<SEC-DOCUMENT>0001104659-21-039773.txt : 20210322
<SEC-HEADER>0001104659-21-039773.hdr.sgml : 20210322
<ACCEPTANCE-DATETIME>20210322171815
ACCESSION NUMBER:		0001104659-21-039773
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20210322
DATE AS OF CHANGE:		20210322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254588
		FILM NUMBER:		21762141

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ashford Hospitality Prime, Inc.
		DATE OF NAME CHANGE:	20130410
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>tm2110287-1_s3.htm
<DESCRIPTION>S-3
<TEXT>
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    <title>tm2110287-1_s3 - none - 6.2656759s</title>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:27pt;width:541.31pt;">
        <div style="text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">As filed with the Securities and Exchange Commission on March 22, 2021</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:3pt; text-align:right; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Registration No. 333-&#8199;&#8199;&#8199;&#8199;&#8199;</font>&#8203;</div>
        <div style="margin-top:3.7pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 3.7pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:3.2pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 3.2pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:9.2pt; text-align:center; width:541.31pt; line-height:14pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">UNITED STATES</font>
          <br >
          <font style="letter-spacing:-0.24pt;">SECURITIES AND EXCHANGE COMMISSION</font>
        </div>
        <div style="margin-top:2.2pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Washington, D.C. 20549</font><font style="font-weight:normal;font-size:12pt;">&#8203;<font style="letter-spacing:0.24pt;"> </font></font>
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        <div style="margin-top:8.033pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 8.03333333333333pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:8.2pt; text-align:center; width:541.31pt; line-height:14pt;font-weight:bold;font-size:12pt;">
          <font style="letter-spacing:-0.24pt;">FORM S-3</font>
          <br >
          <font style="letter-spacing:-0.24pt;">REGISTRATION STATEMENT</font>
          <br >
          <font style="letter-spacing:-0.24pt;">UNDER THE SECURITIES ACT OF 1933</font><font style="font-weight:normal;letter-spacing:0.24pt;"> </font>
        </div>
        <div style="margin-top:8.033pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 8.03333333333333pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:8.2pt; text-align:center; width:541.31pt; line-height:8pt;font-size:14pt;">
          <font style="font-weight:bold;letter-spacing:-0.28pt;">BRAEMAR HOTELS &amp; RESORTS INC.</font>
          <br >
          <font style="font-size:8pt;letter-spacing:0.16pt;">(Exact name of registrant as specified in its charter)</font><font style="letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:9.69pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 9.69pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <table style="width:541.31pt;margin-bottom:5pt;margin-top:9.5pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:12pt;white-space:normal;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.66pt;">
              <div style="text-align:center;font-weight:bold;font-size:10pt;">
                <font style="letter-spacing:-0.2pt;">Maryland</font>
              </div>
              <div style="margin-top:2pt; text-align:center; line-height:8pt;">
                <font style="letter-spacing:0.16pt;">(State or other jurisdiction of</font>
                <br >
                <font style="letter-spacing:0.16pt;">incorporation or organization) </font>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.65pt;">
              <div style="text-align:center;font-weight:bold;font-size:10pt;">
                <font style="letter-spacing:-0.2pt;">46-2488594</font>
              </div>
              <div style="margin-top:2pt; text-align:center; line-height:8pt;">
                <font style="letter-spacing:0.16pt;">(I.R.S. Employer</font>
                <br >
                <font style="letter-spacing:0.16pt;">Identification Number)</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.2pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">14185 Dallas Parkway, Suite 1200</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Dallas, Texas 75254</font>
          <br >
          <font style="letter-spacing:-0.2pt;">(972) 490-9600</font>
        </div>
        <div style="margin-top:2.2pt; text-align:center; width:541.31pt; line-height:10pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</font><font style="font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="margin-top:7.7pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 7.69999999999999pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:9.2pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Robert G. Haiman </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Executive Vice President, General Counsel and Secretary </font>
          <br >
          <font style="letter-spacing:-0.2pt;">14185 Dallas Parkway, Suite 1200</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Dallas, Texas 75254</font>
          <br >
          <font style="letter-spacing:-0.2pt;">(972) 490-9600</font>
        </div>
        <div style="margin-top:2.2pt; text-align:center; width:541.31pt; line-height:10pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</font><font style="font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="margin-top:7.7pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 7.69999999999999pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:9.2pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Copies to:</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:5pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Richard M. Brand</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Gregory P. Patti Jr.</font>
          <br >
          <font style="letter-spacing:-0.2pt;">Cadwalader, Wickersham &amp; Taft LLP</font>
          <br >
          <font style="letter-spacing:-0.2pt;">200 Liberty Street</font>
          <br >
          <font style="letter-spacing:-0.2pt;">New York, NY 10281</font>
          <br >
          <font style="letter-spacing:-0.2pt;">(212) 504-6000</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Approximate date of commencement of proposed sale to the public:</font>
          <br >
          <font style="letter-spacing:-0.2pt;">From time to time on or after the effective date of this registration statement.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">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>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;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>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;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>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;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>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">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&#160;462(e) under the Securities Act, check the following box. &#9744; </font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;min-height:706pt;margin-bottom:21.86pt;margin-left:27pt;width:541.31pt;">
        <div style="text-indent:20pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">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&#160;413(b) under the Securities Act, check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act. </font>
        </div>
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          <tr style="line-height:10pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:264pt;">
              <div style=" float:left; line-height:10pt; text-align:left; width:108pt;white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Large Accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:10pt; text-align:left; margin-left:108pt;">
                <font style="letter-spacing:0.2pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:225.31pt;">
              <div style=" float:left; line-height:10pt; text-align:left; width:132pt;white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:10pt; text-align:left; margin-left:132pt;">
                <font style="letter-spacing:0.2pt;">&#9746; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:264pt;">
              <div style=" float:left; line-height:10pt; text-align:left; width:108pt;white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Non-accelerated filer</font>
                <br >
              </div>
              <div style=" line-height:10pt; text-align:left; margin-left:108pt;">
                <font style="letter-spacing:0.2pt;">&#9744; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:225.31pt;">
              <div style=" float:left; line-height:10pt; text-align:left; width:132pt;white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Smaller reporting company</font>
                <br >
              </div>
              <div style=" line-height:10pt; text-align:left; margin-left:132pt;">
                <font style="letter-spacing:0.2pt;">&#9746; </font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:225.31pt;white-space:normal;">
              <div style=" float:left; line-height:10pt; text-align:left; width:132pt;white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Emerging growth company</font>
                <br >
              </div>
              <div style=" line-height:10pt; text-align:left; margin-left:132pt;">
                <font style="letter-spacing:0.2pt;">&#9744;</font>
              </div>
              <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">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&#160;7(a)(2)(B) of the Securities Act. &#9744; </font>
        </div>
        <div style="margin-top:18.5pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 18.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:9pt; text-align:center; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CALCULATION OF REGISTRATION FEE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:541.31pt;height:165pt;margin-top:2pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;">
            <td style="border-bottom:3pt double #000000;padding:0pt 0pt 1pt 0pt; width:0pt;" colspan="17">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt; width:196.97pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title of Each Class of Securities</font>
                <br >
                <font style="letter-spacing:-0.16pt;">to be Registered </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt; width:84.5pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Amount to be</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Registered</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt; width:84.5pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Proposed Maximum</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Offering Price Per</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Unit </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt; width:68.1pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Proposed Maximum</font>
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                <br >
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Amount of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Registration Fee</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(3)</font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:196.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Common Stock, par value$0.01 per share </font>
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            </td>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">&#8212;</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">&#8212;</font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:196.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Preferred Stock, par value $0.01 per share </font>
              </div>
            </td>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
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              <div style="text-align:center;">
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Depositary Shares </font>
              </div>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;">
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:196.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Warrants </font>
              </div>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;">
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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                <font style="letter-spacing:0.2pt;">Debt Securities </font>
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;">
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;font-size:7.5pt;">
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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                <font style="letter-spacing:0.2pt;">Rights </font>
              </div>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;font-size:7.5pt;">
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
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            </td>
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          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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              <font style="letter-spacing:0.2pt;">Units</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)</font>
