this Indenture).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company deems it necessary to issue
from time to time for its lawful purposes securities (the &ldquo;Securities&rdquo;) evidencing its indebtedness and has duly authorized
the execution and delivery of this Indenture to provide for the issuance of the Securities in one or more series, unlimited as to principal
amount, to bear such rates of interest, to mature at such time or times, and to have such other provisions as shall be fixed as hereinafter
provided; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company represents that all acts
and things necessary to constitute these presents a valid indenture and agreement according to its terms have been done and performed,
and the execution of this Indenture has in all respects been duly authorized, and the Company, in the exercise of legal right and power
in it vested, is executing this Indenture;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to declare the terms and conditions upon
which the Securities are authenticated, issued and received, and in consideration of the premises and the purchase and acceptance of the
Securities by the holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of the respective holders
from time to time of the Securities, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 1.01. Definitions.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The terms defined in this Section (except as herein
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. All other terms used in this Indenture that are defined in the Trust
Indenture Act or that are by reference therein defined in the Securities Act shall have the meanings (except as herein otherwise expressly
provided or unless the context otherwise requires) assigned to such terms in the Trust Indenture Act and in the Securities Act as in force
at the date of this Indenture as originally executed. All accounting terms used herein and not expressly defined shall have the meanings
assigned to such terms in accordance with United States generally accepted accounting principles as are generally accepted at the time
of any computation. The words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article
have the meanings assigned to them in this Article and include the plural as well as the singular.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Additional Amounts&rdquo; shall mean any
additional amounts to be paid by the Company in respect of Securities of a series, as may be specified pursuant to Section 2.03(b) hereof
and in such Security and under the circumstances specified therein, in respect of specified taxes, assessments or other governmental charges
imposed on certain holders who are United States Aliens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Authorized Officer&rdquo; shall have the
meaning set forth in Section 3.02 hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Board Resolution&rdquo; shall mean a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors or by a committee
acting under authority of or appointment by the Board of Directors and to be in full force and effect on the date of such certification,
and delivered to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Business Day&rdquo; shall mean, unless otherwise
specified pursuant to Section 2.03(b), any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking
institutions or trust companies in the City of New York, New York, or any Place of Payment are authorized or obligated by law, regulation
or executive order to remain closed.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Capital Stock&rdquo; shall mean, as to shares
of a particular corporation, outstanding shares of stock of any class, whether now or hereafter authorized, irrespective of whether such
class shall be limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate in dividends and in
the distribution of assets upon the voluntary liquidation, dissolution or winding up of such corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Commission&rdquo; shall mean the Securities
and Exchange Commission or any successor agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Company&rdquo; shall mean the person named
as the &ldquo;Company&rdquo; in the first paragraph of this instrument until a successor corporation shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter &ldquo;Company&rdquo; shall mean such successor corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Company Request&rdquo; and &ldquo;Company
Order&rdquo; mean, respectively, a written request or order signed in the name of the Company by its Chief Executive Officer, President,
Chief Financial Officer, Vice President, General Counsel, Secretary or Assistant Secretary or Treasurer or Assistant Treasurer and delivered
to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Corporate Trust Office&rdquo; 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 [ ], Attention: Chemung Financial Corporation Administrator, or such other address as the Trustee may designate
from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such
other address as such successor Trustee may designate from time to time by notice to the holders and the Company).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;covenant defeasance&rdquo; shall have the
meaning set forth in Section 14.03.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Default&rdquo; or &ldquo;default&rdquo;
shall have the meaning specified in Article 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;defeasance&rdquo; shall have the meaning
set forth in Section 14.02.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Depositary&rdquo; shall mean, with respect
to the Securities of any series issuable or issued in whole or in part in the form of one or more permanent global Securities, the person
designated as Depositary by the Company pursuant to Section 2.03(b), which must be a clearing agency registered under the Exchange Act,
until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Depositary&rdquo;
shall mean or include each person who is then a Depositary hereunder, and if at any time there is more than one such person, &ldquo;Depositary&rdquo;
as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Dollar&rdquo; or &ldquo;$&rdquo; shall mean
a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the
payment of public and private debts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Event of Default&rdquo; shall have the meaning
specified in Article 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Exchange Act&rdquo; shall mean the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Exchange Date&rdquo; shall have the meaning
set forth in Section 2.08.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Global Security&rdquo; or &ldquo;Global
Securities&rdquo; means a Security or Securities, as the case may be, in the form established pursuant to Section 2.03 evidencing all
or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;holder,&rdquo; &ldquo;holder of Securities,&rdquo;
&ldquo;securityholder&rdquo; or other similar term shall mean in the case of any Registered Security, the person in whose name such Security
is registered in the Security Register kept by the Company for that purpose, in accordance with the terms hereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Indenture&rdquo; shall mean this instrument
as originally executed and delivered or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, including without limitation, the forms and terms of particular series
of Securities established as contemplated by Article 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Material Subsidiary&rdquo; means Chemung
Canal Trust Company, or any successor thereof or any Subsidiary of the Company that is a depository institution and that has consolidated
assets equal to 80% or more of the Company&rsquo;s consolidated assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Officers&rsquo; Certificate&rdquo; shall
mean a certificate signed by the Chief Executive Officer, President or other principal executive officer and by the Chief Financial Officer
or other principal financial officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company and
delivered to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Opinion of Counsel&rdquo; shall mean an
opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company and who shall be reasonably satisfactory
to the Trustee, or who may be other counsel reasonably satisfactory to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Original Issue Discount Securities&rdquo;
shall mean any Securities that are initially sold at a discount from the principal amount thereof and that provide upon an Event of Default
for declaration of an amount less than the principal amount thereof to be due and payable upon acceleration thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Outstanding&rdquo; or &ldquo;outstanding,&rdquo;
when used with reference to Securities, shall, subject to the provisions of Section 7.08, Section 8.01 and Section 8.04, mean, as of any
particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities,
or portions thereof, for the payment or redemption of which moneys 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 and held in trust by the Company
(if the Company shall act as its own paying agent) for the holders of such Securities; provided, that if such Securities, or portions
thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article 3, or
provision satisfactory to the Trustee shall have been made for giving such notice;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
that have been defeased pursuant to Section 14.02 hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
that have been paid pursuant to Section 2.09, or Securities in exchange for, in lieu of and in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section 2.07, unless proof satisfactory to the Trustee is presented
that any such Securities are held by bona fide holders in due course.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Periodic Offering&rdquo; shall mean an offering
of Securities of a series, from time to time, the specific terms of which (including, without limitation, the rate or rates of interest
or formula for determining the rate or rates of interest thereon, if any, the maturity date or dates thereof and the redemption provisions,
if any, with respect thereto) are to be determined by the Company upon the issuance of such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Person&rdquo; or &ldquo;person&rdquo; shall
mean any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Place of Payment,&rdquo; when used with
respect to the Securities of any series, means the place or places where, subject to the provisions of Section 4.02, the principal of
(and premium, if any, on) and any interest on the Securities of that series are payable as specified as contemplated by Section 2.03(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;record date&rdquo; as used with respect
to any interest payment date shall have the meaning specified in Section 2.05.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Registered Security&rdquo; shall mean any
Security established pursuant to Section 2.01 and Section 2.03(b) that is registered on the Security Register of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Responsible Officer,&rdquo; when used with
respect to the Trustee, shall mean any officer within its Corporate Trust Office of the Trustee (or any successor group of the Trustee),
including any Vice President, Assistant Vice President, Assistant Secretary or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also shall mean, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such officer&rsquo;s knowledge of and familiarity with the
particular subject, and in each case, who has direct responsibility for the administration of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Securities&rdquo; shall have the meaning
set forth in the preamble of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Securities Act&rdquo; shall mean the Securities
Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Security Register&rdquo; and &ldquo;Security
Registrar&rdquo; shall have the respective meanings set forth in Section 2.07(a) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Senior Indebtedness&rdquo; means, without
duplication, the principal, premium, if any, unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to the Company whether or not a claim for post-filing interest is allowed in such proceeding), fees, charges,
expenses, reimbursement and indemnification obligations, and all other amounts payable under or in respect of the following indebtedness
of the Company, whether any such indebtedness exists as of the date of the Indenture or is created, incurred or assumed after such date:
(i) all obligations for borrowed money, (ii) all obligations evidenced by debentures, Securities or other similar instruments, (iii) all
obligations in respect of letters of credit or bankers acceptances or similar instruments (or reimbursement obligations with respect thereto),
(iv) all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary
course of business, (v) all indebtedness of others guaranteed by the Company or any of its Subsidiaries or for which the Company or any
of its Subsidiaries is legally responsible or liable (whether by agreement to purchase indebtedness of, or to supply funds or to invest
in, others) and (vi) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property
owned by the Company but excluding any obligations of the Company which are required (as opposed to elected to be treated) as capitalized
leases under United States generally accepted accounting principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Series&rdquo; or &ldquo;Series of Securities&rdquo;
means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.03.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Subsidiary&rdquo; shall mean, in respect
of any Person, any corporation, association, partnership, limited liability company or other business entity of which more than 50% of
the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person or (c) one or more Subsidiaries
of such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Trust Indenture Act,&rdquo; except as otherwise
provided in this Indenture, shall mean the Trust Indenture Act of 1939, as amended, as in force at the date of this Indenture as originally
executed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Trustee&rdquo; shall mean the person identified
as &ldquo;Trustee&rdquo; in the first paragraph hereof until the acceptance of appointment of a successor trustee pursuant to the provisions
of Article 7, and thereafter shall mean such successor trustee, and if at any time there is more than one such person, &ldquo;Trustee&rdquo;
as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;United States Alien&rdquo; shall mean any
person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien
fiduciary of a foreign estate or trust, or a foreign partnership to the extent that one or more of its members is, for United States federal
income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;USA PATRIOT Act&rdquo; shall have the meaning
set forth in Section 15.12 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Vice President&rdquo; when used with respect
to the Company or the Trustee shall mean any vice president, whether or not designated by a number or word or words added before or after
the title &ldquo;vice president,&rdquo; including any Executive or Senior Vice President.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ISSUE, EXECUTION, REGISTRATION AND EXCHANGE
OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.01. Amount Unlimited; Issuable in Series.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the execution of this Indenture, or from time
to time thereafter, Securities up to the aggregate principal amount and containing terms and conditions from time to time authorized by
or pursuant to a Board Resolution, or in an indenture supplemental hereto or Officers&rsquo; Certificate, as set forth in Section 2.03,
may be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and make
available for delivery the Securities to or upon Company Order, without any further action by the Company but subject to the provisions
of Section 2.03, or in an indenture supplemental hereto or Officers&rsquo; Certificate, as set forth in Section 2.03.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities may be issued in one or more series.
The aggregate principal amount of Securities of all series that may be authenticated and delivered and outstanding under this Indenture
is not limited hereunder. The Securities of a particular series may be issued up to the aggregate principal amount of Securities for such
series from time to time authorized by or pursuant to a Board Resolution. Securities may differ between Series in respect of any matters;
provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.02. Form of Trustee&rsquo;s Certificate of Authentication.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The form of the Trustee&rsquo;s certificate of
authentication to be borne by the Securities shall be in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Form of Trustee&rsquo;s Certificate of Authentication</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Trustee</P></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">__________________________</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.03. Form of Securities Generally; Establishment of Terms
of Series.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registered Securities, if any, of each series, the temporary global Securities of each series, if any, and the permanent global Securities
of each series, if any, shall be in the forms established from time to time in or pursuant to one or more Board Resolutions (and, to the
extent established pursuant to rather than set forth in one or more Board Resolutions, in an Officers&rsquo; Certificate (to which shall
be attached true and correct copies of the relevant Board Resolution(s)) detailing such establishment) or established in an indenture
supplemental hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities may be issued in typewritten, printed
or engraved form with such letters, numbers or other marks of identification or designation (including CUSIP numbers, if then generally
in use) 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 stock exchange on which the Securities may be listed, or to conform to usage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
or prior to the initial issuance of Securities of any series, the particular terms of Securities of such series shall be established in
or pursuant to one or more Board Resolutions (and to the extent established pursuant to rather than set forth in one or more Board Resolutions,
in an Officers&rsquo; Certificate (to which shall be attached true and correct copies of the relevant Board Resolution(s)) detailing such
establishment) or established in an indenture supplemental hereto, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
designation of the particular series (which shall distinguish such series from all other series);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of
such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to this Indenture and except for any Securities
which, pursuant to Section 2.06, are deemed never to have been authenticated and delivered hereunder);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether Securities of the series are
to be issuable as Registered Securities, whether any Securities of the series are to be issuable initially in temporary global form and,
if so, the name of the Depositary with respect to any such temporary global Security, and whether any Securities of the series are to
be issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange
such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which
any such exchanges may occur, if other than in the manner provided in Section 2.07 and the name of the Depositary with respect to any
such permanent global Security;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date as of which any temporary
Security in global form representing Outstanding Securities of such series shall be dated, if other than the date of original issuance
of the first Securities of the series to be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the person to whom any interest on
any Registered Security of the series shall be payable, if other than the person in whose name that Security (or one or more predecessor
Securities) is registered at the close of business on the regular record date for such interest, the extent to which, or the manner in
which, any interest payable on a temporary global Security on an interest payment date will be paid if other than in the manner provided
in Section 2.05 and the extent to which, or the manner in which, any interest payable on a permanent global Security on an interest payment
date will be paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the date or dates on which the principal
of the Securities of such series is payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the rate or rates, and if applicable
the method used to determine the rate, at which the Securities of such series shall bear interest, if any, the date or dates from which
such interest shall accrue, the date or dates on which such interest shall be payable and the record date or dates for the interest payable
on any Registered Securities on any interest payment date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the place or places at which, subject
to the provisions of Section 4.02, the principal of (and premium, if any, on) and any interest on Securities of such series shall be payable,
any Registered Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for
exchange and notices and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the obligation, if any, of the Company
to redeem or purchase Securities of such series, at the option of the Company or at the option of a holder thereof, pursuant to any sinking
fund or other redemption provisions and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the series may be so redeemed or purchased, in whole or in part;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than minimum denominations
of $1,000 and any integral multiple thereof, the denominations in which any Registered Securities of such series shall be issuable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if other than the principal amount
thereof, the portion of the principal amount of Securities of such series which shall be payable upon declaration of acceleration of the
maturity thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the currency, currencies or currency
units in which payment of the principal of (and premium, if any, on) and any interest on any Securities of the series shall be payable
if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the
United States of America for purposes of the definition of &ldquo;Outstanding&rdquo; in Section 1.01;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the principal of (and premium,
if any, on) or any interest on the Securities of the series are to be payable, at the election of the Company or a holder thereof, in
one or more currencies or currency units, other than that or those in which the Securities are stated to be payable, the currency or currencies
in which payment of the principal of (and premium, if any, on) and any interest on Securities of such series as to which such election
is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the amount of payments of principal
of (and premium, if any, on) or any interest on the Securities of the series may be determined with reference to an index, the manner
in which such amounts shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether the Securities will be issued
in book-entry only form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any interest rate calculation agents,
exchange rate calculation agents or other agents with respect to Securities of such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if either or both of Section 14.02
and Section 14.03 do not apply to the Securities of the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether and under what circumstances
the Company will pay Additional Amounts in respect of any series of Securities and whether the Company has the option to redeem such Securities
rather than pay such Additional Amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions relating to the extension
of maturity of, or the renewal of, Securities of such series, or the conversion of Securities of such series into other securities of
the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any provisions relating to the purchase
or redemption of all or any portion of a tranche or series of Securities, including the period of notice required to redeem those Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms and conditions, if any,
pursuant to which the Securities of the series are secured;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(22) &nbsp;&nbsp;&nbsp;&nbsp;the subordination
terms of the Securities of the series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.9in">(23)&nbsp;&nbsp;&nbsp;&nbsp;&#8239;any other terms of the Securities
or provisions relating to the payment of principal, premium (if any), or interest thereon, including, but not limited to, whether such
Securities are issuable at a discount or premium, as amortizable Securities, and if payable in, convertible or exchangeable for commodities
or for the securities of the Company or any third party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Securities of any one series need not be issued
at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution or Officers&rsquo; Certificate referred to above or as set forth in an indenture supplemental hereto, and, unless otherwise
provided, the authorized principal amount of any series may be increased to provide for issuances of additional Securities of such series.