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            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
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            </td>
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            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;font-size:7.5pt;">
                <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">(2)</font><font style="font-size:10pt;">&#8203;</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">&#8212;</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="border-bottom:3pt double #000000;padding:3.25pt 0pt 2.5pt 0pt; width:196.97pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:3.25pt 0pt 2.5pt 0pt; width:84.5pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$300,000,000 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:0pt 0pt 2.5pt 0pt; width:84.5pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:3.25pt 0pt 2.5pt 0pt; width:68.1pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$300,000,000 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
            <td style="border-bottom:3pt double #000000;padding:3.25pt 0pt 2.5pt 0pt; width:61.24pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">$32,730</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">There are being registered under this registration statement such indeterminate number of shares of common stock, preferred stock and depositary shares; such indeterminate principal amount of debt securities; such indeterminate number of warrants to purchase common stock, preferred stock, debt securities, depositary shares and/or&#160;units; such indeterminate number of rights; and such indeterminate number of&#160;units as may be sold by the registrant from time to time, which together shall have an aggregate initial offering price not to exceed $300,000,000. Any securities registered hereunder may be sold separately or as&#160;units with other securities registered hereunder. The securities registered hereunder also include such indeterminate number of shares of common stock and preferred stock, principal amount of debt securities, rights, and warrants as may be issued upon conversion of or exchange for preferred stock, debt securities that provide for conversion or exchange; upon exercise of warrants; pursuant to the terms of any&#160;units; or pursuant to the anti-dilution provisions of any such securities. In addition, pursuant to Rule&#160;416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends, or similar events. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Not required to be included in accordance with General Instruction II.D. of Form S-3. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">The registration fee has been calculated in accordance with Rule&#160;457(o) under the Securities Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Each unit will represent an interest in two or more other securities, which may or may not be separable from one another. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:541.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">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&#160;8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&#160;8(a), may determine.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:10.5pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 10.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:3pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 3pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
    </div>
    <div style="position:relative;overflow-x:hidden;min-height:775.71pt;page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="position:absolute;top:738.83pt;left:24pt;height:30.02pt;width:706pt;transform-origin:0pt -0pt;transform:rotate(-90deg) translate(0%, 0%);">
        <div style="text-align:justify; width:706pt; line-height:9.5pt;font-weight:bold;color:#FC0014;font-family:Helvetica, Arial, sans-serif;font-size:8pt;">
          <font style="letter-spacing:-0.08pt;">The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</font><font style="color:#000000;letter-spacing:-0.08pt;"> </font>
          <br >
        </div>
      </div>
      <div style="margin-top:27.85pt;min-height:706pt;margin-left:63pt;width:505.31pt;">
        <div style="text-align:center; width:505.31pt; line-height:12pt;font-weight:bold;color:#FC0014;">
          <font style="letter-spacing:-0.2pt;">Subject to completion, dated March&#160;22, 2021</font><font style="font-weight:normal;color:#000000;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:505.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:505.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">$300,000,000</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="position:relative;margin-top:7pt; text-align:center; width:505.31pt;">
          <img src="lg_braemar-4c.jpg" alt="[MISSING IMAGE: lg_braemar-4c.jpg]" height="141" width="275" >
        </div>
        <div style="margin-top:17pt; text-align:center; width:505.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">COMMON STOCK</font>
          <br >
          <font style="letter-spacing:-0.28pt;">PREFERRED STOCK</font>
          <br >
          <font style="letter-spacing:-0.28pt;">DEPOSITARY SHARES</font>
          <br >
          <font style="letter-spacing:-0.28pt;">WARRANTS</font>
          <br >
          <font style="letter-spacing:-0.28pt;">DEBT SECURITIES</font>
          <br >
          <font style="letter-spacing:-0.28pt;">RIGHTS</font>
          <br >
          <font style="letter-spacing:-0.28pt;">UNITS</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:5pt; width:505.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus relates to common stock, preferred stock, depositary shares, warrants, debt securities, rights and&#160;units that we may sell from time to time in one or more offerings up to a total dollar amount of $300,000,000 on terms to be determined at the time of sale. We will provide specific terms of these securities in supplements to this prospectus. You should read this prospectus and any supplement carefully before you invest. This prospectus may not be used to offer and sell securities unless accompanied by a prospectus supplement for those securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:5pt; width:505.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The specific terms of each series or class of the securities will be set forth in the applicable prospectus supplement and may include limitations on actual or constructive ownership and restrictions on transfer of the securities, in each case as may be appropriate to preserve the status of our company as a real estate investment trust, or REIT. </font>
        </div>
        <div style="text-indent:20pt; margin-top:5pt; width:505.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The applicable prospectus supplement will also contain information, where applicable, about certain U.S. federal income tax consequences relating to, and any listing on a securities exchange of, the securities covered by such prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:5pt; width:505.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These securities may be sold directly by us, through dealers or agents designated from time to time, to or through underwriters or through a combination of these methods. See &#8220;Plan of Distribution&#8221; in this prospectus for more information. We may also describe the plan of distribution for any particular offering of these securities in any applicable prospectus supplement. If any agents, underwriters or dealers are involved in the sale of any securities in respect of which this prospectus is being delivered, we will disclose their names and the nature of our arrangements with them in a prospectus supplement. The net proceeds we expect to receive from any such sale will also be included in a prospectus supplement. No securities may be sold without delivery of this prospectus and the applicable prospectus supplement describing the method and terms of the offering of such series of securities. </font>
        </div>
        <div style="margin-left:20pt; margin-top:5pt; width:485.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on the New York Stock Exchange, or NYSE, under the symbol &#8220;BHR.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:5pt; width:505.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; on page <a href="#tRIFA">8</a> for information regarding risks associated with an investment in our securities.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:5pt; width:505.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:5pt; width:505.31pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus may not be used to consummate sales of securities unless it is accompanied by a prospectus supplement. </font>
        </div>
        <div style="margin-top:24pt; text-align:center; width:505.31pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The date of this prospectus is &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2021.</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:281pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:310pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tATP"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tATP">1</a></font> <a href="#tATP"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSNRF"><font style="letter-spacing:0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tSNRF">3</a></font> <a href="#tSNRF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tWYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tWYCF">5</a></font> <a href="#tWYCF"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tIOCI"><font style="letter-spacing:0.2pt;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tIOCI">6</a></font> <a href="#tIOCI"></a></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCOOV"><font style="letter-spacing:0.2pt;">COMPANY OVERVIEW </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
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              <font style="letter-spacing:0.2pt;"><a href="#tCOOV">7</a></font> <a href="#tCOOV"></a></td>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">i</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;), using a &#8220;shelf&#8221; registration process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus in one or more offerings up to a total dollar amount of $300,000,000. This prospectus provides you with a general description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the securities being offered and the terms of that offering. The prospectus supplement may also add to, update or change information contained in this prospectus. You should carefully read this prospectus and any accompanying prospectus supplement, as well as the information incorporated in this prospectus or the accompanying prospectus supplement by reference. See &#8220;Incorporation of Certain Information by Reference.&#8221; Any information in any accompanying prospectus supplement or any subsequent material incorporated herein by reference will supersede the information in this prospectus or any earlier prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">You should rely only on the information contained in this prospectus and any accompanying prospectus supplement or incorporated by reference. We have not authorized anyone to provide you with information or make any representation that is different. If anyone provides you with different or inconsistent information, you should not rely on it. You should not assume that the information contained in this prospectus is correct on any date after the date of the prospectus even though this prospectus is delivered or securities are sold pursuant to the prospectus at a later date. Since the date of this prospectus, our business, financial condition, results of operations or prospects may have changed. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus contains registered trademarks that are the exclusive property of their respective owners, which are companies other than us, including Marriott International&#174;, Hilton Worldwide&#174;, Sofitel&#174; and Accor&#174;. None of the owners of these trademarks, their affiliates or any of their respective officers, directors, agents or employees is an issuer of the shares described herein. In addition none of the owners of these trademarks, their affiliates or any of their respective officers, directors, agents or employees has or will have any liability arising out of or related to the sale or offer of the securities being offered hereby, including any liability or responsibility for any financial statements, projections or other financial information or other information contained in this prospectus or otherwise disseminated in connection with the offer or sale of the securities offered hereby. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">When used in this prospectus, the terms &#8220;our company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or &#8220;Braemar&#8221; refer to Braemar Hotels &amp; Resorts Inc., a Maryland corporation, and, as the context may require, its consolidated subsidiaries, including Braemar Hospitality Limited Partnership, a Delaware limited partnership, which we refer to as &#8220;our operating partnership&#8221; or &#8220;Braemar OP.&#8221; Additionally, other terms that we use throughout this prospectus are defined as follows: </font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">&#8220;ADR&#8221; means average daily rate and is calculated by dividing total hotel rooms revenues by total number of rooms sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. We use ADR to assess the pricing levels that we are able to generate. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;Amended Partnership Agreement&#8221; means the Third Amended and Restated Agreement of Limited Partnership of Braemar OP, dated March&#160;7, 2017, as amended. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;Ashford Advisor&#8221; means Ashford Hospitality Advisors LLC, a Delaware limited liability company and a wholly-owned subsidiary of Ashford Inc. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;Ashford Trust&#8221; means Ashford Hospitality Trust, Inc., a Maryland corporation, and, as the context may require, its consolidated subsidiaries, including Ashford Hospitality Limited Partnership, a Delaware limited partnership and Ashford Trust&#8217;s operating partnership, which we refer to as &#8220;Ashford Trust OP.&#8221; </font>
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          <font style="letter-spacing:0.2pt;">&#8220;Gateway market&#8221; means, with respect to U.S. markets, any of the 20 most populous metropolitan statistical areas, as estimated by the United States Census Bureau and delineated by the U.S. Office of Management and Budget. With respect to foreign markets, a gateway market means an area that is a general destination or in close proximity to a major transportation hub or business center, such that </font>
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          <font style="letter-spacing:0.2pt;">1</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">it serves as a significant entry or departure point to a foreign country or region of a foreign country for business or leisure travelers. </font>
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          <font style="letter-spacing:0.2pt;">&#8220;High RevPAR,&#8221; for purposes of our investment strategy, means RevPAR (as defined below) of at least twice the then current U.S. average RevPAR for all hotels as determined by Smith Travel Research (i.e., anticipated RevPAR of at least $91 for the year ended December&#160;31, 2020). </font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Occupancy&#8221; means the total number of hotel rooms sold in a given period divided by the total number of rooms available. Occupancy measures the utilization of our hotels&#8217; available capacity. We use occupancy to measure demand at a specific hotel or group of hotels in a given period. </font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Our TRSs&#8221; refers to our taxable REIT subsidiaries, including Ashford Prime TRS Corporation, a Delaware corporation, which we refer to as &#8220;Ashford Prime TRS,&#8221; and its subsidiaries, together with the two taxable REIT subsidiaries that lease our two hotels held in a consolidated joint venture and are wholly owned by the joint venture. </font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">&#8220;REIT&#8221; means real estate investment trust, as defined in Section&#160;856(a) of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). </font>
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          <font style="letter-spacing:0.2pt;">&#8220;Remington&#8221; means Remington Lodging &amp; Hospitality, LLC, a Delaware limited liability company and a hotel management company that is owned by Ashford Inc. </font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">&#8220;RevPAR&#8221; means revenue per available room and is calculated by multiplying ADR by the average daily occupancy. RevPAR is one of the commonly used measures within the hotel industry to evaluate hotel operations. RevPAR does not include revenues from food and beverage sales, parking, telephone or other non-rooms revenues generated by the property. Although RevPAR does not include these ancillary revenues, it is generally considered the leading indicator of core revenues for many hotels. We also use RevPAR to compare the results of our hotels between periods and to analyze results of our comparable hotels (comparable hotels represent hotels we have owned for the entire period). </font>
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          <font style="letter-spacing:0.2pt;">References to websites included in this prospectus are intended to be inactive textual references only, and the information on such websites is not incorporated by reference into this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">2</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSNRF">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and the documents incorporated herein contain forward-looking statements that are subject to various risks and uncertainties. Forward looking statements are generally identifiable by use of forward looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;potential,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;outlook,&#8221; &#8220;seek,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;approximately,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;project,&#8221; &#8220;predict,&#8221; or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: </font>
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          <font style="letter-spacing:0.2pt;">the impact of COVID-19 and numerous governmental travel restrictions and other orders on our business, including one or more possible recurrence of COVID-19 cases causing state and local governments to reinstate travel restrictions; </font>
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          <font style="letter-spacing:0.2pt;">our business and investment strategy; </font>
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          <font style="letter-spacing:0.2pt;">our projected operating results and dividend rates; </font>
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          <font style="letter-spacing:0.2pt;">our ability to obtain future financing arrangements or restructure existing property level indebtedness; </font>
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          <font style="letter-spacing:0.2pt;">our understanding of our competition; </font>
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          <font style="letter-spacing:0.2pt;">market trends; </font>
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          <font style="letter-spacing:0.2pt;">projected capital expenditures; </font>
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          <font style="letter-spacing:0.2pt;">anticipated acquisitions or dispositions; and </font>
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          <font style="letter-spacing:0.2pt;">the impact of technology on our operations and business. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Such forward-looking statements are based on our beliefs, assumptions and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Factors that could have a material adverse effect on our forward-looking statements include, but are not limited to: </font>
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          <font style="letter-spacing:0.2pt;">factors referenced, including those set forth in our <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">Annual Report on Form 10-K for the year ended December&#160;31, 2020</a>, which is incorporated by reference into this prospectus, under the sections captioned &#8220;Item&#160;1. Business,&#8221; &#8220;Item&#160;1A. Risk Factors&#8221; and &#8220;Item&#160;7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; as updated in our subsequent Quarterly Reports on Form 10-Q or other reports we may subsequently file with the SEC; </font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">adverse effects of the COVID-19 pandemic, including a significant reduction in business and personal travel and travel restrictions in regions where our hotels are located, and one or more possible recurrences of COVID-19 cases causing a further reduction in business and personal travel and potential reinstatement of travel restrictions by state or local governments; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">our ability to raise sufficient capital and/or take other actions to improve our liquidity position or otherwise meet our liquidity requirements; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">actions by our lenders to accelerate loan balances and foreclose on the hotel properties that are security for our loans if we are unable to make debt service payments or satisfy our other obligations under the forbearance agreements; </font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">general volatility of the capital markets and the market price of our common and preferred stock; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">general business and economic conditions affecting the lodging and travel industry; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
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          <font style="letter-spacing:0.2pt;">changes in our business or investment strategy; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
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          <font style="letter-spacing:0.2pt;">availability, terms and deployment of capital; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">unanticipated increases in financing and other costs, including a rise in interest rates; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">availability of qualified personnel to our advisor; </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">3</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:6pt;margin-bottom:272pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in our industry and the market in which we operate, interest rates, or local economic conditions; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the degree and nature of our competition; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">actual and potential conflicts of interest with Ashford Trust, Ashford Inc. and its subsidiaries (including Ashford LLC, Remington Hotels and Premier) and our executive officers and our non-independent director; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in personnel of Ashford LLC or the lack of availability of qualified personnel; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in governmental regulations, accounting rules, tax rates and similar matters; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our ability to implement effective internal controls to address the material weakness identified in this report; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the timing or outcome of the SEC investigation (see Risk Factors&#8201;&#8212;&#8201;&#8220;We face risks related to an ongoing Securities and Exchange Commission investigation&#8221; in our Annual Report on Form 10-K for the year ended December&#160;31, 2020, as updated by us in future filings with the SEC); </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">legislative and regulatory changes, including changes to the Code and related rules, regulations and interpretations governing the taxation of REITs; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax purposes. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When considering forward looking statements, you should keep in mind the risk factors and other cautionary statements in this prospectus. The matters summarized under &#8220;Risk Factors&#8221; and elsewhere in this prospectus could cause our actual results and performance to differ significantly from those contained in our forward looking statements. Accordingly, we cannot guarantee future results or performance. Readers are cautioned not to place undue reliance on any of these forward looking statements, which reflect our views as of the date of this prospectus. Furthermore, we do not intend to update any of our forward looking statements after the date of this prospectus to conform these statements to actual results and performance, except as may be required by applicable law. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">4</font>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tWYCF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:384pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have filed with the SEC a registration statement on Form S-3, of which this prospectus is a part, including exhibits, schedules and amendments filed with this registration statement, under the Securities Act with respect to the securities registered hereby. This prospectus and any accompanying prospectus supplement do not contain all of the information set forth in the registration statement and exhibits and schedules to the registration statement. For further information with respect to our company and the securities registered hereby, reference is made to the registration statement, including the exhibits and schedules to the registration statement. Statements contained in this prospectus as to the contents of any contract or other document referred to in this prospectus are not necessarily complete and, where that contract is an exhibit to the registration statement, each statement is qualified in all respects by reference to the exhibit to which the reference relates. We file annual, quarterly and current reports, proxy statements and other documents with the SEC under the Exchange Act. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You may review and copy our SEC filings, including the registration statement and its exhibits and schedules, at the SEC&#8217;s public reference room, located at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the reference room by calling the SEC at 1-800-SEC-0330. Our SEC filings, including our registration statement, are also available to you on the SEC&#8217;s website at www.sec.gov. Our SEC filings are also available by accessing our website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.bhrreit.com</font><font style="letter-spacing:0.2pt;">; however, the information located on, or accessible from, our website is not, and should not be deemed to be, part of this prospectus or incorporated into any other filing that we submit to the SEC. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">5</font>