If so provided by or pursuant to the Board Resolution or Officers&rsquo; Certificate or supplemental indenture referred to above, the
terms of such Securities to be issued from time to time may be determined as set forth in such Board Resolution, Officers&rsquo; Certificate
or supplemental indenture, as the case may be. All Securities of any one series shall be substantially identical except as to denomination,
interest rate, maturity and other similar terms and except as may be provided otherwise by or pursuant to such Board Resolution, Officers&rsquo;
Certificate or supplemental indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.04. Securities in Global Form.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Securities of a series are issuable in global
form, as specified as contemplated by Section 2.03(b), then, notwithstanding clause (10) of Section 2.03(b) and the provisions of Section
2.05, any such Security in global form shall represent such of the Securities of such series Outstanding as shall be specified therein,
and any such Security in global form may provide that it shall represent the aggregate amount of Securities Outstanding from time to time
endorsed thereon and that the aggregate amount of Securities Outstanding represented thereby may from time to time be reduced to reflect
any exchanges of beneficial interests in such Security in global form for Securities of such series as contemplated herein. Any endorsement
of a Security in global form to reflect the amount, or any decrease in the amount, of Securities Outstanding represented thereby shall
be made by the Trustee or the Security Registrar in such manner and upon instructions given by such person or persons as shall be specified
in such Security in global form or in the Company Order to be delivered to the Trustee pursuant to Section 2.06 or Section 2.08. Subject
to the provisions of Section 2.06 and, if applicable, Section 2.08, the Trustee or the Security Registrar shall deliver and redeliver
any Security in permanent global form in the manner and upon instructions given by the person or persons specified in such Security in
global form or in the applicable Company Order. If a Company Order pursuant to Section 2.06 or Section 2.08 has been, or simultaneously
is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall
be in writing but need not be represented by a Company Order and need not be accompanied by an Opinion of Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of the last sentence of Section
2.06 shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company and
the Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions (which need
not be represented by a Company Order and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal
amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 2.06.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the provisions of Section 2.05,
unless otherwise specified as contemplated by Section 2.03(b), payment of principal of and any premium and interest on any Security in
permanent global form shall be made to the persons or persons specified therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.05. Denominations; Record Date; Payment of Interest.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided as contemplated by Section 2.03(b) with respect to any series of Securities, any Registered Securities of a series
shall be issuable in minimum denominations of $1,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &ldquo;record date&rdquo; as used with respect to an interest payment date for any series of a Registered Security shall mean such
day or days as shall be specified as contemplated by Section 2.03(b); provided, that in the absence of any such provisions with respect
to any series, such term shall mean (1) the last day of the calendar month next preceding such interest payment date if such interest
payment date is the 15th day of a calendar month; or (2) the 15th day of a calendar month next preceding such interest payment date if
such interest payment date is the first day of the calendar month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided as contemplated by Section
2.03 with respect to any series of Securities, the person in whose name any Registered Security is registered at the close of business
on the record date with respect to an interest payment date shall be entitled to receive the interest payable on such interest payment
date notwithstanding the cancellation of such Security upon any registration of transfer or exchange thereof subsequent to such record
date prior to such interest payment date; provided, that if and to the extent the Company shall default in the payment of the interest
due on such interest payment date, such defaulted interest shall be paid to the persons in whose names the Securities are registered on
a subsequent record date established by notice given to the extent and in the manner set forth in Section 15.04 by or on behalf of the
Company to the holders of Securities of the series in default not less than 15 days preceding such subsequent record date, such record
date to be not less than five days preceding the date of payment of such defaulted interest, or in any other lawful manner acceptable
to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified by Board Resolution or Company Order for a particular series of Securities, the principal of, redemption premium,
if any, on and interest, if any, on the Securities of any series shall be payable at the office or agency of the Company maintained pursuant
to Section 4.02 in a Place of Payment for such series, in Dollars; provided, that, at the option of the Company, payment of interest with
respect to a Registered Security may be paid by check mailed to the holders of the Registered Securities entitled thereto at their last
addresses as they appear on the Security Register or wired if held in book-entry form at the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.06. Execution, Authentication, Delivery and Dating of
Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities shall be signed on behalf of the
Company by its Chief Executive Officer, its President or one of its Vice Presidents. Such signatures may be the manual, electronic or
facsimile signatures of such then current officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any Security may be signed on behalf of the Company
by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Company, although at the
date of the execution of this Indenture any such person was not such officer. Securities bearing the manual, electronic or facsimile signatures
of individuals who were, at the actual date of the execution of such Security, the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such
Securities, as the case may be, or did not hold such offices at the date of such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the execution and delivery of this Indenture,
the Company shall deliver to the Trustee an Officers&rsquo; Certificate as to the incumbency and specimen signatures of officers authorized
to execute and deliver the Securities and give instructions under this Section and, as long as Securities are Outstanding under this Indenture,
such incumbency certificate shall be amended and replaced whenever an officer is to be added or deleted from the listing. The Trustee
may conclusively rely on the documents delivered pursuant to this Section (unless revoked by superseding comparable documents) and Section
2.03 hereof as to the authorization of the Board of Directors of any Securities delivered hereunder, and the form and terms thereof, and
as to the authority of the instructing officers referred to in this Section so to act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in an unlimited aggregate principal amount upon receipt by the Trustee of a Company Order;
provided, that with respect to Securities of a series subject to a Periodic Offering, (a) such Company Order may be delivered to the Trustee
prior to the delivery to the Trustee of such Securities for authentication and delivery, (b) the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal
amount, if any, established for such series, pursuant to a Company Order, (c) the maturity date or dates, original issue date or dates,
interest rate or rates and any other terms of Securities of such series shall be determined by Company Order or pursuant to such procedures,
and (d) if provided for in such procedures, such Company Order may authorize authentication and delivery pursuant to oral or electronic
instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the issuance of a Security of any new
series, and the authentication thereof by the Trustee, the Trustee shall have received and (subject to Section 7.02) shall be fully protected
in relying on:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board Resolution or Officers&rsquo; Certificate or indenture supplemental hereto establishing the terms and the form of the Securities
of that series pursuant to Section 2.01 and Section 2.03;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Officers&rsquo; Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance, authentication
and delivery of Securities in such form have been complied with;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Opinion of Counsel stating that the form and terms of such Securities have been established in conformity with the provisions of this
Indenture; provided, that with respect to Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to receive
such Opinion of Counsel only once at or prior to the time of the first authentication of Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to Securities of a series offered
in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities, the form and terms thereof
and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and other documents delivered pursuant
to this Section in connection with the first authentication of Securities of such series unless and until such Opinion of Counsel or other
documents have been superseded or revoked. In connection with the authentication and delivery of Securities of a series subject to a Periodic
Offering, the Trustee shall be entitled to assume that the Company&rsquo;s instructions to authenticate and deliver such Securities do
not violate any rules, regulations or orders of any governmental agency or commission having jurisdiction over the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Registered Security shall be dated the date
of its authentication except as otherwise provided by Board Resolution or Officers&rsquo; Certificate or indenture supplemental hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The aggregate principal amount of Securities of
any series outstanding at any time may not exceed any limit upon the maximum principal amount for such series set forth in or pursuant
to the Board Resolution or Officers&rsquo; Certificate or indenture supplemental hereto delivered pursuant to Section 2.03, except as
provided in Section 2.08.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security, a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing,
if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section 2.10 together with a written statement stating that such
Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have
been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.07. Exchange and Registration of Transfer of Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall keep, at an office or agency to be designated and maintained by the Company in accordance with Section 4.02 (as such, a
&ldquo;Security Registrar&rdquo;), registry books (the &ldquo;Security Register&rdquo;) in which, subject to such reasonable regulations
as it may prescribe, the Company shall register Registered Securities and shall register the transfer of Registered Securities of each
such series as provided in this Article 2. Such Security Register shall be in written form or in any other form capable of being converted
into written form within a reasonable time. At all reasonable times such Security Register shall be open for inspection by the Trustee.
Upon due presentment for registration of transfer of any Registered Security of a particular series at such office or agency maintained
pursuant to Section 4.02 for such purpose in a Place of Payment, the Company shall execute and register and the Trustee shall authenticate
and make available for delivery in the name of the transferee or transferees a new Registered Security or Registered Securities of such
series of any authorized denominations and for an equal aggregate principal amount and tenor.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the option of the holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series of any
authorized denominations and of an equal aggregate principal amount and tenor. Registered Securities to be exchanged shall be surrendered
at any such office or agency maintained pursuant to Section 4.02 for such purpose in a Place of Payment, and the Company shall execute
and register and the Trustee shall authenticate and make available for delivery in exchange therefor the Security or Securities that the
securityholder making the exchange shall be entitled to receive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer
or exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Registered Securities presented for registration
of transfer or for exchange, redemption or payment, as the case may be, shall (if so required by the Company or the Trustee) be duly endorsed
by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee or the Security
Registrar duly executed by, the holder thereof or their attorney duly authorized in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any exchange
or registration of transfer of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith, other than exchanges pursuant to the terms of this Indenture not involving any transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall not be required (1) to exchange
or register the transfer of Securities of any series to be redeemed for a period of 15 days next preceding any selection of such Securities
to be redeemed, or (2) to exchange or register the transfer of any Registered Security so selected, called or being called for redemption,
except in the case of any such series to be redeemed in part the portion thereof not to be so redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 2.03(b), any permanent global Security shall be exchangeable pursuant
to this Section only as provided in this paragraph. If the beneficial owners of interests in a permanent global Security are entitled
to exchange such interests for Securities of such series and of like tenor and principal amount of another authorized form and denomination,
as specified as contemplated by Section 2.03(b), then without unnecessary delay but in any event not later than the earliest date on which
such interests may be so exchanged, the Company shall deliver to the Trustee or the Security Registrar definitive Securities of that series
in aggregate principal amount equal to the principal amount of such permanent global Security executed by the Company. On or after the
earliest date on which such interests may be so exchanged, in accordance with instructions given by the Company to the Trustee or the
Security Registrar and the Depositary (which instructions shall be in writing), such permanent global Security shall be surrendered from
time to time by the Depositary or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee,
as the Company&rsquo;s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or in part, for definitive Securities
of the same series without charge and the Trustee shall authenticate and make available for delivery in accordance with such instructions,
in exchange for each portion of such permanent global Security, a like aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged which shall be in
the form of Registered Securities; provided, that no such exchanges may occur for a period of 15 days next preceding any selection of
Securities of that series and of like tenor for redemption. Promptly following any such exchange in part, such permanent global Security
should be returned by the Trustee or the Security Registrar to the Depositary or such other depositary referred to above in accordance
with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion of a permanent
global Security after the close of business at the office or agency where such exchange occurs on (i) any record date and before the opening
of business at such office or agency on the relevant interest payment date, or (ii) any special record date and before the opening of
business at such office or agency on the related proposed date for payment of defaulted interest as provided in Section 2.05, interest
or defaulted interest, as the case may be, will not be payable on such interest payment date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such interest payment date or proposed date for payment, as the
case may be, only to the person to whom interest in respect of such portion of such permanent global Security is payable in accordance
with the provisions of this Indenture.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained herein to the contrary, neither the Trustee nor the Security Registrar shall be responsible for ascertaining whether
any transfer complies with the restrictions set forth in this Indenture, the registration provisions of or exemptions from the Securities
Act or applicable state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.08. Temporary Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pending the preparation of definitive Securities
of any series, the Company may execute and the Trustee shall, upon Company Order, authenticate and make available for delivery, temporary
Securities of such series (typewritten, printed, lithographed or otherwise produced). Such temporary Securities, in any authorized denominations,
shall be substantially in the form of the definitive Securities in lieu of which they are issued, in registered form, in the form approved
from time to time by or pursuant to a Board Resolution but with such omissions, insertions, substitutions and other variations as may
be appropriate for temporary Securities, all as may be determined by the Company, but not inconsistent with the terms of this Indenture
or any provision of applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except in the case of temporary Securities in global
form (which shall be exchanged as hereinafter provided), if temporary Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company maintained pursuant to Section 4.02 in a Place of Payment for such series for the
purpose of exchanges of Securities of such series, without charge to the holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor
a like aggregate principal amount of definitive Securities of the same series and of like tenor of authorized denominations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without unnecessary delay but in any event not
later than the date specified in, or determined pursuant to the terms of, any such temporary global Security of a series (the &ldquo;Exchange
Date&rdquo;), the Company shall deliver to the Trustee definitive Securities of that series, in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the Company. On or after the Exchange Date such temporary global Security
shall be presented and surrendered by the Depositary to the Trustee, as the Company&rsquo;s agent for such purpose, or to the Security
Registrar, to be exchanged, in whole or from time to time in part, for definitive Securities of such series without charge, and the Trustee
shall authenticate and make available for delivery, in exchange for each portion of such temporary global Security, a like aggregate principal
amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary global
Security to be exchanged.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.09. Mutilated, Destroyed, Lost or Stolen Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If there shall be delivered to the Company and
the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as
may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or
the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall, subject to the following paragraph, execute
and the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the issuance of any new Security under this
Section, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every new Security of any series issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security,
if any, shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that
series duly issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.10. Cancellation.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Securities surrendered for payment, redemption,
exchange or registration of transfer or for credit against any sinking fund payment, as the case may be, shall, if surrendered to the
Company or any agent of the Company or of the Trustee, be delivered to the Trustee. All Registered Securities so delivered shall be promptly
cancelled by the Trustee, upon written request of the Company. The Company may deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which
the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section except as expressly provided by this
Indenture. Any cancelled Securities held by the Trustee shall be disposed in accordance with its then customary procedures and, upon written
request of the Company, the Trustee shall deliver to the Company a certificate of such disposal. The acquisition of any Securities by
the Company shall not operate as a redemption or satisfaction of the Indebtedness represented thereby unless and until such Securities
are surrendered to the Trustee for cancellation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 2.11. Book-Entry Only System.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If specified by the Company pursuant to Section
2.03(b) with respect to Securities represented by a Security in global form, a series of Securities may be issued initially in book-entry
only form and, if issued in such form, shall be represented by one or more Securities in global form registered in the name of the Depositary
or other depositary designated with respect thereto. So long as such system of registration is in effect, (a) Securities of such series
so issued in book-entry only form will not be issuable in the form of or exchangeable for Securities in certificated or definitive registered
form, (b) the records of the Depositary or such other depositary will be determinative for all purposes and (c) neither the Company, the
Trustee nor any paying agent, Security Registrar or transfer agent for such Securities will have any responsibility or liability for (i)
any aspect of the records relating to or payments made on account of owners of beneficial interests in the Securities of such series,
(ii) maintaining, supervising or reviewing any records relating to such beneficial interests, (iii) receipt of notices, voting and requesting
or directing the Trustee to take, or not to take, or consenting to, certain actions hereunder, or (iv) the records and procedures of the
Depositary, or such other depositary, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Members of, or participants in, the Depositary
shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as
its custodian, or under the Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company
or the Trustee as the absolute owner of the Global Security for all purposes whatsoever.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 3</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 3.01. Redemption of Securities, Applicability of Section.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Redemption of Securities of any series as permitted
or required by the terms thereof shall be made in accordance with the terms of such Securities as specified pursuant to Section 2.03 hereof
and this Article; provided, however, that if any provision of any series of Securities shall conflict with any provision of this Section,
the provision of such series of Securities shall govern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 3.02. Notice of Redemption, Selection of Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case the Company shall desire to exercise the
right to redeem all or, as the case may be, any part of a series of Securities pursuant to Section 3.01, it shall fix a date for redemption.
Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company, or, at the Company&rsquo;s
written request, by the Trustee in the name and at the expense of the Company. The Company or the Trustee, as the case may be, shall give
notice of such redemption, in the manner and to the extent set forth in Section 15.04, on that date prior to the date fixed for a redemption
to the holders of such Securities so to be redeemed, as a whole or in part, (a) as set forth in Board Resolutions, as described in Section
2.03, or (b) as determined by the Chief Executive Officer, the Chief Financial Officer, the President, the Treasurer, any Executive Vice
President, the Secretary and each officer of the Company designated by any of the foregoing officers (each, an &ldquo;Authorized Officer&rdquo;)
and evidenced by the preparation of an offering document or an Officers&rsquo; Certificate specifying the period of notice of such redemption.
If the Board Resolutions or an Authorized Officer do not specify a longer period of notice of such redemption, the Company or, at the
written request of the Company, the Trustee, shall give notice of such redemption, in the manner and to the extent set forth in Section
15.04, at least ten Business Days and not more than 60 calendar days prior to the date fixed for a redemption to the holders of such Securities
so to be redeemed as a whole or in part. Notice given in such manner shall be conclusively presumed to have been duly given, whether or
not the holder receives such notice. In any case, failure to give such notice or any defect in the notice to the holder of any such Security
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other such
Security. If the Company requests the Trustee to give any notice of redemption, it shall make such request in writing in an Officers&rsquo;
Certificate delivered to the Trustee at least ten days prior to the designated date for delivering such notice, unless a shorter period
is satisfactory to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each such notice of redemption shall specify the
date fixed for redemption, the redemption price at which such Securities are to be redeemed, the CUSIP numbers of such Securities, the
Place of Payment where such Securities maturing after the date of redemption, are to be surrendered for payment of the redemption prices,
that payment will be made upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will
be paid as specified in the notice, and that on and after the date interest thereon or on the portions thereof to be redeemed will cease
to accrue. If less than all of a series is to be redeemed, the notice of redemption shall specify the numbers of the Securities to be
redeemed. In case any Security is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount
thereof to be redeemed and shall state that, upon surrender of such Security, a new Security or Securities of the same series in principal
amount equal to the unredeemed portion thereof will be issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On or before the redemption date specified in the
notice of redemption given as provided in this Section, the Company will deposit in trust with the Trustee or with one or more paying
agents an amount of money sufficient to redeem on the redemption date all the Securities or portions of Securities so called for redemption
at the appropriate redemption price, together with accrued interest, if any, to the date fixed for redemption. If less than all of a series
of Securities is to be redeemed, the Company will give the Trustee adequate written notice at least 45 days in advance (unless a shorter
notice shall be satisfactory to the Trustee) as to the aggregate principal amount of Securities to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If less than all the Securities of a series are
to be redeemed, the Trustee shall select, by lot or in such other manner is it shall deem appropriate and fair, not more than 60 days
prior to the date of redemption, the numbers of such Securities Outstanding not previously called for redemption, to be redeemed in whole
or in part. The portion of principal of Securities so selected for partial redemption shall be equal to the minimum authorized denomination
for Securities of that series or any integral multiple thereof. The Trustee shall promptly notify the Company of the Securities to be
redeemed. If, however, less than all the Securities of a series having differing issue dates, interest rates and stated maturities are
to be redeemed, the Company in its sole discretion shall select the particular Securities of such series to be redeemed and shall notify
the Trustee in writing at least 45 days prior to the relevant redemption date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 3.03. Payment of Securities Called for Redemption.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If notice of redemption has been given as above
provided, the Securities or portions of Securities with respect to which such notice has been given shall become due and payable on the
date and at the place stated in such notice at the applicable redemption price, together with any interest accrued to the date fixed for
redemption, and on and after that date (unless the Company shall default in the payment of such Securities at the redemption price, together
with interest accrued to that date) interest on such Securities or portions of Securities so called for redemption shall cease to accrue.
On presentation and surrender of such Securities subject to redemption at the Place of Payment and in the manner specified in such notice,
such Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together
with interest accrued thereon to the date fixed for redemption; provided, that unless otherwise specified as contemplated by Section 2.03,
installments of interest on Registered Securities whose stated maturity date is on or prior to the date of redemption shall be payable
to the holders of such Registered Securities, or one or more predecessor Securities, registered as such at the close of business on the
relevant record dates according to their terms and the provisions of Section 2.05.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the option of the Company, payment with respect
to Registered Securities may be made by check to the holders of such Securities or other persons entitled thereto against presentation
and surrender of such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any Security that is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the holder thereof or such holder&rsquo;s
attorney duly authorized in writing), and upon such presentation, the Company shall execute and the Trustee shall authenticate and make
available for delivery to the holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized
denominations, in aggregate principal amount equal to the unredeemed portion of the principal of the Security so presented. If a temporary
global Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or
permanent global Security, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 3.04. Redemption Suspended During Event of Default.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall not redeem any Securities (unless
all Securities then outstanding are to be redeemed) or commence the giving of any notice of redemption of Securities during the continuance
of any Event of Default of which a Responsible Officer of the Trustee has actual knowledge or has received written notice thereof, except
that where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem such Securities,
provided funds are deposited with it for such purpose. Except as aforesaid, any moneys theretofore or thereafter received by the Trustee
shall, during the continuance of such Event of Default, be held in trust for the benefit of the securityholders and applied in the manner
set forth in Section 6.06; provided, that in case such Event of Default shall have been waived as provided herein or otherwise cured,
such moneys shall thereafter be held and applied in accordance with the provisions of this Article.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARTICULAR COVENANTS OF THE COMPANY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 4.01. Payment of Principal, Premium and Interest.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will duly and punctually pay or cause
to be paid the principal of (and premium, if any, on) and any interest on each of the Securities of a series at the place, at the respective
times and in the manner provided in the terms of the Securities and this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 4.02. Offices for Notices and Payments.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Securities of a series are issuable only as
Registered Securities, the Company will maintain in each Place of Payment for such series an office or agency where Securities of that
series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will give to the Trustee notice of
the location of each such office or agency and of any change in the location thereof. In case the Company shall fail to maintain any such
office or agency as required, or shall fail to give such notice of the location or of any change in the location thereof, presentations
and surrenders of Securities of that series may be made and notices and demands may be served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series
for such purposes. The Company will give prompt written notice to the Trustee and the holders of any such designation or rescission and
of any change in the location of any such other office or agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby initially designates the principal
Corporate Trust Office of the Trustee as the office of the Company where Registered Securities may be presented for payment, for registration
of transfer and for exchange as in this Indenture provided and where notices and demands to or upon the Company in respect of the Securities
or of this Indenture may be served; provided, however, that the Trustee shall not be deemed an agent of the Company for service of legal
process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 4.03. Provisions as to Paying Agent.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Company shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying
agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#9;(1) &#9;that it will hold sums held by it
as such agent for the payment of the principal of (and premium, if any, on) or any interest on the Securities of such series (whether
such sums have been paid to it by the Company or by any other obligor on the Securities of such series) in trust for the benefit of the
persons entitled thereto until such sums shall be paid to such persons or otherwise disposed of as herein provided and will notify the
Trustee of the receipt of sums to be so held;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#9;(2) &#9;that it will give the Trustee notice
of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment of the principal of (or premium,
if any, on) or any interest on the Securities of such series when the same shall be due and payable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#9;(3) &#9;that at any time when any such failure
has occurred and is continuing, it will, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust
by such paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall act as its own paying agent, it will, on or before each due date of the principal of (and premium, if any) or any interest
on the Securities of any 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 any interest so becoming due until such sums shall be paid to such persons or otherwise
disposed of as herein provided. The Company will promptly notify the Trustee of any failure to take such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the Company shall have one or more paying agents with respect to a series of Securities, it will, on or prior to each due date of the
principal of (and premium, if any, on) or any interest on, any Securities, deposit with a paying agent a sum sufficient to pay the principal
(and premium, if any) or any 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 its action or failure
so to act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything
in this Section to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid
to the Trustee all sums held in trust for such series by it or any paying agent hereunder as required by this Section, such sums to be
held by the Trustee upon the trusts herein contained, and upon such payment by any paying agent to the Trustee, such paying agent shall
be released from all further liability with respect to such money.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions
of Section 12.03 and Section 12.04.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 4.04. Statement as to Compliance.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, commencing with the fiscal year ending in the year during which the first series
of Securities is issued hereunder (but in no event more than one year from the issuance of the first series hereunder), an Officers&rsquo;
Certificate signed by the Chief Executive Officer, President or other principal executive officer and by the Chief Financial Officer or
other principal financial officer or principal accounting officer, Assistant Secretary, Treasurer or Controller of the Company, stating,
as to each signer thereof, that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
review of the activities of the Company during such year and of performance under this Indenture has been made under their supervision;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the best of their knowledge, based on such review, the Company has fulfilled all its obligations under this Indenture throughout such
year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to them and the nature
and status thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 4.05. Corporate Existence.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of Article 11, the Company
will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter
and statutory) and franchises and the corporate existence and rights (charter and statutory) and franchises of its Subsidiaries; provided,
that the Company shall not be required to, or to cause any Subsidiary to, preserve any right or franchise or to keep in full force and
effect the corporate existence of any Subsidiary if the Company shall determine that the keeping in existence or preservation thereof
is no longer desirable in or consistent with the conduct of the business of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 4.06. Waiver of Covenants.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may omit in any particular instance
to comply with any covenant or condition set forth herein if before or after the time for such compliance the holders of a majority in
principal amount of the Securities of all series affected thereby then Outstanding shall either waive such compliance in such instance
or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company in respect of
any such covenant or condition shall remain in full force and effect.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 5.01. Securityholder Lists.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants and agrees that it will furnish
or cause to be furnished to the Trustee (1) semiannually, within 15 days before each record date when any Securities of a series are Outstanding,
a list, in such form as the Trustee may reasonably require, of all information in the possession or control of the Company as to the names
and addresses of the holders of such Registered Securities as of such date, and (2) at such other times as the Trustee may request in
writing, within 10 days after receipt by the Company of any such request, a list, in such form as the Trustee may reasonably require,
of all information in the possession or control of the Company as to the names and addresses of the holders of Registered Securities of
a particular series specified by the Trustee as of a date not more than 15 days prior to the time such information is furnished; provided,
that if and so long as the Trustee shall be the Security Registrar with respect to such series, such list shall not be required to be
furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 5.02. Preservation and Disclosure of Lists.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 each series of Securities contained in the most recent list furnished to it as provided in Section 5.01 or received by the Trustee
in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a
new list so furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. The Company, the Trustee, the Security Registrar and anyone else shall have the protection of
Section 312(c) of the Trust Indenture Act with respect to the sending of any material pursuant to a request made pursuant to Section 312(b)
of the Trust Indenture Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 5.03. Reports by the Company.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company covenants so long as Securities are Outstanding, the Company shall file with the Trustee and the Commission, and transmit to holders,
copies of such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant to such Act; provided, that with respect to any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, the Company intends to file such information,
documents or reports with the Commission in electronic form in accordance with Regulation S-T of the Commission using the Commission&rsquo;s
Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic system approved by
the Commission, will constitute delivery by the Company of such reports to the Trustee and holders in compliance with the Trust Indenture
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company
makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information
and documents to the Trustee in accordance with this Section 5.03 will be solely for the purposes of compliance with Section 314(a) of
the Trust Indenture Act. The Trustee&rsquo;s receipt of such reports, information and documents (whether or not filed in electronic form)
is for informational purposes only and the Trustee&rsquo;s receipt of such will not constitute actual or constructive notice of any information
contained therein or determinable from information contained therein, including the Company&rsquo;s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates). The Trustee shall have no liability
or responsibility for the filing, content or timelines of any report hereunder aside from any report transmitted under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 5.04. Reports by the Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
60 days after [ ] of each year commencing with the first [ ] following the first issuance of Securities pursuant to Section 2.01, so long
as any Securities are outstanding hereunder and if there has been any change in the following, the Trustee shall transmit by mail, first-class
postage prepaid, to the securityholders, as their names appear upon the Security Register, a brief report dated as of such [ ] with respect
to any of the events specified in Section 313(a) and Section 313(b)(2) of the Trust Indenture Act that may have occurred since the later
of the immediately preceding [ ] and the date of this Indenture.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
under this Section will be transmitted in the manner and to the Persons required by Section 313(c) and Section 313(d) of the Trust Indenture
Act. The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 6</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.01. Events of Default; Acceleration of Maturity.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case one or more of the following Events of
Default with respect to a particular series shall have occurred and be continuing:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in (i) the payment of the principal of (or premium, if any, on) any of the Securities of such series as and when the same shall become
due and payable either at maturity, upon redemption, by declaration or otherwise or (ii) any payment required by any sinking or analogous
fund established with respect to that series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and payable,
and continuance of such default for a period of 90 days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure
on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company contained in
the Securities or in this Indenture for a period of 90 days after the date on which written notice of such failure, requiring the Company
to remedy the same, shall have been given to the Company by the Trustee, or to the Company and the Trustee by the holders of at least
25% in aggregate principal amount of the Securities of that series at the time Outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Material Subsidiary
in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or any Material Subsidiary or for any substantial
part of their respective property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed
and in effect for a period of 60 consecutive days;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or the Material Subsidiary shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official)
of the Company or the Material Subsidiary or for any substantial part of their respective property, or shall make any general assignment
for the benefit of creditors; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other Event of Default provided with respect to Securities of that series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then, if an Event of Default described in clause (a), (b), (c), or
(f) shall have occurred and be continuing, and in each and every such case, unless the principal amount of all the Securities of such
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 securityholders)
may declare the principal amount of all the Securities (or, with respect to Original Issue Discount Securities, such lesser amount as
may be specified in the terms of such 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; or, if an Event of Default described in clause (d) or (e) shall have occurred
and be continuing, and in each and every such case, unless the principal of all the Securities of such series shall have already become
due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of all the Securities of that series
then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by securityholders), may declare the principal
of all the Securities (or, with respect to Original Issue Discount Securities, such lesser amount as may be specified in the terms of
such Securities) to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and
payable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.02. Rescission and Annulment</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions in Section 6.01 are subject to the
condition that if, at any time after the principal of the Securities of any one or more of all series, as the case may be, shall have
been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest
upon all the Securities of such series or of all the Securities, as the case may be, and the principal of (and premium, if any, on) all
Securities of such series or of all the Securities, as the case may be (or, with respect to Original Issue Discount Securities, such lesser
amount as may be specified in the terms of such Securities), which shall have become due otherwise than by acceleration (with interest
upon such principal and premium, if any) and, to the extent that payment of such interest is enforceable under applicable law, on overdue
installments of interest, at the same rate as the rate of interest specified in the Securities of such series or all Securities, as the
case may be (or, with respect to Original Issue Discount Securities, at the rate specified in the terms of such Securities for interest
on overdue principal thereof upon maturity, redemption or acceleration of such series, as the case may be), to the date of such payment
or deposit, and such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel,
and all other expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or willful
misconduct, and any and all defaults under the Indenture, other than the non-payment of the principal of Securities that has become due
by acceleration, shall have been remedied; then and in every such case the holders of a majority in aggregate principal amount of the
Securities of such series (or of all the Securities, as the case may be) then Outstanding, by written notice to the Company and to the
Trustee, may waive all defaults with respect to that series or with respect to all Securities, as the case may be in such case, treated
as a single class and rescind and annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend
to or shall affect any subsequent default or shall impair any right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case the Trustee shall have proceeded to enforce
any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment
or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and
the securityholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights,
remedies and powers of the Company, the Trustee and the securityholders, as the case may be, shall continue as though no such proceedings
had been taken.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.03. Collection of Indebtedness and Suits for Enforcement
by Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants that if:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of any installment of interest on any Security when such interest becomes due and payable and such default continues
for a period of 90 days, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
is made in the payment of the principal or premium, if any, of any Security at the maturity thereof, including any maturity occurring
by reason of a call for redemption or otherwise,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then the Company will, upon demand of the Trustee, pay to it, for the
benefit of the holders of such Securities, the whole amount that shall have become due and payable on such Securities for principal or
premium, if any, and interest, with interest upon the overdue principal and, to the extent that payment of such interest shall be legally
enforceable, upon overdue installments of interest, at the rate borne by such Securities; and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, and may prosecute such proceedings to judgment or final decree, and may enforce the same against the Company
or any other obligor upon the Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon the Securities, wherever situated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the securityholders by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.04. Trustee May File Proofs of Claim.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of the pendency of a receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall
be entitled and empowered, by intervention in such proceeding or otherwise:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file and prove a claim for the whole amount of principal and premium, if any, and any interest owing and unpaid in respect of the Securities
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the holders
of Securities allowed in such judicial proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver,
assignee, trustee, liquidator or sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each
holder of Securities to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the holders of Securities, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06. To the extent that such
payment of reasonable compensation, expenses, disbursements, advances and other amounts out of the estate in any such proceedings shall
be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends,
moneys, securities and other property which the holders of the Securities may be entitled to receive in such proceedings, whether in liquidation
or under any plan or reorganization or arrangements or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of the holder of a Security any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any holder thereof, or to authorize the Trustee to vote in respect
of the claim of any holder of a Security in any such proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Securities in respect of which such judgment has
been recovered.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.06. Application of Money Collected.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal or premium, if any, or any interest, upon presentation of the Securities, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FIRST: To the payment of all amounts due the Trustee
under Section 7.06 or 14.05;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECOND: To the payment of all Senior Indebtedness
of the Company if and to the extent required by Article 16;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIRD: To the payment of the amounts then due and
unpaid upon the Securities for principal of and premium, if any, and any interest on the Securities, in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities, for principal and any interest, respectively; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FOURTH: To the Company or its successors or assigns,
or to whomsoever may be lawfully entitled to receive the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.07. Limitation on Suits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No holder of any Security of any series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
holder has previously given written notice to the Trustee of a continuing Event of Default;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
holder or holders have offered to the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with
such request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceedings; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the holders of a majority
in principal amount of the Outstanding Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">it being understood and intended that no one or more such holders of
Securities shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such holders of Securities or to obtain or to seek to obtain priority or preference over any other
of such holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all such holders of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.08. Unconditional Right of Securityholders to Receive
Principal and Interest.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provision in this Indenture,
the holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium,
if any, and (subject to Section 2.05 and Section 3.02) any interest on such Security on the respective stated maturities expressed in
such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and
such right shall not be impaired without the consent of such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.09. Restoration of Rights and Remedies.</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Trustee or any holder of a Security has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such holder, then and in every such case the Company, the Trustee and
the holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and the holders shall continue as though no such proceeding
has been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 128.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.10. Rights and Remedies Cumulative.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as provided in Section 2.09, no right or
remedy herein conferred upon or reserved to the Trustee or to the holders of Securities is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.11. Delay or Omission Not Waiver.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No delay or omission of the Trustee or of any holder
of any Security to exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver
of any such Default or any acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the holders
of Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the holders of Securities,
as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.12. Control by Securityholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holders of a majority in principal amount of
Outstanding Securities of each series shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee, provided that</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
direction shall not be in conflict with any statute, rule of law or with this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee need not take any action which it in good faith determines might involve it in personal liability or be unjustly prejudicial to
the securityholders not consenting (provided, however, that the Trustee shall not have an affirmative obligation to determine whether
such action is unduly prejudicial to the securityholders not consenting).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon receipt by the Trustee of any such direction
with respect to Securities of a series all or part of which is represented by a temporary global Security or a permanent global Security,
the Trustee shall establish a record date for determining holders of Outstanding Securities of such series entitled to join in such direction,
which record date shall be at the close of business on the day the Trustee receives such direction. The holders on such record date, or
their duly designated proxies, and only such persons, shall be entitled to join in such direction, whether or not such holders remain
holders after such record date, provided that, unless such majority in principal amount shall have been obtained prior to the day which
is 90 days after such record date, such direction shall automatically and without further action by any holder be cancelled and of no
further effect. Nothing in this paragraph shall prevent a holder, or a proxy of a holder, from giving, after expiration of such 90-day
period, a new direction identical to a direction which has been cancelled pursuant to the proviso to the preceding sentence, in which
event a new record date shall be established pursuant to the provisions of this Section 6.12.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.13. Waiver of Past Defaults.</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holders of a majority in principal amount of
the Securities of each series at the time Outstanding may, on behalf of the holders of all the Securities of that series, waive any past
default hereunder and its consequences, except a default:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the payment of the principal of, premium, if any, or any interest on any Security; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of a covenant or provision hereof that pursuant to Article 10 cannot be modified or amended without the consent of the holder
of each Outstanding Security affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon any such waiver, such default shall cease
to exist, and any Default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.14. Undertaking for Costs.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All parties to this Indenture agree, and each holder
of any Security by their acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to any suit instituted by the Trustee, to any suit instituted by any holder, or group of holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any holder of any Securities
for the enforcement of the payment of the principal of, premium, if any, or any interest on any Security on or after the respective stated
maturities expressed in such Security (or, in the case of redemption, on or after the redemption date, except, in the case of a partial
redemption, with respect to the portion not so redeemed).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 6.15. Waiver of Stay or Extension Laws.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension laws wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefits or advantage of any
such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 7</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.01. Duties and Responsibilities of Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, prior to the occurrence of an Event of Default of a particular series and after the curing of all Events of Default of such series
which may have occurred, undertakes to perform such duties and only such duties with respect to such series as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. In the absence of bad
faith or willful misconduct on the part of the Trustee, the Trustee may 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 which 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 on their face to the requirements
of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case an Event of Default with respect to a particular series has occurred (which has not been cured), the Trustee shall exercise with
respect to such 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 their own affairs.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
provisions of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#9;(1)&#9;prior to the occurrence of an Event
of Default with respect to a particular series and after the curing of all Events of Default with respect to such series which may have
occurred, the duties and obligations of the Trustee with respect to such series shall be determined solely by the express provisions of
this Indenture, and the Trustee shall not be liable 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#9;(2) &#9;the Trustee shall not be liable for
any error of judgment made in good faith by a Responsible Officer or Officers, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#9;(3) &#9;the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of Securities pursuant
to Section 6.12 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
provision of this Indenture shall be construed as requiring the Trustee to expend or risk its own funds or otherwise to incur any personal
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall
have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.02. Reliance on Documents, Opinions, etc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of Section 7.01:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, judgement, bond, debenture, note, coupon or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties not only as the due execution, validity and effectiveness, but also
as to the truth and accuracy of any information contained herein. The Trustee need not investigate any fact or matter stated in the document;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee
by a copy thereof certified by the Secretary or any Assistant Secretary of the Company; and whenever in the administration of this Indenture
the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith or willful misconduct on its part,
rely upon an Officers&rsquo; Certificate and/or Opinion of Counsel;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 holders of any Securities pursuant to the provisions of this Indenture, unless such holders shall have offered to the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred therein or thereby;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or documents, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
no event will the Trustee be responsible or liable for special, indirect, incidental, 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
no event will 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 reasonable control, including, without limitation, strikes, pandemics, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, sabotage, epidemics, riots, nuclear or natural catastrophes,
earthquakes, fires, floods, or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
or hardware) services, labor disputes, acts of civil or military authorities and governmental actions, or the unavailability of the Federal
Reserve Bank wire or telex or other wire or communication facility; it being understood that the Trustee will use reasonable efforts that
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers hereunder;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with respect to such
permissive rights, the Trustee shall not be answerable other than for its negligence or willful misconduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.03. No Responsibility for Recitals, etc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The recitals contained herein and in the Securities,
other than the Trustee&rsquo;s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities, provided that the Trustee shall not be relieved of its duty to authenticate Securities only as authorized by this
Indenture. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.04. Ownership of Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee, any authenticating agent, any paying
agent, any Security Registrar or any other agent of the Company or of the Trustee, 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, authenticating agent, paying agent, Security
Registrar or such other agent of the Company or of the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.05. Moneys to be Held in Trust.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of Section 12.04 hereof,
all moneys received by the Trustee or any paying agent shall, until used or applied as herein provided, be held un-invested 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. Neither the
Trustee nor any paying agent shall be under any liability for interest on any moneys received by it hereunder except such as it may agree
in writing with the Company to pay thereon.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.06. Compensation and Expenses of Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants and agrees to pay to the
Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder as agreed
in writing between the Company and the Trustee (which to the extent permitted by law shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust), and, except as otherwise expressly provided, the Company will pay or reimburse
the Trustee forthwith upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or willful
misconduct. If any property other than cash shall at any time be subject to the lien of this Indenture, the Trustee, if and to the extent
authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property
to such lien, shall be entitled to make and to be reimbursed for, advances for the purpose of preserving such property or of discharging
tax liens or other prior liens or encumbrances thereon. The Company also covenants to indemnify each of the Trustee and any predecessor
Trustee for, and to hold it harmless against, any and all loss, damage, claims, suit, liability or expense, (including attorney&rsquo;s
fees and expenses, and taxes (other than taxes based upon, measured or determined by, the income of the Trustee)) incurred without negligence
or willful misconduct on the part of the Trustee, 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, whether asserted by the Company, a Holder or any
other person. The obligations of the Company under this Section 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. This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To secure the Company&rsquo;s obligations under
this Section, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property held
or collected by the Trustee, except that held in trust to pay principal of (and premium, if any) and interest, if any, on particular Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When the Trustee incurs expenses or renders services
after an Event of Default, the expenses and the compensation for the services are intended to constitute expenses of administration under
any bankruptcy law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this Section shall survive the
resignation or removal of the Trustee and the termination of this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.07. Officers&rsquo; Certificate or Opinion of Counsel
as Evidence.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of 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 any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, be deemed to be
conclusively proved and established by an Officers&rsquo; Certificate or Opinion of Counsel delivered to the Trustee, and such certificate