          <br >
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tIOCI">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:6pt;margin-bottom:154pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The SEC allows us to &#8220;incorporate by reference&#8221; into this prospectus the information we file with the SEC. This permits us to disclose important information to you by referencing these filed documents. Any information referenced in this way is considered part of this prospectus. We incorporate by reference the documents listed below and any filings made by us in the future with the SEC under Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act after the original date that we first filed the registration statement of which this prospectus forms a part and prior to the termination of the offering of the underlying securities; provided, however, we are not incorporating by reference any information furnished (but not filed) under Item&#160;2.02 or Item&#160;7.01 of any Current Report on Form 8-K: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">our Annual Report on Form 10-K for the year ended December&#160;31, 2020, filed with the SEC on March&#160;5, 2021;</a> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our Current Reports on Form 8-K, filed with the SEC on <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000008/bhr-20210126.htm">January&#160;26, 2021</a>, <a style="-sec-extract:exhibit" href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000110465921012343/tm2039638d4_8k.htm">February&#160;4, 2021</a> and <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000033/bhr-20210315.htm">March&#160;19, 2021</a>; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000119312514016091/d660655d8k.htm">the description of our common stock included in our Current Report on Form 8-K, filed with the SEC on January&#160;21, 2014;</a> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;letter-spacing:0.2pt;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;letter-spacing:0.2pt;">
          <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115720/a16-9900_18a12b.htm">the description of the Series&#160;B Preferred Stock contained in our registration statement on Form 8-A, filed with the SEC on April&#160;29, 2016, including any amendments and reports filed for the purpose of updating such description; and</a><font style="letter-spacing:0.2pt;"> </font>
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          <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465918069328/a18-40472_18a12b.htm">the description of the Series&#160;D Preferred Stock contained in our registration statement on Form 8-A, filed with the SEC on November&#160;20, 2018, including any amendments and reports filed for the purpose of updating such description.</a><font style="letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any statement contained in this prospectus, or in a document all or a portion of which is incorporated by reference in this prospectus, is automatically updated or superseded if information contained in this prospectus, or information that we later file with the SEC, updates or replaces the statement. Any such updated or superseded statement will not be deemed, except as so updated or superseded, to constitute a part of this prospectus. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Copies of all documents which are incorporated by reference in this prospectus (not including the exhibits to such information, unless such exhibits are specifically incorporated by reference) will be provided without charge to each person, including any beneficial owner of the securities offered by this prospectus, to whom this prospectus is delivered, upon written or oral request. Requests should be directed to Braemar Hotels &amp; Resorts Inc., 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254, Attention: Robert G. Haiman (telephone number: (972) 490-9600). You also may obtain copies of these filings, at no cost, by accessing our website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.bhrreit.com</font><font style="letter-spacing:0.2pt;">; however, the information located on, or accessible from, our website is not, and should not be deemed to be, part of this prospectus or incorporated into any other filing that we submit to the SEC. </font>
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          <font style="letter-spacing:0.2pt;">6</font>
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          <font style="letter-spacing:-0.2pt;">COMPANY OVERVIEW</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Our Company</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room (&#8220;RevPAR&#8221;) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by Smith Travel Research. Two times the U.S. national average RevPAR was $91 for the year ended December&#160;31, 2020. We have elected to be taxed as a REIT under the Code beginning in the year ended December&#160;31, 2013. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We operate in the direct hotel investment segment of the lodging industry. As of March&#160;15, 2021, we owned interests in thirteen hotel properties in six states, the District of Columbia and St. Thomas, U.S. Virgin Islands with 3,722 total rooms, or 3,487 net rooms, excluding those attributable to our joint venture partner. The hotel properties in our current portfolio are predominantly located in U.S. urban and resort locations with favorable growth characteristics resulting from multiple demand generators. We own eleven of our hotel properties directly, and the remaining two hotel properties through an investment in a majority-owned consolidated joint venture entity. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We are advised by Ashford LLC, a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. Asset management functions include acquisition, renovation, financing and disposition of assets, operational accountability of managers, budget review, capital expenditures and property-level strategies as compared to the day-to-day management of our hotel properties, which is performed by our hotel managers. We do not have any employees. All of the advisory services that might be provided by employees are provided to us by Ashford&#160;LLC. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. On November&#160;6, 2019, Ashford Inc. completed its acquisition of Remington Lodging&#8217;s hotel management business from Mr.&#160;Monty J. Bennett, chairman of our board of directors, and Mr.&#160;Archie Bennett, Jr., chairman emeritus of Ashford Trust. Remington Hotels, a subsidiary of Ashford Inc. after November&#160;6, 2019, manages three of our thirteen hotel properties. Third-party management companies manage the remaining hotel properties. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement and related services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/</font>&#8203;<font style="letter-spacing:0.2pt;">transportation services, mobile key technology and broker-dealer services. </font></div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our principal executive offices are located at 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254. Our telephone number is (972) 490-9600. Our website is www.bhrreit.com. The information found on or accessible through our website is not incorporated into, and does not form a part of, this prospectus or any other report or document that we file with or furnish to the SEC. We have included our website address in this prospectus as an inactive textual reference and do not intend it to be an active link to our website. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Recent Developments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">Privately Negotiated Exchange Transactions</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">From March&#160;16, 2021 through March 22, 2021, the Company entered into privately negotiated exchange agreements with certain holders of its Series B Preferred Stock in reliance on Section&#160;3(a)(9) of the Securities Act of 1933, as amended. During this period, the Company agreed to exchange a total of 1,297,017 shares of common stock for an aggregate of 416,457 shares of Series B Preferred Stock.</font>
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          <font style="letter-spacing:0.2pt;">7</font>
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          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">An investment in our securities involves various risks. You should carefully consider the risk factors incorporated by reference to our most recent Annual Report on Form 10-K and the other information contained in this prospectus, as updated by our Quarterly Reports on Form 10-Q and subsequent filings under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the risk factors and other information contained in the applicable prospectus supplement before acquiring any of our securities. </font>
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          <font style="letter-spacing:0.2pt;">8</font>
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          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless we indicate otherwise in the applicable prospectus supplement, we intend to contribute the net proceeds from any sale of the securities pursuant to this prospectus to our operating partnership. Our operating partnership will subsequently use the net proceeds received from us to potentially acquire or develop additional properties and for general corporate purposes, which may include payment of dividends, the repayment of existing indebtedness and capital expenditures for improvements to the properties in our portfolio. Pending application of cash proceeds, we may invest the net proceeds in interest-bearing accounts, money market accounts and interest-bearing securities in a manner that is consistent with our intention to qualify for taxation as a REIT. Such investments may include, for example, government and government agency certificates, government bonds, certificates of deposit, interest-bearing bank deposits, money market accounts and mortgage loan participations. Further details regarding the use of the net proceeds from the sale of a specific series or class of the securities will be set forth in the applicable prospectus supplement. </font>
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          <font style="letter-spacing:0.2pt;">9</font>
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          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF CAPITAL STOCK</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The following is a description of the material terms and provisions of our common stock and preferred stock. It may not contain all the information that is important to you. You can access complete information by referring to our charter and our bylaws, as amended, copies of which are filed with the SEC and incorporated by reference as exhibits to the registration statement of which this prospectus is a part.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We were formed under the laws of the State of Maryland. Rights of our stockholders are governed by the MGCL, our charter and our bylaws. Our charter authorizes the issuance of up to 250,000,000 shares of common stock and 80,000,000 shares of preferred stock. As of March&#160;15, 2021, we had issued and outstanding 41,354,593 shares of common stock, 5,031,473 shares of the Series&#160;B Preferred Stock, 1,600,000 shares of the Series&#160;D Preferred Stock, no shares of Series&#160;E Preferred Stock and no shares of Series&#160;M Preferred Stock. We have authorized 10,000,000 shares of the Series&#160;C Preferred Stock, but no shares of Series&#160;C Preferred Stock were issued and outstanding. Our board of directors, without any action by our stockholders, may amend our charter to increase or decrease the aggregate number of shares of our common stock or the number of shares of our stock of any class or series. In addition, our charter authorizes our board of directors to classify or reclassify any unissued shares of any series. </font>