or opinion, in the absence of negligence, bad faith or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.08. Disqualifications; Conflicting Interest of Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Trustee has or shall acquire any &ldquo;conflicting
interest&rdquo; within the meaning 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.09. Eligibility of Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There shall at all times be a Trustee hereunder
which shall be a corporation organized and doing business under the laws of the United States or of any State or Territory thereof or
of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers, (b) is subject to supervision
or examination by federal, state, territorial or District of Columbia authority, (c) shall have at all times a combined capital and surplus
of not less than $50,000,000 and (d) shall not be the Company or any person directly or indirectly controlling, controlled by, or under
common control with the Company. If such corporation 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
at any time shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.10. Resignation or Removal of Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series by giving written
notice of resignation to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee
with respect to the applicable 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 at the expense of the Company. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case at any time any of the following shall occur:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9;(1) &#9;the Trustee shall fail to comply with
Section 7.08 with respect to any series of Securities after written request therefor by the Company or by any securityholder who has been
a bona fide holder of a Security or Securities of such series for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 with respect to any series of Securities and shall
fail to resign after written request therefor by the Company or by any such securityholder, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.1pt">&#9;(3) &#9;the Trustee shall become incapable
of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee with respect to the applicable
series of Securities and appoint a successor trustee with respect to 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 Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Section 6.14, any securityholder of such series who has been a bona fide holder of a Security or Securities
of the applicable series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
30 days&rsquo; prior written notice, the holders of a majority in aggregate principal amount of the Securities of all series (voting as
one class) at the time Outstanding may at any time remove the Trustee with respect to Securities of all series and appoint a successor
trustee with respect to the Securities of all series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
resignation or removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this Section shall
become effective upon the appointment of a successor trustee and the acceptance of appointment by the successor trustee as provided in
Section 7.11.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.11. Acceptance by Successor Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any successor trustee appointed as provided in
Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties
and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee herein; but,
nevertheless, on the written request of the Company or of the successor trustee, the predecessor trustee shall, upon payment of any amounts
then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the
rights and powers of the predecessor trustee. Upon request of any such successor trustee, the Company shall execute any and all instruments
in writing in order more fully and certainly to vest in and confirm to such successor trustee all such rights and powers. Any trustee,
including the initial Trustee, ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such
trustee to secure any amounts then due it pursuant to the provisions of Section 7.06.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 predecessor Trustee and each successor trustee
with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in
the predecessor Trustee, and 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 and 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No successor trustee shall accept appointment as
provided in this Section unless at the time of such acceptance such successor trustee shall be qualified and eligible under the provisions
of this Article 7.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon acceptance of appointment by a successor trustee
as provided in this Section, the Company shall mail notice of the succession of such trustee hereunder to all holders of Securities of
any applicable series as the names and addresses of such holders shall appear on the registry books. If the Company fails to mail such
notice in the prescribed manner within ten days after the acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be so mailed at the expense of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.12. Successor by Merger, etc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such corporation shall be qualified and eligible under the provisions of this
Article 7, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office,
any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.13. Limitations on Rights of Trustee as Creditor.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.14. Notice of Default.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Within 90 days after the occurrence of any default
on a series of Securities hereunder of which a Responsible Officer of the Trustee has received notice or is deemed to have notice in accordance
with this Section 7.14, the Trustee shall transmit to all securityholders of that series, in the manner and to the extent provided in
Section 15.04, notice of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall have
been cured or waived; provided, that except in the case of a default in the payment of the principal of or interest on any Security or
on the payment of any sinking or purchase fund installment, the Trustee shall be protected in withholding such notice if and so long as
a Responsible Officer of the Trustee in good faith determine that the withholding of such notice is in the interests of the securityholders;
and provided, further, that in the case of any default of the character specified in clause (c) of Section 6.01 no such notice to securityholders
shall be given until at least 30 days after the occurrence thereof. The Trustee will not be required to take notice or be deemed to have
notice of any default or Event of Default, except failure by the Company to pay or cause to be made any of the payments required to be
made to the Trustee, unless a Responsible Officer shall receive written notice of such default or Event of Default from the Company or
by the holders of at least 25% in aggregate principal amount of the then Outstanding Securities delivered to the Corporate Trust Office
of the Trustee and such notice states that it is a notice of a default or Event of Default with respect to the Securities and this Indenture,
and in the absence of such notice so delivered the Trustee may conclusively assume no default or Event of Default exists. For the purpose
of this Section, the term &ldquo;default&rdquo; means any event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to Securities of such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 7.15. Appointment of Authenticating Agent.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee may appoint an authenticating agent
or agents (which may be an affiliate or affiliates of the Company) with respect to one or more series of Securities which shall be authorized
to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue or upon exchange, registration of
transfer or partial redemption thereof or pursuant to Section 2.09, 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. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee&rsquo;s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an authenticating agent and a certificate
of authentication executed on behalf of the Trustee by an authenticating agent. Each authenticating agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business under the laws of the United States of America or of any State or
Territory thereof or of the District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers or to otherwise
act as authenticating agent, (b) is subject to supervision or examination by federal, state, territorial or District of Columbia authority,
and (c) shall have at all times a combined capital and surplus of not less than $50,000,000. If such authenticating agent publishes reports
of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such authenticating agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an authenticating agent shall cease to be eligible in
accordance with the provisions of this Section, such authenticating agent shall resign immediately in the manner and with the effect specified
in this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any corporation into which an authenticating agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such authenticating agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business
of such authenticating agent, shall continue to be an authenticating agent, provided such corporation shall be otherwise eligible under
this Section, without the execution or filing of any paper or any further act on the part of the Trustee or such authenticating agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An authenticating agent may resign at any time
by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an authenticating
agent by giving written notice thereof to such authenticating agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such authenticating agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor authenticating agent which shall be acceptable to the Company and shall promptly
give notice of such appointment to all holders of Securities in the manner and to the extent provided in Section 15.04. Any successor
authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an authenticating agent. No successor authenticating agent shall be appointed unless
eligible under the provisions of this Section.</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to pay to each authenticating
agent from time to time reasonable compensation for its services under this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an appointment with respect to one or more series
is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee&rsquo;s certificate
of authentication, an alternative certificate of authentication in the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ],</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Trustee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">By: [ ], as Authenticating Agent</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By: <U>_____________________________________</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Authorized Signatory</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">Date:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If all of the Securities of a series may not be
originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon original issuance located
in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if
so requested by the Company in writing, shall appoint in accordance with this Section an authenticating agent (which, if so requested
by the Company, shall be such affiliate of the Company) having an office in a Place of Payment designated by the Company with respect
to such series of Securities, provided that the terms and conditions of such appointment are acceptable to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 8</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 8.01. Action by Securityholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever in this Indenture it is provided that
the holders of a specified percentage in aggregate principal amount of the Securities of any or all series may take any action (including
the making of any demand or request, the giving of any authorization, 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 specified percentage have joined therein may be evidenced (a) by any
instrument or any number of instruments of similar tenor executed by securityholders in person or by agent or proxy appointed in writing,
or (b) by a combination of such instrument or instruments and any such record of such a meeting of securityholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In determining whether the holders of a specified
percentage in aggregate principal amount of the Securities of any or all series have taken any action (including the making of any demand
or request, the giving of any authorization, direction, notice, consent or waiver or the taking of any other action), (i) the principal
amount of any Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be outstanding
for such purposes shall be equal to the amount of the principal thereof that could be declared to be due and payable upon an Event of
Default pursuant to the terms of such Original Issue Discount Security at the time the taking of such of such action is evidenced to the
Trustee, and (ii) the principal amount of a Security denominated in a foreign currency or currency unit shall be the Dollar equivalent,
determined as of the date of original issuance of such Security in accordance with Section 2.03(b) hereof, of the principal amount of
such Security.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 8.02. Proof of Execution by Securityholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of Section 7.01, Section
7.02 and Section 9.05, proof of the execution of any instrument by a securityholder or its agent or proxy, or of the holding by any person
of a Security, shall be sufficient and conclusive in favor of the Trustee and the Company if made in accordance with such reasonable rules
and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The principal amount and serial numbers of Registered
Securities held by any person, and the date of holding the same, shall be proved by the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The record of any securityholders&rsquo; meeting
shall be proved in the manner provided in Section 9.06.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 8.03. Who Are Deemed Absolute Owners.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">.Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or of the Trustee may deem the person in whose name
such Registered Security shall be registered upon the Security Register to be, and may treat them as, the absolute owner of such Registered
Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon), for the
purpose of receiving payment of or on account of the principal of (and premium, if any) and, subject to the provisions of Section 2.05
and Section 2.07, any interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the
Company or of the Trustee shall be affected by any notice to the contrary. All such payments so made to any holder for the time being,
or upon their order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for
moneys payable upon any such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, with respect to
any temporary or permanent global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or of the
Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary, or impair, as between
a Depositary and holders of beneficial interests in any temporary or permanent global Security, as the case may be, the operation of customary
practices governing the exercise of the rights of the Depositary as holder of such temporary or permanent global Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 8.04. Company-Owned Securities Disregarded.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In determining whether the holders of the required
aggregate principal amount of Securities have provided any request, demand, authorization, notice, direction, consent or waiver under
this Indenture, Securities which are owned by the Company or any other obligor on the Securities, or by any person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities, 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 request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee actually knows are so owned shall be so disregarded. Securities so owned which 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&rsquo;s right to vote 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 the 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 8.05. Revocation of Consents; Future Securityholders Bound.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time prior to the taking of any action by
the holders of the percentage in aggregate principal amount of the Securities specified in this Indenture in connection with such action,
any holder of a Security, the identifying number of which 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 at its office 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 upon registration
of transfer of or in exchange or substitution therefor in respect of anything done, omitted or suffered to be done by the Trustee or the
Company in reliance thereon, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken
by the holders of the percentage in aggregate principal amount of the Securities 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.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 8.06. Record Date.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may, but shall not be obligated to,
set a record date for purposes of determining the identity of holders of Securities of any series entitled to vote or consent to any action
by vote or consent or to otherwise take any action under this Indenture authorized or permitted by Section 6.12 and Section 6.13 or otherwise
under this Indenture. Such record date shall be the later of (i) the date 20 days prior to the first solicitation of such consent or vote
or other action and (ii) the date of the most recent list of holders of such Securities delivered to the principal corporate trust office
of the Trustee pursuant to Section 5.01 prior to such solicitation. If such a record date is fixed, those persons who were holders of
such Securities at the close of business on such record date shall be entitled to vote or consent or take such other action, or to revoke
any such action, whether or not such persons continue to be holders after such record date, and for that purpose the Outstanding Securities
shall be computed as of such record date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 9</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9.01. Purposes of Meeting.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A meeting of holders of any or all series of Securities
may be called at any time and from time to time pursuant to the provisions of this Article for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to waive any default hereunder and its
consequences, or to take any other action authorized to be taken by securityholders pursuant to any of the provisions of Article 6;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove the Trustee and appoint a successor trustee pursuant to the provisions of Article 7;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Securities
of any or all series, as the case may be, under any other provision of this Indenture or under applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9.02. Call of Meetings by Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee may at any time call a meeting of securityholders
of any or all series to take any action specified in Section 9.01, to be held at such time and at such place in [ ], [ ] or as the Trustee
shall determine. Notice of every meeting of the securityholders of any or all series, setting forth the time and place of such meeting
and in general terms the action proposed to be taken at such meeting, shall be given in the manner provided in Section 15.04 not less
than 20 nor more than 180 days prior to the date fixed for the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9.03. Call of Meetings by Company or Securityholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at any time the Company, pursuant to a
Board Resolution, or the holders of at least 10% in aggregate principal amount of the Securities of any or all series, as the case may
be, then Outstanding, shall have requested the Trustee to call a meeting of securityholders of any or all series to take any action authorized
in Section 9.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have provided notice of such meeting in the manner provided in Section 15.04 within 30 days after receipt of such request, then
the Company or the holders of such Securities in the amount above specified may determine the time and the place in [ ], [ ] for such
meeting and may call such meeting by giving notice thereof as provided in Section 9.02.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9.04. Qualifications for Voting.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To be entitled to vote at any meeting of securityholders
a person shall be a holder of one or more Securities of such series Outstanding with respect to which a meeting is being held or a person
appointed by an instrument in writing as proxy by such a holder or holders. The only persons who shall be entitled to be present or to
speak at any meeting of the securityholders of any series shall be the persons entitled to vote at such meeting and their counsel and
any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9.05. Regulations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for any meeting of securityholders of a series, in regard to
proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes,
the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it deems fit. Except as otherwise permitted or required by any such regulations, the holding of Securities shall
be proved in the manner specified in Article 8 and the appointment of any proxy shall be proved in the manner specified in Article 8.
Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Article 8 or other proof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by securityholders as provided
in Section 9.03, in which case the Company or the securityholders calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a majority
in principal amount of the Securities represented at the meeting and entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of Section 8.01 and Section
8.04, at any meeting each securityholder or proxy shall be entitled to one vote for each $1,000 (or the Dollar equivalent thereof in connection
with Securities issued in a foreign currency or currency unit) Outstanding principal amount of Securities of such series held or represented
by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding
and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote except as a securityholder
or proxy. Any meeting of securityholders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from
time to time, and the meeting may be reconvened without further notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9.06. Voting.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The vote upon any resolution submitted to any meeting
of securityholders shall be by written ballot on which shall be subscribed the signatures of the securityholders or proxies and on which
shall be inscribed the identifying number or numbers or to which shall be attached a list of identifying numbers of the Securities held
or represented by them. The chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of securityholders shall be prepared by the
secretary of the meeting and there shall be attached to the record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that the notice was mailed as provided in Section 9.02. The record shall be signed and verified by the chairman and secretary
of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee,
the latter to have attached thereto the ballots voted at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any record so signed and verified shall be conclusive
evidence of the matters therein stated.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 10.01. Supplemental Indentures without Consent of Securityholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without the consent of any holders of Securities,
the Company, when authorized by or pursuant to 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 in force at the date of the execution
thereof) for one or more of the following purposes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence the succession of another corporation to the Company, or successive successions, pursuant to Article 11 hereof, and the assumption
by the successor corporation of the covenants, agreements and obligations of the Company herein and in the Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall consider
to be for the protection of the holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in
any of such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any
of the several remedies provided in this Indenture as herein set forth, with such period of grace, if any, and subject to such conditions
as such supplemental indenture may provide;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
establish any series of Securities and the form or terms of securities of any series as permitted by Section 2.01 and Section 2.03, including,
without limitation, any subordination provisions and any conversion or exchange provisions applicable to Securities that are convertible
into or exchangeable for other securities or property, and any deletions from or additions or changes to this Indenture in connection
therewith (provided that any such deletions, additions and changes shall not be applicable to any other series of Securities then Outstanding);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental indenture)
or change any of the provisions of this Indenture regarding acceleration of maturity upon an Event of Default;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant
defeasance and/or satisfaction and discharge of any series of Securities pursuant to Article 14, provided that any such action shall not
adversely affect the interests of any holder of a Security of such series or any other Security in any material respect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities, registrable or not registrable as to principal;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
make provisions with respect to conversion or exchange rights of holders of Securities of any series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of any series of Securities which are convertible into or exchangeable for commodities or for the securities of the Company to
safeguard or provide for the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification
or change of outstanding securities or any merger, consolidation, statutory share exchange or combination of the Company with or into
another Person or any sale, lease, assignment, transfer, disposition or other conveyance of all or substantially all of the properties
and assets of the Company to any other Person or other similar transactions, if expressly required by the terms of such series of Securities
established pursuant to Section 2.03;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add to, delete from or revise the conditions, limitations or restrictions on issue, authentication and delivery of Securities of any series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j) to modify, eliminate or add to the provisions
of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act, or
under any similar federal statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly permitted
by the Trust Indenture Act, excluding however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act or any corresponding
provision in any similar federal statute hereafter enacted;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
modify, eliminate or add to any of the provisions of this Indenture, provided that any such change or elimination (i) shall become effective
only when there is no Security of any series Outstanding and created prior to the execution of such supplemental indenture that is entitled
to the benefit of such provision or (ii) shall not apply to any Security Outstanding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
conform the Indenture or the Securities to the description thereof in the related prospectus, offering memorandum or disclosure document
(as provided in an Officers&rsquo; Certificate delivered to the Trustee);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provisions contained herein or in any supplemental indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
add guarantees with respect to, or to secure, any series of Security;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
evidence and provide for the acceptance and appointment hereunder by a successor trustee with respect to the Securities of one or more
series and to add or change any provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one trustee, pursuant to Section 7.11; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
make any change to the Securities of any series or to make any other provisions in regard to matters or questions arising under this Indenture
that do not adversely affect the legal rights under this Indenture of any holder of Securities of any series issued under this Indenture,
including provisions necessary or desirable to provide for or facilitate the administration of the trusts hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee is hereby authorized to join with the
Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall
not be obligated to enter into any such supplemental indenture which adversely affects the Trustee&rsquo;s own rights, duties or immunities
under this Indenture or otherwise. No supplemental indenture shall be effective as against the Trustee unless and until the Trustee has
duly executed and delivered the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 10.02. Supplemental Indentures with Consent of Holders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With the consent (evidenced as provided in Section
8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of all series at the time Outstanding
affected by such supplemental indenture (voting as one class), 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 in force at the date of the execution thereof) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
of the holders of the Securities of such series under this Indenture; provided, that no such supplemental indenture shall (a) extend the
fixed maturity of any Securities, or reduce the principal amount thereof or premium, if any, or reduce the rate or extend the time of
payment of interest thereon, without the consent of the holder of each Security so affected, (b) reduce the aforesaid percentage of Securities,
the consent of the holders of which is required for any such supplemental indenture, without the consent of the holders of all Securities
then Outstanding, (c) modify the subordination provisions in a manner adverse to the holders of such Securities, or (d) modify any of
the above provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the request of the Company, accompanied by
a copy of a Board Resolution certified by the Secretary or an Assistant Secretary of the Company authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the consent of securityholders as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee&rsquo;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.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It shall not be necessary for the consent of the
securityholders 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Promptly after the execution by the Company and
the Trustee of any supplemental indenture pursuant to the provisions of this Article 10, the Company shall provide notice, in the manner
and to the extent provided in Section 15.04, setting forth in general terms the substance of such supplemental indenture, to all holders
of Securities of each series so affected. Any failure of the Company so to provide 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 10.03. Compliance with Trust Indenture Act; Effect of Supplemental
Indentures.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any supplemental indenture executed pursuant to
the provisions of this Article 10 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any supplemental
indenture pursuant to the provisions of this Article 10 and subject to the provisions in any supplemental indenture relating to the prospective
application of such instrument, this Indenture shall 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 theretofore or thereafter authenticated and delivered hereunder 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee, subject to the provisions of Section
7.01 and Section 7.02, shall be entitled to receive and shall be fully protected in relying upon an Officers&rsquo; Certificate and Opinion
of Counsel as conclusive evidence that any such supplemental indenture complies with the provisions of this Article 10 and that all conditions
precedent thereto have been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 10.04. Notation on Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may bear a notation in form approved by
the Company as to any matter provided for in such supplemental indenture. New Securities of any series so modified as to conform, in the
opinion of the Company and 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, without charge to the securityholders, in exchange for the
Securities of such series then Outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATION, MERGER, SALE OR CONVEYANCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 11.01. Company May Consolidate, etc., on Certain Terms.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company covenants that it will not merge into
or consolidate with any other corporation or sell or convey all or substantially all of its assets to any person, firm or corporation,
unless (a) either the Company shall be the continuing corporation, or the successor corporation (if other than the Company) shall be a
corporation organized and existing under the laws of the United States of America or a state thereof or the District of Columbia and such
corporation shall expressly assume the due and punctual payment of the principal of (and premium, if any, on) and any interest on all
the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of
this Indenture to be performed by the Company by supplemental indenture in form satisfactory to the Trustee, executed and delivered to
the Trustee by such corporation, and (b) the Company or such successor corporation, as the case may be, shall not, immediately after such
merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 11.02. Successor Corporation Substituted.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, merger, sale
or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted
for, and may exercise every right and power of, the Company, with the same effect as if it had been named herein as the party of the first
part. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company,
any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee;
and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in
this Indenture prescribed, the Trustee shall authenticate and shall make available for delivery any Securities which previously shall
have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor
corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in
all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Securities had been issued at the date of the execution thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, merger, sale
or conveyance such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may
be appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 11.03. Opinion of Counsel and Officers&rsquo; Certificate
to be Given Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall receive an Opinion of Counsel
and Officers&rsquo; Certificate as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption,
complies with the provisions of this Article 11 and that all conditions precedent herein provided for relating to such transaction have
been complied with.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED
MONEYS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 12.01. Discharge of Indenture.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than (i) Securities
that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.09, and (ii) Securities for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 4.03), or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
such Securities of such series not theretofore delivered to the Trustee for cancellation (i) shall have become due and payable, or (ii)
are by their terms to become due and payable within one year, or (iii) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company in the case of (b)(i), (b)(ii) or (b)(iii) above shall
deposit or cause to be deposited with the Trustee as trust funds the entire amount (other than moneys repaid by the Trustee or any paying
agent to the Company in accordance with Section 12.04) sufficient to pay at maturity or upon redemption all Securities of such series
not therefore delivered to the Trustee for cancellation, including principal (and premium, if any) and any interest due or to become due
to such date of maturity or date fixed for redemption, as the case may be, and if in either case the Company shall also pay or cause to
be paid all other sums payable hereunder by the Company with respect to such series, then this Indenture shall cease to be of further
effect with respect to the Securities of such series, and the Trustee, on demand of and at the cost and expense of the Company and subject
to Section 15.05, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Securities
of such series. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the
Trustee in connection with this Indenture or the Securities of such series. Notwithstanding the satisfaction and discharge of this Indenture
with respect to the Securities of any series or of all series, the obligations of the Company to the Trustee under Section 7.06 shall
survive.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will deliver to the Trustee an Officers&rsquo;
Certificate and an Opinion of Counsel which together shall state that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 12.02. Deposited Moneys to be Held in Trust by Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of clause (e) of Section
4.03, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the payment, either
directly or through any paying agent (including the Company acting as its own paying agent), to the persons entitled thereto, of all sums
due and to become due thereon for principal and interest (and premium, if any) for which payment of such money has been deposited with
the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 12.03. Paying Agent to Repay Moneys Held.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the satisfaction and discharge
of this Indenture with respect to Securities of any series and the payment of all amounts due to the Trustee under Section 7.06, all moneys
with respect to such Securities then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company,
be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such
moneys.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 12.04. Return of Unclaimed Moneys.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to applicable law, any moneys deposited
with or paid to the Trustee or any paying agent for the payment of the principal of (and premium, if any) or interest on any Security
and not applied but remaining unclaimed for two years after the date upon which such principal (and premium, if any, on) or interest shall
have become due and payable, shall be repaid to the Company by the Trustee or such paying agent upon written request from the Company,
and the holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for any payment which such
holder may be entitled to collect and all liability of the Trustee or any paying agent with respect to such moneys shall thereupon cease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 13</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
AND DIRECTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 13.01. Indenture and Securities Solely Corporate Obligations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No recourse under or upon any obligation, covenant
or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision
or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 14</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 14.01. Applicability of Article.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless, as specified pursuant to Section 2.03(b),
provision is made that either or both of (a) defeasance of the Securities of a series under Section 14.02 and (b) covenant defeasance
of the Securities of a series under Section 14.03 shall not apply to the Securities of a series, then the provisions of such Section 14.02
and Section 14.03, together with Section 14.04 and Section 14.05, shall be applicable to the Outstanding Securities of all series upon
compliance with the conditions set forth below in this Article 14.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 14.02. Defeasance and Discharge.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to Section 14.05, the Company may cause
itself to be discharged from its obligations with respect to the Outstanding Securities of any series on and after the date the conditions
precedent set forth below are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, &ldquo;defeasance&rdquo;).
For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture
insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of holders
of Outstanding Securities of such series to receive, solely from the trust fund described in Section 14.04 and as more fully set forth
in such Section, payments of the principal of and any premium and interest on such Securities when such payments are due, (b) the Company&rsquo;s
obligations with respect to such Securities under Section 2.07, Section 2.08, Section 2.09, Section 4.02 and Section 4.03 and such obligations
as shall be ancillary thereto, (c) the rights, powers, trusts, duties, immunities and other provisions in respect of the Trustee hereunder,
and (D) this Article 14. Subject to compliance with this Article 14, defeasance with respect to Securities of a series by the Company
is permitted under this Section 14.02 notwithstanding the prior exercise of its rights under Section 14.03 with respect to the Securities
of such series. Following a defeasance, payment of the Securities of such series may not be accelerated because of an Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 14.03. Covenant Defeasance.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may cause itself to be released from
its obligations under any Sections applicable to Securities of a series that are determined pursuant to Section 2.03(b) to be subject
to this provision with respect to the Outstanding Securities of such series on and after the date the conditions precedent set forth below
are satisfied but subject to satisfaction of the conditions subsequent set forth below (hereinafter, &ldquo;covenant defeasance&rdquo;).