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          <font style="letter-spacing:-0.2pt;">Common Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Dividends and Our Distribution Policy</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Subject to the preferential rights of any other class or series of stock and to the provisions of the charter regarding the restrictions on transfer of stock, holders of shares of our common stock are entitled to receive dividends on such stock when, as and if authorized by our board of directors out of assets or funds legally available therefor and declared by us and to share ratably in the assets of our company legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after payment of or adequate provision for all known debts and liabilities of our company, including the preferential rights on liquidation or dissolution of any class or classes of preferred stock. </font>
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          <font style="letter-spacing:0.2pt;">On March&#160;16, 2020, the Company and its board of directors announced a suspension of its previously disclosed 2020 common stock dividend policy. The Company did not pay a dividend on its common stock for during any quarter of 2020. On December&#160;10, 2020, the Company announced that it plans to continue its suspension of the common stock dividend into 2021 to protect liquidity and will evaluate future dividend declarations on a quarterly basis going forward. The board of directors will continue to review our dividend policy and make announcements with respect thereto. For a discussion of the U.S. federal income tax treatment of distributions to holders of our capital stock, see &#8220;Material U.S. Federal Income Tax Considerations&#8221;. </font>
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          <font style="letter-spacing:-0.2pt;">Voting Rights</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, each outstanding share of our common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock, the Series&#160;E Preferred Stock and the Series&#160;M Preferred Stock (voting together as a single class) possess exclusive voting power. There is no cumulative voting in the election of our board of directors. In an uncontested election, directors are elected by a majority of the votes cast by the holders of the outstanding shares of our common stock, the Series&#160;E Preferred Stock and the Series&#160;M Preferred Stock (voting together as a single class), meaning that a director is elected if the candidate received more votes &#8220;for&#8221; than the votes &#8220;against,&#8221; without consideration of abstentions, votes withheld and broker non-votes. In a contested election (where there are more candidates for election than seats to be filled), directors are elected by a plurality of the votes cast. </font>
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          <font style="letter-spacing:-0.2pt;">Other Rights</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Holders of shares of our common stock have no preference, conversion, exchange, sinking fund, or redemption, have no preemptive rights to subscribe for any securities of our company, and generally have </font>
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          <font style="letter-spacing:0.2pt;">10</font>
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          <font style="letter-spacing:0.2pt;">no appraisal rights so long as our common stock is listed on a national securities exchange and except in very limited circumstances involving a merger where our stock is converted into any consideration other than stock of the successor in the merger and in which our directors, officers, and 5% or greater stockholders receive different consideration than stockholders generally. Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, shares of our common stock have equal dividend, liquidation and other rights. </font>
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          <font style="letter-spacing:0.2pt;">Under the MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge, consolidate, transfer all or substantially all of its assets, engage in a statutory share exchange or engage in similar transactions outside the ordinary course of business unless declared advisable by the board of directors and approved by the affirmative vote of stockholders holding at least two-thirds of the shares entitled to vote on the matter unless a lesser&#160;percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in the corporation&#8217;s charter. Our charter provides for the affirmative vote of stockholders holding at least a majority of the shares entitled to be cast to approve each of these matters, except that two-thirds of all votes are required to amend the provisions of our charter regarding restrictions on the transfer and ownership of our stock. Because operating assets may be held by a corporation&#8217;s subsidiaries, as in our situation, a subsidiary of a corporation may be able to merge or transfer all of its assets without a vote of our stockholders. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our charter authorizes our board of directors to reclassify any unissued shares of our common stock into other classes or series of classes of stock and to establish the number of shares in each class or series and to set the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption for each such class or series. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Restrictions on Ownership and Transfer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To assist us in complying with certain federal income tax requirements applicable to REITs, our charter contains certain restrictions relating to the ownership and transfer of our common stock. See &#8220;Restrictions on Ownership and Transfer.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Transfer Agent</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Listing</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on the NYSE under the symbol &#8220;BHR.&#8221; </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Power to Increase Authorized Stock and Issue Additional Shares of Our Common Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We believe that the power of our board of directors, without stockholder approval, to amend our charter to increase the aggregate number of authorized shares of common stock, to issue additional authorized but unissued shares of our common stock and to classify or reclassify unissued shares of our common stock and thereafter to issue such classified or reclassified shares provides us with flexibility in structuring possible future financings and acquisitions and in meeting other needs which might arise. The additional classes or series, as well as the additional authorized share common stock, are available for issuance without further action by our stockholders, unless stockholder approval is required by applicable law or the rules of the NYSE or any other stock exchange or automated quotation system on which our securities may be listed or traded. Although our board of directors does not currently intend to do so, it could authorize us to issue an additional class or series of stock that could, depending upon the terms of the particular class or series, delay, deter or prevent a transaction or a change of control of our company, even if such transaction or change of control involves a premium price for our stockholders or our stockholders believe that such transaction or change of control may be in their best interests. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our charter authorizes our board of directors to classify any unissued shares of preferred stock and to reclassify any previously classified but unissued shares of any series. Prior to issuance of shares of each series, </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">11</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">our board of directors is required by the MGCL and our charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each such series. Thus, our board of directors could authorize the issuance of shares of preferred stock with terms and conditions that could have the effect of delaying, deterring or preventing a transaction or a change of control of our company that might involve a premium price for holders of our common stock or that stockholders believe may be in their best interests. </font>
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        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Terms</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we decide to issue any preferred stock pursuant to this prospectus, we will describe in a prospectus supplement the terms of the preferred stock, including, if applicable, the following: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title of the series and stated value; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the number of shares of the series of preferred stock offered, the liquidation preference per share, if applicable, and the offering price; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the applicable dividend rate(s) or amount(s), period(s) and payment date(s) or method(s) of calculation thereof; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date from which dividends on the preferred stock will accumulate, if applicable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions for a sinking fund; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any applicable provision for redemption and the price or prices, terms and conditions on which preferred stock may be redeemed; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any securities exchange listing; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any voting rights and powers; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the terms and conditions, if applicable, of conversion into shares of our common stock, including the conversion price or rate or manner of calculation thereof; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a discussion of any material U.S. federal income tax considerations; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the relative ranking and preference as to dividend rights and rights upon our liquidation, dissolution or the winding up of our affairs; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any limitations on issuance of any series of preferred stock ranking senior to or on a parity with such series of preferred stock as to dividend rights and rights upon our liquidation, dissolution or the winding up of our affairs; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other specific terms, preferences, rights, limitations or restrictions of such series of preferred stock. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Series&#160;B Preferred Stock</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As of March&#160;15, 2021, there were 5,031,473 shares of the Series&#160;B Preferred Stock, with a liquidation preference of $25.00 per share, issued and outstanding. We pay cumulative dividends on the Series&#160;B Preferred Stock, when and as authorized by our board of directors, at a rate of 5.50% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual rate of $1.375 per share). Dividends on the Series&#160;B Preferred Stock are payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. Whenever dividends on any shares of Series&#160;B Preferred Stock are in arrears for six or more quarterly dividend periods, whether or not consecutive, the dividend rate will increase to 7.50% per annum until all accumulated, accrued but unpaid dividends on the Series&#160;B Preferred Stock have been paid in full, at which time the dividend rate will revert to 5.50% per annum. The Series&#160;B Preferred Stock ranks senior to all classes or series of our common stock and future junior securities, on a parity with each series of our outstanding preferred stock (including the Series&#160;D Preferred Stock, the Series&#160;E Preferred Stock and the Series&#160;M Preferred Stock) and with any future parity securities and junior to future senior securities and to all of our existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of our affairs. After June&#160;11, 2020, the Company may redeem shares of the Series&#160;B Convertible Preferred Stock, in whole or in part, for cash at </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">12</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid dividends. Each outstanding share of Series&#160;B Preferred Stock will be convertible at any time at the option of the holder into that number of whole shares of our common stock at an initial conversion price equal to $18.70. In addition, at any time, if the common stock equals or exceeds 110% of the applicable conversion price for 45 consecutive trading days, we have the option to mandatorily convert all or part of the Series&#160;B Preferred Stock into common stock at the then applicable conversion ratio, subject to a make-whole payment (as described in the articles supplementary for the Series&#160;B Preferred Stock). If we do not exercise our right to redeem the Series&#160;B Preferred Stock upon such a change of control, the holders of Series&#160;B Preferred Stock have the right to convert some or all of their shares into a number of shares of our common stock based on a defined formula subject to a cap. The Series&#160;B Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series&#160;B Preferred Stock will generally have no voting rights, except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances, including the exclusive right to vote on any amendment, alteration or repeal of the provisions of our charter or the terms of the Series&#160;B Preferred Stock that would alter only the contract rights set forth in our charter of the Series&#160;B Preferred Stock. </font>