For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit
to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly
or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any
other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 14.04. Conditions to Defeasance or Covenant Defeasance.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following shall be the conditions precedent
or, as specifically noted below, subsequent to application of either Section 14.02 or Section 14.03 to the Outstanding Securities of such
series:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of such Securities,
(i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof
in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a
combination thereof, sufficient, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee
to pay and discharge, (1) the principal of and any premium and interest on the Outstanding Securities of such series to maturity or redemption,
as the case may be, and (2) any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities of such
series on the due dates thereof. Before such a deposit the Company may make arrangements satisfactory to the Trustee for the redemption
of Securities at a future date or dates in accordance with Article 3 which shall be given effect in applying the foregoing. For this purpose,
&ldquo;U.S. Government Obligations&rdquo; means securities that are (x) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (y) 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, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government
Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account
of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
default, or event that after notice or lapse of time, or both, would become a default with respect to the Securities of such series, shall
have happened and be continuing (i) on the date of such deposit or (ii) insofar as Section 6.01(a) and Section 6.01(b) are concerned,
at any time during the period ending on the 123rd day after the date of such deposit or, if longer, ending on the day following the expiration
of the longest preference period applicable to the Company in respect of such deposit (it being understood that the condition in this
clause (b) is a condition subsequent and shall not be deemed satisfied until the expiration of such period);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall not (i) cause the Trustee for the Securities of such series to have a conflicting interest as
defined in Section 7.08 or for purposes of the Trust Indenture Act with respect to any securities of the Company or (ii) result in the
trust arising from such deposit to constitute, unless it is qualified as, a regulated investment company under the Investment Company
Act of 1940, as amended;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities exchange
under the Exchange Act to be delisted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a defeasance under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture
there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall
confirm that, the holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax
purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such defeasance had not occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of covenant defeasance under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes
as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not occurred;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed
on the Company in connection therewith pursuant to Section 2.03(b); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent and subsequent provided for in this Indenture relating to either the defeasance under Section 14.02 or the covenant defeasance
under Section 14.03, as the case may be, have been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 14.05. Deposited Money and U.S. Government Obligations to
be Held in Trust; Other Miscellaneous Provisions.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All money and U.S. Government Obligations (including
the proceeds thereof) deposited with the Trustee pursuant to Section 14.04 in respect of the Outstanding Securities of such series shall
be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any paying agent (but not including the Company acting as its own paying agent) as the Trustee may determine,
to the holders of such Securities of all sums due and to become due thereon in respect of principal and any premium and interest, but
such money need not be segregated from other funds except to the extent required by law.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the money or U.S. Government Obligations deposited pursuant to Section
14.04 or the principal and interest received in respect thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Anything herein to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by
it as provided in Section 14.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited
to effect an equivalent defeasance or covenant defeasance, provided that the Trustee shall not be required to liquidate any U.S. Government
Obligations in order to comply with the provisions of this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Anything herein to the contrary notwithstanding,
if and to the extent the deposited money or U.S. Government Obligations (or the proceeds thereof) either (i) cannot be applied by the
Trustee in accordance with this Section because of a court order or by operation of Article 16 or (ii) are for any reason insufficient
in amount, then the Company&rsquo;s obligations to pay principal of and any premium and interest on the Securities of such series shall
be reinstated to the extent necessary to cover the deficiency on any due date for payment. In any such case, the Company&rsquo;s interest
in the deposited money and U.S. Government Obligations (and proceeds thereof) shall be reinstated to the extent the Company&rsquo;s payment
obligations are reinstated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 15</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.01. Benefits of Indenture Restricted to Parties and Securityholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing in this Indenture or in the Securities,
expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors
and assigns and the holders of the Securities (and, with respect to the provisions of Article 16, the holders of Senior Indebtedness),
any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants
and provisions being for the sole benefit of the parties hereto and their successors and assigns and the holders of the Securities (and,
with respect to the provisions of Article 16, the holders of Senior Indebtedness).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.02. Provisions Binding on Company&rsquo;s Successors.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All the covenants, stipulations, promises and agreements
in this Indenture contained by or in behalf of the Company shall bind its successors and assigns, whether so expressed or not.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.03. Addresses for Notices, etc., to Company and Trustee.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent, waiver or other document provided or permitted by this Indenture is duly given if in writing and delivered in person
or delivered by first-class postage prepaid mail, facsimile, email or overnight air courier guaranteeing next day delivery, to the other&rsquo;s
address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Trustee, addressed to the Trustee at the principal Corporate Trust Office of the Trustee, [ ], Attention: Chemung Financial Corporation
Administrator, Telephone: [ ].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Company by the Trustee or by the holders of Securities, addressed to it at [ ], Attention: [ ], Email: [ ].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company or the Trustee by written notice to
the other may designate additional or different addresses for subsequent notices or communications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All notices and communications will be deemed to
have been duly given: five Business Days after being deposited in the mail, postage prepaid, if delivered by mail; on the first Business
Day after being sent, if sent by facsimile and the sender receives confirmation of successful transmission; upon confirmation of transmittal
(but excluding any automatic reply to such email), if sent by email; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.04. Notice to Holders of Securities; Waiver.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise expressly provided herein,
where this Indenture provides for notice of holders of Securities of any event, such notice shall be sufficiently given to holders of
Registered Securities if in writing and mailed, first-class postage prepaid, to each holder of a Registered Security affected by such
event, at the address of such holder as it appears in the Security Register, not earlier than the earliest date, and not later than the
latest date, prescribed for the giving of such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to holders of Registered Securities by mail,
then such notification as shall be made with the approval of the Trustee shall constitute sufficient notice to such holders for every
purpose hereunder. In any case where notice to holders of Registered Securities is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular holder of a Registered Security shall affect the sufficiency of such notice
with respect to other holders of Registered Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder
of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given when delivered to the Depositary for such
Security (or its designee) pursuant to the customary procedures of such Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by holders of Securities shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.05. Evidence of Compliance with Conditions Precedent.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Officers&rsquo;
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Officers&rsquo; Certificate and Opinion of
Counsel provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for
in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition;
(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; (c) a statement that, in the opinion of such person, they have made such examination or investigation
as is necessary to enable them to express an informed opinion as to whether or not such covenant or condition has been complied with;
and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.06. Legal Holidays.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In any case where the date of maturity of interest
on or principal of the Securities or the date fixed for redemption of any Securities shall be a Saturday or Sunday or a legal holiday
in City of New York, New York or in such other Place of Payment as the Company may designate pursuant to Section 4.02, or a day on which
banking institutions in City of New York, New York or in such other Place of Payment are authorized or obligated by law, regulation or
executive order to remain closed, then payment of interest or principal (and premium, if any) need not be made on such date but may be
made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption,
and no interest shall accrue for the period after such date.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.07. Trust Indenture Act to Control.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included in this Indenture
by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.08. Execution in Counterparts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The
exchange of copies of this Indenture and of signature pages by facsimile or electronic format (<I>e.g</I>., &ldquo;.pdf&rdquo; or &ldquo;.tif&rdquo;)
transmission will constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the
original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (e.g., &ldquo;.pdf&rdquo;
or &ldquo;.tif&rdquo;) will be deemed to be their original signatures for all purposes. Unless otherwise provided herein or in any other
Securities, the words &ldquo;execute&rdquo;, &ldquo;execution&rdquo;, &ldquo;signed&rdquo;, and &ldquo;signature&rdquo; and words of similar
import used in or related to any document to be signed in connection with this Indenture, any other Securities or any of the transactions
contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures
and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in
any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything
herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.09. Governing Law; Waiver of Jury Trial.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS INDENTURE AND EACH SECURITY SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAW OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The parties hereby (i) irrevocably submit to the
non-exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city of New York, (ii) waive any objection
to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an inconvenient
forum or do not have jurisdiction over any party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.10. Severability.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee, by its execution of this Indenture,
hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions hereinabove set forth. This Indenture,
any supplemental indenture hereto and the exhibits hereto or thereto set forth the entire agreement and understanding of the parties related
to this transaction and supersedes all prior agreements and understandings, oral or written.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.11. Interpretations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Indenture may not be used to interpret any
other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 15.12. U.S.A. Patriot Act.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The parties hereto acknowledge that in accordance
with Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (the &ldquo;USA PATRIOT Act&rdquo;), 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE 16</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 16.01. Securities Subordinate to Senior Indebtedness.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided in a supplemental
indenture or pursuant to Section 2.03, the Company agrees, and each holder by accepting a Security agrees, that the indebtedness evidenced
by the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article, to the prior payment
in full of all Senior Indebtedness and that the subordination is for the benefit of the holders of Senior Indebtedness. Notwithstanding
the foregoing, if a deposit is made pursuant to Section 14.02 or Section 14.03 with respect to any Securities (and provided all other
conditions set out in Section 14.02 or 14.03, as applicable, shall have been satisfied with respect to such Securities), then, when the
90th day after such deposit has ended, no money obligations so deposited, and no proceeds thereon, will be subject to any rights of holders
of Senior Indebtedness, including any such rights arising under this Article 16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed, all as of the day and year first above written.</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CHEMUNG FINANCIAL CORPORATION</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">__________________________________________</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;], as Trustee</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">___________________________________________</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">[ ]</FONT></TD></TR>
  </TABLE>
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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="font-size: 10pt; text-transform: uppercase; text-align: center; margin: 0pt 0">LUSE GORMAN, PC</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">ATTORNEYS AT LAW</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">5335 WISCONSIN AVENUE, N.W., SUITE 780</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">WASHINGTON, D.C. 20015</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">__________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">TELEPHONE (202) 274-2000</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">FACSIMILE (202) 362-2902</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">www.luselaw.com</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">June 22, 2023</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Board of Directors</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Chemung Financial Corporation</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">One Chemung Canal Plaza</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Elmira, New York 14901</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Registration Statement on Form&nbsp;S-3</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We have acted as special counsel to Chemung Financial Corporation, a New
York corporation (the &ldquo;Company&rdquo;), in connection with the preparation of a registration statement on Form&nbsp;S-3 (the &ldquo;Registration
Statement&rdquo;) filed by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the Securities
Act of 1933, as amended (the &ldquo;Act&rdquo;), with respect to the registration and public offering by the Company, from time to time,
pursuant to Rule&nbsp;415 under the Act, of up to $75.0 million in aggregate offering amount of securities, consisting of one or more
of the following:</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>senior debt securities of the Company (&ldquo;Senior Debt Securities&rdquo;) and subordinated debt securities of the Company (&ldquo;Subordinated
Debt Securities&rdquo; and together with the Senior Debt Securities, the &ldquo;Debt Securities&rdquo;);</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>shares of common stock, $0.01 par value per share, of the Company (&ldquo;Common Stock&rdquo;);</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>warrants to purchase Debt Securities or Common Stock (&ldquo;Warrants&rdquo;);</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>purchase contracts for the purchase or sale of Debt Securities or Common Stock (&ldquo;Purchase Contracts&rdquo;);</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>subscription rights to purchase Debt Securities or Common Stock (&ldquo;Subscription Rights&rdquo;); and</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>units comprised of one or more of the securities of the Company described above, in any combination (&ldquo;Units&rdquo;).</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Debt Securities, Common Stock, Warrants, Purchase Contracts, Subscription
Rights and Units are collectively referred to herein as the &ldquo;Securities.&rdquo;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-transform: uppercase; text-align: left; margin: 0pt 0">LUSE GORMAN, PC</P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>ATTORNEYS AT LAW</B></P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P><P STYLE="font-size: 10pt; margin: 0pt 0">Chemung Financial Corporation</P><P STYLE="font-size: 10pt; margin: 0pt 0">June 22, 2023</P><P STYLE="font-size: 10pt; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">The Senior Debt Securities are to be issued pursuant to a Senior Debt Indenture
(the &ldquo;Senior Indenture&rdquo;), and the Subordinated Debt Securities are to be issued pursuant to a Subordinated Debt Indenture
(the &ldquo;Subordinated Indenture&rdquo;), the respective forms of which have been filed as exhibits to the Registration Statement (collectively,
the &ldquo;Indentures&rdquo;), and are to be entered into, in each case, between the Company and a trustee (the &ldquo;Trustee&rdquo;).&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">We have examined: (i)&nbsp;the Registration Statement, including all exhibits
thereto; (ii) the respective forms of Indentures filed as exhibits to the Registration Statement; (iii)&nbsp;the Certificate of Incorporation
and Bylaws of the Company, each in effect as of the date hereof; (iv)&nbsp;corporate proceedings of the Company relating to the registration
of the Securities, and related matters; and (v)&nbsp;such other agreements, proceedings, documents and records and such matters of law
as we have deemed necessary or appropriate to enable us to render the opinions set forth herein.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">As to certain facts material to our opinions, we have relied, to the extent
we deem such reliance proper, upon certificates of public officials and officers of the Company.&nbsp; In our examination, we have assumed
the genuineness of all signatures, the authenticity of all documents and instruments submitted to us as originals and the conformity to
the originals of all documents and instruments submitted to us as certified or conformed copies. In addition, we have assumed the accuracy
and completeness of all records, documents, instruments and materials made available to us by the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Our opinions are limited to the matters set forth herein, and we express
no opinion other than as expressly set forth herein. In rendering the opinions set forth below, we do not express any opinion concerning
laws other than the securities laws of the United States and the laws of the State of New York and we are expressing no opinion as to
the effect of the laws of any other jurisdiction or the securities or &ldquo;blue sky&rdquo; laws of any jurisdiction. Our opinions are
expressed as of the date hereof and are based on laws currently in effect. Accordingly, the opinions set forth in this letter are subject
to change if any laws should change or be enacted in the future. We are under no obligation to update this opinion or to otherwise communicate
with you in the event of any such change.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In addition, we have assumed that (i)&nbsp;the Registration Statement, and
any amendments thereto (including post-effective amendments), will have become effective under the Act, (ii)&nbsp;a prospectus supplement
and/or any required pricing supplement will have been filed with the Commission describing the Securities offered thereby, (iii)&nbsp;all
Securities will be issued and sold in compliance with applicable federal and state securities laws and in the manner stated in the Registration
Statement, the applicable prospectus supplement and any applicable pricing supplement, (iv)&nbsp;a definitive purchase, underwriting or