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        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Series&#160;D Preferred Stock</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As of March&#160;15, 2021, there were 1,600,000 shares of the Series&#160;D Preferred Stock, with a liquidation preference of $25.00 per share, issued and outstanding. We pay cumulative dividends on the Series&#160;D Preferred Stock, when and as authorized by our board of directors, at a rate of 8.25% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual rate of $2.0625 per share). Dividends on the Series&#160;D Preferred Stock are payable quarterly in arrears on or about the 15th day of January, April, July and October of each year. The Series&#160;D Preferred Stock ranks senior to all classes or series of our common stock and future junior securities, on a parity with each series of our outstanding preferred stock (the Series&#160;B Preferred Stock, the Series&#160;E Preferred Stock and the Series&#160;M Preferred Stock) and with any future parity securities and junior to future senior securities and to all of our existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of our affairs. Generally, we are not permitted to redeem the Series&#160;D Preferred Stock prior to November&#160;20, 2023, except in limited circumstances relating to our ability to qualify as a REIT and in certain other circumstances related to a change of control (as defined in the articles supplementary for the Series&#160;D Preferred Stock). If we do not exercise our right to redeem the Series&#160;D Preferred Stock upon such a change of control, the holders of Series&#160;D Preferred Stock have the right to convert some or all of their shares into a number of shares of our common stock based on a defined formula subject to a cap. The Series&#160;D Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series&#160;D Preferred Stock will generally have no voting rights, except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances, including the exclusive right to vote on any amendment, alteration or repeal of the provisions of our charter or the terms of the Series&#160;D Preferred Stock that would alter only the contract rights set forth in our charter of the Series&#160;D Preferred Stock. </font>
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        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Series&#160;E Preferred Stock</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As of March&#160;15, 2021, there were no shares of the Series&#160;E Preferred Stock, with a liquidation preference of $25.00 per share, issued and outstanding. Holders of Series&#160;E Preferred Stock are entitled to receive, when and as authorized by our board of directors and declared by us out of legally available funds, cumulative cash dividends on each share of Series&#160;E Preferred Stock at an annual rate of 6.5% of the Stated Value (equivalent of an annual dividend rate of $1.625 per share). We expect to authorize and declare dividends on the shares of Series&#160;E Preferred Stock on a monthly basis, payable on the 15th day of each month (or if such payment date is not a business day, on the next succeeding business day), unless our results of operations, our general financial condition, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent to do so. Dividends will be payable in arrears to holders of record as they appear on our records at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. Dividends payable on the Series&#160;E Preferred Stock for any dividend period (including any dividend period during which any shares of Series&#160;E Preferred Stock shall be redeemed) will be computed on the basis of twelve 30-day&#160;months and a 360-day year. The </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">13</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Series&#160;E Preferred Stock ranks prior or senior to all classes or series of our common stock and any other class or series of equity securities, if the holders of Series&#160;E Preferred Stock are entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of shares of such class or series. The Series&#160;E Preferred Stock ranks senior to all classes or series of our common stock and future junior securities, on a parity with each series of our outstanding preferred stock (including the Series&#160;B Preferred Stock, the Series&#160;D Preferred Stock and the Series&#160;M Preferred Stock) and with any future parity securities and junior to future senior securities and to all of our existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of our affairs. If we do not exercise our right to redeem the Series&#160;E Preferred Stock upon such a change of control, the holders of Series&#160;E Preferred Stock have the right to convert some or all of their shares into a number of shares of our common stock based on a defined formula subject to a cap. Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, each outstanding share of the Series&#160;E Preferred Stock entitles the holder to one vote on all matters submitted to a vote by the holders of our common stock, including the election of directors </font>
        </div>
        <div style="margin-left:20pt; margin-top:12pt; width:436pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Series&#160;M Preferred Stock</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As of March&#160;15, 2021, there were no shares of the Series&#160;M Preferred Stock, with a liquidation preference of $25.00 per share, issued and outstanding. Holders of Series&#160;M Preferred Stock are entitled to receive, when and as authorized by our board of directors and declared by us out of legally available funds, cumulative cash dividends on each share of Series&#160;M Preferred Stock at an annual rate of 7.0% of the Stated Value (equivalent to an annual dividend rate of $1.75 per share). Beginning one year from the &#8220;date of original issuance&#8221; of each share of Series&#160;M Preferred Stock, and on each one-year anniversary thereafter for such Series&#160;M Preferred Stock, the dividend rate will increase by 0.10% per annum for such share; </font><font style="font-style:italic;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style="font-style:italic;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;">, that the dividend rate for any share of Series&#160;M Preferred Stock shall not exceed 7.5% per annum. We expect to authorize and declare dividends on the shares of Series&#160;M Preferred Stock on a monthly basis, payable on the 15th day of each month (or if such payment date is not a business day, on the next succeeding business day), unless our results of operations, our general financial condition, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent to do so. Dividends will be payable in arrears to holders of record as they appear on our records at the close of business on the last business day of each month immediately preceding the applicable dividend payment date. The timing and amount of such dividends will be determined by our board of directors, in its sole discretion, and may vary from time to time. The Series&#160;M Preferred Stock ranks prior or senior to all classes or series of our common stock and any other class or series of equity securities, if the holders of Series&#160;M Preferred Stock are entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of shares of such class or series. The Series&#160;M Preferred Stock ranks senior to all classes or series of our common stock and future junior securities, on a parity with each series of our outstanding preferred stock (including the Series&#160;B Preferred Stock, the Series&#160;D Preferred Stock and the Series&#160;E Preferred Stock) and with any future parity securities and junior to any future senior securities (none of which are currently outstanding) and to all our existing and future indebtedness, with respect to the payment of dividends and rights upon our liquidation, dissolution or winding up of our affairs. If we do not exercise our right to redeem the Series&#160;M Preferred Stock upon such a change of control, the holders of Series&#160;M Preferred Stock have the right to convert some or all of their shares into a number of shares of our common stock based on a defined formula subject to a cap. Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, each outstanding share of the Series&#160;M Preferred Stock entitles the holder to one vote on all matters submitted to a vote by the holders of our common stock, including the election of directors. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Restrictions on Ownership and Transfer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To assist us in complying with certain U.S. federal income tax requirements applicable to REITs, our charter contains certain restrictions relating to the ownership and transfer of our common stock and any class of our preferred stock or other class of stock. See &#8220;Restrictions on Ownership and Transfer.&#8221; </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Transfer Agent</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The transfer agent and registrar for our common stock, the Series&#160;B Preferred Stock, Series&#160;D Preferred Stock, Series&#160;E Preferred Stock and Series&#160;M Preferred Stock is Computershare Trust Company, N.A. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">14</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:348pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Listing</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our common stock is listed on the NYSE under the symbol &#8220;BHR,&#8221; the Series&#160;B Preferred Stock is listed on the NYSE under the symbol &#8220;BHRPrB&#8221; and the Series&#160;D Preferred Stock is listed on the NYSE under the symbol &#8220;BHRPrD.&#8221; The shares of the Series&#160;E Preferred Stock and Series&#160;M Preferred Stock are not listed on an exchange, and we do not intend to apply to have any such shares listed on an exchange in the future. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Power to Increase Authorized Stock and Issue Additional Shares of Our Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We believe that the power of our board of directors, without stockholder approval, to amend our charter to increase the aggregate number of authorized shares of common stock and preferred stock, to issue additional authorized but unissued shares of our common stock and preferred stock and to classify or reclassify unissued shares of our common stock and preferred stock and thereafter to issue such classified or reclassified shares provides us with flexibility in structuring possible future financings and acquisitions and in meeting other needs which might arise. The additional classes or series, as well as the additional authorized shares of common stock or preferred stock, are available for issuance without further action by our stockholders, unless stockholder approval is required by applicable law or the rules of the NYSE or any other stock exchange or automated quotation system on which our securities may be listed or traded. Although our board of directors does not currently intend to do so, it could authorize us to issue an additional class or series of stock that could, depending upon the terms of the particular class or series, delay, deter or prevent a transaction or a change of control of our company, even if such transaction or change of control involves a premium price for our stockholders or our stockholders believe that such transaction or change of control may be in their best interests. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">15</font>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDODS">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:160pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF DEPOSITARY SHARES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may, at our option, elect to offer fractional shares of preferred stock, or &#8220;depositary shares,&#8221; rather than full shares of preferred stock. In that event, we will issue receipts for depositary shares, and each receipt will represent a fraction of a share of a particular series of preferred stock as described in the applicable prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The shares of any series of preferred stock represented by depositary shares will be deposited under a deposit agreement to be entered into between us and the depositary named in the applicable prospectus supplement. The deposit agreement will contain terms applicable to the holders of depositary shares in addition to the terms stated in the depositary receipts. Subject to the terms of the deposit agreement, each owner of a depositary share will be entitled, in proportion to the applicable fraction of the preferred share represented by such depositary share, to all the rights and preferences of the preferred share, including dividend, voting, redemption, subscription and liquidation rights. The terms of any depositary shares will be described in the applicable prospectus supplement and the provisions of the deposit agreement, which will be filed with the SEC. You should carefully read the deposit agreement and the depositary receipt attached to the deposit agreement for a more complete description of the terms of the depositary shares. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If any series of preferred stock underlying the depositary shares may be converted or redeemed, each record holder of depositary receipts representing the shares of preferred stock being converted or redeemed will have the right or obligation to convert or redeem the depositary shares represented by the depositary receipts. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Whenever we redeem or convert shares of preferred stock held by the depositary, the depositary will redeem or convert, at the same time, the number of depositary shares representing the preferred stock to be redeemed or converted. The depositary will redeem or convert the depositary shares from the proceeds it receives from the corresponding redemption or conversion of the applicable series of preferred stock. The redemption or conversion price per depositary share will be equal to the applicable fraction of the redemption or conversion price per share of the applicable series of preferred stock. If fewer than all the depositary shares are to be redeemed or converted, the depositary will select which shares are to be redeemed or converted by lot on a pro&#160;rata basis or by any other equitable method as the depositary may decide. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">After the redemption or conversion date, the depositary shares called for redemption or conversion will no longer be outstanding. When the depositary shares are no longer outstanding, all rights of the holders of such shares will end, except the right to receive money, securities or other property payable upon redemption or conversion. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will pay all fees, charges and expenses of the depositary, including such fees, charges and expenses in connection with the initial deposit of preferred stock and any redemption of the preferred stock. Holders of depositary shares will pay taxes and any other charges as are stated in the deposit agreement for their accounts. </font>