similar agreement with respect to any Securities offered will have been duly authorized and validly executed and delivered by the Company
and the other party or parties thereto, (v) any Securities issuable upon conversion, exchange, redemption or exercise of any Securities
being offered will have been duly authorized, created and, if appropriate, reserved for issuance upon such conversion, exchange, redemption,
or exercise, (vi) with respect to shares of Common Stock offered, there will be sufficient shares of unissued Common Stock authorized
under the Company&rsquo;s Certificate of Incorporation and not otherwise reserved for issuance at the time of issuance thereof, (vii)&nbsp;in
the case of an Indenture, Warrant Agreement, Purchase Contract, Subscription Rights Agreement, Unit Agreement or other agreement pursuant
to which any Securities are to be issued, there shall be no terms or provisions contained therein that would affect the opinions rendered
herein, and (viii)&nbsp;all actions are taken by the Company so as not to violate any applicable law or result in a default under or breach
of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or
governmental body having jurisdiction over the Company.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-transform: uppercase; text-align: left; margin: 0pt 0">LUSE GORMAN, PC</P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>ATTORNEYS AT LAW</B></P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P><P STYLE="font-size: 10pt; margin: 0pt 0">Chemung Financial Corporation</P><P STYLE="font-size: 10pt; margin: 0pt 0">June 22, 2023</P><P STYLE="font-size: 10pt; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">Our opinions set forth below are subject to (i)&nbsp;the effects of bankruptcy,
insolvency, reorganization, receivership, moratorium, avoidable transfer or other laws affecting the rights and remedies of creditors
generally (including, without limitation, the effect of statutory and other laws regarding fraudulent conveyances, fraudulent transfers
and preferential transfers), (ii)&nbsp;the exercise of judicial discretion and the application of principles of equity, good faith, fair
dealing, reasonableness, conscionability and materiality (regardless of whether the enforceability of the Securities, to the extent applicable,
is considered in a proceeding at law or in equity), (iii)&nbsp;the possible unenforceability of indemnity and contribution provisions,
(iv)&nbsp;the effect and possible unenforceability of choice of law provisions, (v)&nbsp;the possible unenforceability of provisions purporting
to waive rights or defenses where such waiver is against public policy, (vi)&nbsp;the possible unenforceability of provisions purporting
to exonerate any party for negligence or malfeasance, or to negate any remedy of any party for fraud, (vii)&nbsp;the possible unenforceability
of forum selection clauses, (viii)&nbsp;the possible unenforceability of provisions permitting modification of an agreement only in writing,
and (ix)&nbsp;the possible unenforceability of provisions purporting to allow action without regard to mitigation of damages.&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">On the basis of the foregoing and the other matters set forth herein, we
hereby are of the opinion that:</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities. With respect
to any series of Debt Securities to be issued under either the Senior Indenture or Subordinated Indenture, when (a)&nbsp;the Trustee is
qualified to act as Trustee under the Senior Indenture or Subordinated Indenture, as applicable, (b)&nbsp;the Trustee has duly executed
and delivered the Senior Indenture or Subordinated Indenture, as applicable, (c)&nbsp;the Senior Indenture or Subordinated Indenture,
as applicable, has been duly authorized and validly executed and delivered by the Company to the Trustee, (d)&nbsp;the Senior Indenture
or Subordinated Indenture, as applicable, has been duly qualified under the Trust Indenture Act of 1939, as amended, (e)&nbsp;the Board
of Directors of the Company or a duly constituted and acting committee thereof (such Board of Directors or committee being hereinafter
referred to as the &ldquo;Board&rdquo;) has taken all necessary corporate action to approve the issuance and terms of such Debt Securities,
the terms of the offering thereof and related matters, and (f)&nbsp;such Debt Securities have been duly executed, authenticated, issued
and delivered in accordance with the provisions of the Senior Indenture or Subordinated Indenture, as applicable, and the applicable definitive
purchase, underwriting or similar agreement has been approved by the Board, or upon the conversion or exercise of Warrants or other Securities
to purchase Debt Securities, upon payment of the consideration therefor provided for therein, then such Debt Securities will constitute
valid and binding obligations of the Company.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-transform: uppercase; text-align: left; margin: 0pt 0">LUSE GORMAN, PC</P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>ATTORNEYS AT LAW</B></P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P><P STYLE="font-size: 10pt; margin: 0pt 0">Chemung Financial Corporation</P><P STYLE="font-size: 10pt; margin: 0pt 0">June 22, 2023</P><P STYLE="font-size: 10pt; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock. With respect
to shares of Common Stock, when (a)&nbsp;the Board has taken all necessary corporate action to approve the issuance of and the terms of
the offering of the shares of Common Stock and related matters and (b)&nbsp;the shares of Common Stock have been issued, sold and delivered
in the manner contemplated by the Registration Statement either (i)&nbsp;in accordance with the applicable definitive purchase, underwriting
or similar agreement approved by the Board, or upon the conversion or exercise of Warrants or other Securities to purchase Common Stock,
upon payment of the consideration therefor (not less than the par value of the Common Stock) provided for therein or (ii)&nbsp;upon conversion
or exercise of Warrants or other Securities, in accordance with the terms of such Securities or the instrument governing such Securities
providing for such conversion or exercise as approved by the Board, for the consideration approved by the Board, then such shares of Common
Stock will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants. With respect to any
Warrants, when (a)&nbsp;the Board has taken all necessary corporate action to approve the issuance and terms of such Warrants, the terms,
execution and delivery of the warrant agreement relating to the Warrants (&ldquo;Warrant Agreement&rdquo;), the terms of the offering
thereof and related matters, (b)&nbsp;the Warrant Agreement has been duly authorized and validly executed and delivered, and (c)&nbsp;such
Warrants have been duly executed, attested, issued and delivered by duly authorized officers of the Company in accordance with the provisions
of the applicable Warrant Agreement and the applicable definitive purchase, underwriting or similar agreement approved by the Board, upon
payment of the consideration therefor provided for therein, or upon the conversion or exercise of other Securities in accordance with
the terms of such Securities or the instrument governing such Securities providing for such conversion or exercise as approved by the
Board, upon payment of the consideration therefor provided for therein, then such Warrants will constitute valid and binding obligations
of the Company.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units.&nbsp; With respect
to any Units, when (a)&nbsp;the Board has taken all necessary corporate action to approve the issuance and terms of such Units, the terms,
execution and delivery of the unit agreement relating to the Units (&ldquo;Unit Agreement&rdquo;), the terms of the offering thereof
and related matters, (b)&nbsp;the Unit Agreement has been duly authorized and validly executed and delivered, and (c)&nbsp;such Units
have been duly executed, authenticated, issued and delivered by duly authorized officers of the Company in accordance with the provisions
of the applicable Unit Agreement and the applicable definitive purchase, underwriting or similar agreement approved by the Board, or
upon the exercise of Warrants or Subscription Rights to purchase Units, upon payment of the consideration therefor provided for therein,
then such Units will constitute valid and binding obligations of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-transform: uppercase; text-align: left; margin: 0pt 0">LUSE GORMAN, PC</P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>ATTORNEYS AT LAW</B></P><P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P><P STYLE="font-size: 10pt; margin: 0pt 0">Chemung Financial Corporation</P><P STYLE="font-size: 10pt; margin: 0pt 0">June 22, 2023</P><P STYLE="font-size: 10pt; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase Contracts.&nbsp; With
respect to any Purchase Contracts, when (a)&nbsp;the Board has taken all necessary corporate action to approve the issuance, terms, execution
and delivery of&nbsp; the Purchase Contracts and the terms of the offering thereof and related matters, (b)&nbsp;the Purchase Contracts
have been duly authorized, executed and delivered by each of the parties thereto, and (c) the Purchase Contracts have been issued and
sold upon payment of the consideration therefor provided for therein, then such Purchase Contracts will constitute valid and binding obligations
of the Company.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Rights. With respect
to any Subscription Rights, when (a)&nbsp;the Board has taken all necessary corporate action to approve the issuance and terms of such
Subscription Rights, the terms, execution and delivery of the subscription agreement relating to the Subscription Rights (&ldquo;Subscription
Agreement&rdquo;), the terms of the offering thereof and related matters, (b)&nbsp;the Subscription Agreement has been duly authorized
and validly executed and delivered, and (c)&nbsp;such Subscription Rights have been duly executed, attested, issued and delivered by duly
authorized officers of the Company in accordance with the provisions of the applicable Subscription Agreement and the applicable definitive
purchase, underwriting or similar agreement approved by the Board, upon payment of the consideration therefor provided for therein, then
such Subscription Rights will constitute valid and binding obligations of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement and to the reference to us under the heading &ldquo;Legal Opinions&rdquo; in the Prospectus constituting a part of the Registration
Statement. By giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section&nbsp;7
of the Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 3.5in">Very truly yours,</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 3.5in"><U>/s/ Luse Gorman, PC&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 3.5in">LUSE GORMAN, PC</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 68.8pt 0pt 69.5pt"><FONT STYLE="color: #38383B">CONSENT OF IN</FONT><FONT STYLE="color: #1A212D">D</FONT><FONT STYLE="color: #38383B">EPEND</FONT><FONT STYLE="color: #1A212D">E</FONT><FONT STYLE="color: #38383B">N</FONT><FONT STYLE="color: #1A212D">T</FONT>
<FONT STYLE="color: #38383B">REGIS</FONT><FONT STYLE="color: #1A212D">T</FONT><FONT STYLE="color: #38383B">ERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.2pt; margin: 0pt 5.25pt 0pt 5.7pt"><FONT STYLE="color: #38383B">We consent
to the </FONT><FONT STYLE="color: #505252">i</FONT><FONT STYLE="color: #38383B">ncorporation by </FONT><FONT STYLE="color: #505252">r</FONT><FONT STYLE="color: #38383B">efe</FONT><FONT STYLE="color: #1A212D">r</FONT><FONT STYLE="color: #38383B">ence
in t</FONT><FONT STYLE="color: #1A212D">h</FONT><FONT STYLE="color: #38383B">is Registration Statement on Fo</FONT><FONT STYLE="color: #1A212D">r</FONT><FONT STYLE="color: #38383B">m
S</FONT><FONT STYLE="color: #505252">-</FONT><FONT STYLE="color: #38383B">3 of Chemu</FONT><FONT STYLE="color: #1A212D">n</FONT><FONT STYLE="color: #38383B">g
Financial Corporation of our report dated March 22</FONT><FONT STYLE="color: #505252">,</FONT> <FONT STYLE="color: #38383B">2023</FONT><FONT STYLE="color: #505252">,</FONT>
<FONT STYLE="color: #38383B">relating to</FONT> <FONT STYLE="color: #3D4456">the</FONT> <FONT STYLE="color: #38383B">consolidated financial
statements appearing </FONT><FONT STYLE="color: #2D180F">i</FONT><FONT STYLE="color: #38383B">n the Annual Report on Form 10-</FONT><FONT STYLE="color: #1A212D">K
</FONT><FONT STYLE="color: #38383B">of Chemung Financial Corporation for t</FONT><FONT STYLE="color: #1A212D">h</FONT><FONT STYLE="color: #38383B">e
year ended </FONT><FONT STYLE="color: #1A212D">D</FONT><FONT STYLE="color: #38383B">ecember 31</FONT><FONT STYLE="color: #646264">, </FONT><FONT STYLE="color: #38383B">2022</FONT><FONT STYLE="color: #505252">,
</FONT><FONT STYLE="color: #38383B">and to the </FONT><FONT STYLE="color: #1A212D">r</FONT><FONT STYLE="color: #38383B">eference to us
unde</FONT><FONT STYLE="color: #1A212D">r </FONT><FONT STYLE="color: #38383B">the head</FONT><FONT STYLE="color: #505252">i</FONT><FONT STYLE="color: #1A212D">n</FONT><FONT STYLE="color: #38383B">g
</FONT><FONT STYLE="color: #646264">&quot;</FONT><FONT STYLE="color: #1A212D">E</FONT><FONT STYLE="color: #38383B">xperts</FONT><FONT STYLE="color: #646264">&quot;
</FONT><FONT STYLE="color: #38383B">in the prospec</FONT><FONT STYLE="color: #3D4456">t</FONT><FONT STYLE="color: #38383B">us</FONT><FONT STYLE="color: #505252">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-left: 320pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-left: 320pt; font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #38383B"><IMG SRC="crowesig.jpg" ALT=""></P>

<P STYLE="margin-left: 320pt; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left; color: #38383B">&nbsp;</P>

<P STYLE="margin-left: 320pt; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left; color: #38383B">Crowe LLP</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -0.3pt; margin: 0pt 349.8pt 0pt 5.75pt"><FONT STYLE="color: #38383B">Grand Rapids</FONT><FONT STYLE="color: #505252">,</FONT>
<FONT STYLE="color: #38383B">Michiga</FONT><FONT STYLE="color: #1A212D">n</FONT></P>

<P STYLE="margin: 0pt 349.8pt 0pt 5.75pt; font-size: 10pt; text-indent: -0.3pt"><FONT STYLE="color: #1A212D"></FONT><FONT STYLE="color: #38383B">June 22</FONT><FONT STYLE="color: #646264">,
</FONT><FONT STYLE="color: #38383B">2023</FONT></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>exh_107.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center">Form S-3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Form Type)</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="3" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center; width: 100%">Chemung Financial Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Exact Name of Registrant as Specified in its Charter)</P></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>Table 1: Newly Registered and Carry Forward Securities</U>&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Class<BR>
Title</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
Calculation<BR>
or Carry<BR>
Forward<BR>
Rule </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
Registered </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Unit </B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
Aggregate<BR>
Offering<BR>
Price </B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
Registration<BR>
Fee</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carry<BR>
Forward<BR>
Form<BR>
Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carry<BR>
Forward<BR>
File<BR>
Number</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Carry<BR>
    Forward<BR>
    Initial<BR>
    effective</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>date</B></P></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Filing Fee<BR>
Previously<BR>
Paid In<BR>
Connection<BR>
with Unsold Securities<BR>
to be<BR>
Carried<BR>
Forward</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="18" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Newly Registered Securities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Fees to Be<BR>
Paid</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Debt Securities</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Debt Securities of Chemung Financial Corporation (&ldquo;Company&rdquo;)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Common Stock, $0.01 par value, of Company</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Warrants of Company (2)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Purchase Contracts of Company (3)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Units of Company (4)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Subscription Rights of Company</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Unallocated (Universal) Shelf&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Unallocated (Universal) Shelf&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Rule 457(o)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$75,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0.0001102</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$8,265</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fees<BR>
Previously<BR>
Paid</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6,490 (5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,775</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>Table 2: Fee Offset Claims and Sources</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 5%; border: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Registrant or Filer Name</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form or Filing Type</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>File Number</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Initial Filing Date</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Filing Date</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Offset Claimed</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security Type Associated with Fee Offset Claimed</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security Title Associated with Fee Offset Claimed</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unsold Securities Associated with Fee Offset Claimed</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unsold Aggregate Offering Amount Associated with Fee Offset Claimed</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Paid with Fee Offset Source</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Rule 457(p)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Offset Claims</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Company</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">S-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">333-237854</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 27, 2020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$6,490</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Unallocated (Universal) Shelf</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Unallocated (Universal) Shelf</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Unallocated (Universal) Shelf</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$50,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Fee Offset Sources</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Company</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">S-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">333-237854</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">April 27, 2020</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$6,490 (5)</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(1) Pursuant to Instruction 2.A(iii)(b) of Item 16(b) of Form S-3, this information is not required
to be included. An indeterminate amount of the securities of each identified class is being registered as may from time to time be offered
under this registration statement at indeterminate prices, along with an indeterminate number of securities that may be issued upon exercise,
settlement, exchange or conversion of securities offered or sold under this registration statement, with an aggregate initial offering
price up to $75,000,000. Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this registration
statement also covers any additional securities that may be offered or issued in connection with any stock split, stock dividend or pursuant
to anti-dilution provisions of any of the securities. Separate consideration may or may not be received for securities that are issuable
upon conversion, exercise or exchange of other securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(2) Warrants may be sold separately or together with our debt securities or common stock. Includes
an indeterminate number of our debt securities or shares of common stock to be issuable upon the exercise of warrants for such securities.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(3) Includes an indeterminate number of our common stock or debt securities that we may be obligated
to sell or purchase from the holders at a future date or future dates.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(4) Such indeterminate number of units as may, from time to time, be issued at indeterminate
prices, each representing ownership of one or more of the securities described herein, which may or may not be separable from one another.</P>

<P STYLE="text-align: justify; font-size: 10pt; margin: 0pt 0">(5) A filing fee of $6,490 was paid with respect to $50,000,000 aggregate offering amount of
securities that were previously registered pursuant to registration statement No. 333-237854, initially filed by the Company on April
27, 2020 and declared effective on May 7, 2020 (the &#8220;2020 Registration Statement&#8221;). Under the 2020 Registration Statement,
the Company registered an aggregate amount of $50,000,000 of securities and paid an aggregate filing fee of $6,490 (calculated at the
rate in effect at the time the 2020 Registration Statement was filed). Of the $50,000,000 of securities registered under the 2020 Registration
Statement, all $50,000,000 were unissued and are hereby deregistered. Accordingly, pursuant to Rule 457(p) under the Securities Act, the
Company is entitled to offset, against any filing fee due under this registration statement, $6,490 of the filing fee paid with respect
to the unissued securities under the 2020 Registration Statement.</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; text-align: justify; font-size: 10pt">&nbsp;</P>


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