        </div>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOW">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF WARRANTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may issue warrants for the purchase of our common stock, preferred stock, depositary shares, debt securities or&#160;units of two or more of these types of securities. Warrants may be issued independently or together with common stock, preferred stock or debt securities and may be attached to or separate from these securities. Each series of warrants will be issued under a separate warrant agreement. We will distribute a prospectus supplement with regard to each issue or series of warrants. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Warrants to Purchase Common Stock, Preferred Stock, Depositary Shares or Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each prospectus supplement for warrants to purchase common stock, preferred stock, depositary shares or&#160;units will describe: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title of the warrants; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the securities for which the warrants are exercisable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.51pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.51pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the price or prices at which the warrants will be issued; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the number of the warrants issued with each share of our common stock or preferred stock, each depositary share, each unit or a specified principal amount of our debt securities; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the date on and after which such warrants and the related securities will be separately transferable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.51pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.51pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions for adjustment of the number or amount of shares of our securities receivable upon exercise of the warrants or the exercise price of the warrants; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, a discussion of material U.S. federal income tax considerations; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other material terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Warrants to Purchase Debt Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each prospectus supplement for warrants to purchase debt securities will describe: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title of the debt warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the aggregate number of the debt warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.51pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.51pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the price or prices at which the debt warrants will be issued; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.5pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.5pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the designation, aggregate principal amount and terms of the debt securities purchasable upon exercise of the debt warrants, and the procedures and conditions relating to the exercise of the debt warrants; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.51pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.51pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the number of the warrants issued with each share of our preferred stock or common stock, each depositary share, each unit or a specified principal amount of our debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, the date on and after which the debt warrants and the related securities will be separately transferable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the principal amount of and exercise price for debt securities that may be purchased upon exercise of each debt warrant; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the maximum or minimum number of the debt warrants which may be exercised at any time; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if applicable, a discussion of any material U.S. federal income tax considerations; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other material terms of the debt warrants and terms, procedures and limitations relating to the exercise of the debt warrants. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exercise of Warrants</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each warrant will entitle the holder of the warrant to purchase our securities at the exercise price as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">17</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:408pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">the warrants offered in the applicable prospectus supplement. Warrants may be exercised at any time up to the close of business on the expiration date set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Upon receipt of payment and the proper completion and due execution of the warrant certificate at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the common stock, preferred stock or debt securities to be purchased upon such exercise. If less than all of the warrants represented by a warrant certificate are exercised, a new warrant certificate will be issued for the remaining warrants. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Prior to the exercise of any warrants to purchase our securities, holders of the warrants will not have any of the rights of holders of the securities purchasable upon exercise, including: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of warrants for the purchase of common stock or preferred stock, the right to vote or to receive any payments of dividends on the common stock or preferred stock purchasable upon exercise; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of warrants for the purchase of debt securities, the right to receive payments of principal of, or any premium or interest on, the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">18</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDODS1">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF DEBT SECURITIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following is a general description of the debt securities that we may offer from time to time. The particular terms of the debt securities offered by any prospectus supplement and the extent, if any, to which the general provisions described below may apply to those securities will be described in the applicable prospectus supplement. We also may sell hybrid securities that combine certain features of debt securities and other securities described in this prospectus or the applicable prospectus supplement. As you read this section, please remember that the specific terms of a debt security as described in the applicable prospectus supplement will supplement and may modify or replace the general terms described in this section. If there are differences between the applicable prospectus supplement and this prospectus, the applicable prospectus supplement will control. As a result, the statements we make in this section may not apply to the debt security you purchase. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Except as otherwise defined herein, capitalized terms used but not defined in this section have the respective meanings set forth in the applicable indenture. As used in this section, &#8220;Braemar&#8221; refers to Braemar Hotels &amp; Resorts Inc. on an unconsolidated basis and does not include any of its consolidated subsidiaries. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The debt securities that we offer will be senior debt securities or subordinated debt securities and may be secured or unsecured. We will issue senior debt securities under an indenture, which we refer to as the senior indenture, to be entered into between Braemar and the trustee named in the applicable prospectus supplement. We will issue subordinated debt securities under an indenture, which we refer to as the subordinated indenture, to be entered into between Braemar and the trustee named in the applicable prospectus supplement. We refer to the senior indenture and the subordinated indenture as the indentures, and to each of the trustees under the indentures as a trustee. In addition, the indentures may be supplemented or amended as necessary to set forth the terms of any debt securities issued under the indentures. You should read the indentures, including any amendments or supplements, carefully to fully understand the terms of the debt securities. The indentures will be subject to, and are governed by, the Trust Indenture Act of 1939. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The senior debt securities will be Braemar&#8217;s unsubordinated obligations. They will rank equally with each other and all other unsubordinated debt, unless otherwise indicated in the applicable prospectus supplement. The subordinated debt securities will be subordinated in right of payment to the prior payment in full of our senior debt. See &#8220;Subordination of Subordinated Debt Securities.&#8221; The subordinated debt securities will rank equally with each other, unless otherwise indicated in the applicable prospectus supplement. We will indicate in each applicable prospectus supplement relating to subordinated debt securities, as of the most recent practicable date, the aggregate amount of our outstanding debt that would rank senior to the subordinated debt securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures do not limit the amount of debt securities that can be issued under the indentures and provide that debt securities of any series may be issued under the indentures up to the aggregate principal amount that we may authorize from time to time. Unless otherwise provided in the prospectus supplement, the indentures do not limit the amount of other indebtedness or securities that we may issue. We may issue debt securities of the same series at more than one time and, unless prohibited by the terms of the series, we may reopen a series for issuances of additional debt securities, without the consent of the holders of the outstanding debt securities of that series. All debt securities issued as a series, including those issued pursuant to any reopening of a series, will vote together as a single class unless otherwise described in the prospectus supplement for such series. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Reference is made to the prospectus supplement for the following and other possible terms of each series of the debt securities in respect of which this prospectus is being delivered: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the title of the debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any limit upon the aggregate principal amount of the debt securities of that series that may be authenticated and delivered under the applicable indenture, except for debt securities authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, other debt securities of that series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">19</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date or dates on which the principal and premium, if any, of the debt securities of the series is payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the rate or rates, which may be fixed or variable, at which the debt securities of the series shall bear interest or the manner of calculation of such rate or rates, if any, including any procedures to vary or reset such rate or rates, and the basis upon which interest will be calculated if other than that of a 360-day year of twelve 30-day&#160;months; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date or dates from which such interest shall accrue, the dates on which such interest will be payable or the manner of determination of such dates, and the record date for the determination of holders to whom interest is payable on any such dates; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any trustees, authenticating agents or paying agents with respect to such series, if different from those set forth in the applicable indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the right, if any, to extend the interest payment periods or defer the payment of interest and the duration of such extension or deferral; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the period or periods within which, the price or prices at which and the terms and conditions upon which, debt securities of the series may be redeemed, in whole or in part, at the option of Braemar; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the obligation, if any, of Braemar to redeem, purchase or repay debt securities of the series pursuant to any sinking fund or analogous provisions, including payments made in cash in anticipation of future sinking fund obligations, or at the option of a holder of debt securities and the period or periods within which, the price or prices at which, and the terms and conditions upon which, debt securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the form of the debt securities of the series including the form of the trustee&#8217;s certificate of authentication for such series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if other than denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000, the denominations in which securities of the series shall be issuable; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the currency or currencies in which payment of the principal of, premium, if any, and interest on, debt securities of the series shall be payable; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the principal amount payable at the stated maturity of debt securities of the series will not be determinable as of any one or more dates prior to such stated maturity, the amount which will be deemed to be such principal amount as of any such date for any purpose, including the principal amount of the debt securities of the series that will be due and payable upon declaration of maturity or upon any maturity other than the stated maturity or that will be deemed to be outstanding as of any such date, or, in any such case, the manner in which such deemed principal amount is to be determined; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the terms of any repurchase or remarketing rights; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the securities of the series shall be issued in whole or in part in the form of a global security or securities, the type of global security to be issued; the terms and conditions, if different from those contained in the applicable indenture, upon which such global security or securities may be exchanged in whole or in part for other individual securities in definitive registered form; the depositary for such global security or securities; and the form of any legend or legends to be borne by any such global security or securities in addition to or in lieu of the legends referred to in the indenture; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the debt securities of the series will be convertible into or exchangeable for other debt securities, registered shares or other securities of any kind of Braemar or another obligor, and, if so, the terms and conditions upon which such debt securities will be so convertible or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how and when the conversion price or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at Braemar&#8217;s option, the conversion or exchange period, and any other provision in addition to or in lieu of those described herein; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any additional restrictive covenants or events of default that will apply to the debt securities of the series, or any changes to the restrictive covenants set forth in the applicable indenture that will apply </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">20</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:30pt; width:426pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">to the debt securities of the series, which may consist of establishing different terms or provisions from those set forth in the applicable indenture or eliminating any such restrictive covenant or event of default with respect to the debt securities of the series; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions granting special rights to holders when a specified event occurs; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the amount of principal or any premium or interest on debt securities of a series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be determined; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any special tax implications of the debt securities, including provisions for original issue discount securities, if offered; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether and upon what terms debt securities of a series may be defeased if different from the provisions set forth in the applicable indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">with regard to the debt securities of any series that do not bear interest, the dates for certain required reports to the trustee; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the debt securities of the series will be issued as unrestricted securities or restricted securities, and, if issued as restricted securities, the rule or regulation promulgated under the Securities Act in reliance on which they will be sold; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">whether the series will be issued with guarantees and, if so, the identity of the guarantor and the terms, if any, of any guarantee of the payment of principal and interest, if any, with respect to the series and any corresponding changes to the indenture as then in effect; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">if the debt securities are subordinated debt securities, the subordination terms of the debt securities and any related guarantee; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any and all additional, eliminated or changed terms that shall apply to the debt securities of the series, including any terms that may be required by or advisable under United States laws or regulations, including the Securities Act and the rules and regulations promulgated thereunder, or advisable in connection with the marketing of debt securities of that series. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Principal&#8221; when used in this discussion includes any premium on any series of the debt securities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise provided in the prospectus supplement relating to any debt securities, principal and interest, if any, will be payable, and transfers of the debt securities may be registered, at the office or offices or agency we maintain for such purposes, provided that payment of interest on the debt securities will be paid at such place by check mailed to the persons entitled thereto at the addresses of such persons appearing on the security register. Interest on the debt securities, if any, will be payable on any interest payment date to the persons in whose names the debt securities are registered at the close of business on the record date for such interest payment. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The debt securities may be issued in fully registered form. Additionally, the debt securities may be represented in whole or in part by one or more global notes registered in the name of a depository or its nominee and, if so represented, interests in such global note will be shown on, and transfers of debt securities will be effected only through, records maintained by the designated depository and its participants. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise provided in the prospectus supplement relating to any debt securities, the debt securities may be exchanged for an equal aggregate principal amount of debt securities of the same series and date of maturity in such authorized denominations as may be requested upon surrender of the debt securities at an agency that we maintain for such purpose and upon fulfillment of all other requirements of such agent. No service charge will be made for any registration of transfer or exchange of the debt securities, but we may require payment of an amount sufficient to cover any associated tax or other governmental charge. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indentures require the annual filing by Braemar with the trustee of a certificate as to compliance with certain covenants contained in the indentures. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will comply with Section&#160;14(e) under the Exchange Act, to the extent applicable, and any other tender offer rules under the Exchange Act that may be applicable, in connection with any obligation to </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">21</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">purchase debt securities at the option of the holders of such debt securities. Any such obligation applicable to a series of debt securities will be described in the prospectus supplement relating to such series. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise described in a prospectus supplement relating to any debt securities, there are no covenants or provisions contained in the indentures that may afford the holders of debt securities protection in the event that we enter into a highly leveraged transaction. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The statements made hereunder relating to the indentures and the debt securities are summaries of certain provisions thereof and are qualified in their entirety by reference to all provisions of the indentures and the debt securities and the descriptions thereof, if different, in the applicable prospectus supplement. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Form of the Debt Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The indentures provide that we may issue debt securities in the forms, including temporary or definitive global form, established by a board resolution or in a supplemental indenture. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless indicated otherwise in the applicable prospectus supplement, we will issue debt securities in denominations of $2,000 or any integral multiple of $1,000, and interest on the debt securities, if any, will be computed on the basis of a 360-day year of twelve 30-day&#160;months. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Registration, Transfer, Payment and Paying Agent</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We will maintain an office or agency where the debt securities may be presented for payment, registration of transfer and exchange, and, if applicable, for conversion. Unless otherwise indicated in a board resolution or supplemental indenture, the indenture trustee is appointed security registrar for purposes of registering, and registering transfers of, the debt securities. Unless otherwise indicated in a board resolution or supplemental indenture, the indenture trustee also will act as paying agent, and will be authorized to pay principal and interest, if any, on any debt security of any series. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">There will be no service charge for any registration of transfer or exchange of debt securities, but we or the indenture trustee may require a holder to pay any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of the debt securities, other than certain exchanges not involving any transfer, and other than certain exchanges or transfers as may be specified in a board resolution or supplemental indenture. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Global Debt Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise indicated in the applicable prospectus supplement for a series of debt securities, each series of the debt securities will be issued in global form, which means that we will deposit with the depositary identified in the applicable prospectus supplement (or its custodian) one or more certificates representing the entire series, as described below under &#8220;Book-Entry Procedures and Settlement.&#8221; Global debt securities may be issued in either temporary or definitive form. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The applicable prospectus supplement will describe any limitations and restrictions relating to a series of global debt securities. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Book-Entry Procedures and Settlement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Most offered debt securities will be book-entry, or global, securities. Upon issuance, all book-entry securities will be represented by one or more fully registered global securities, without coupons. Each global security will be deposited with, or on behalf of, The Depository Trust Company or DTC, a securities depository, and will be registered in the name of DTC or a nominee of DTC. DTC will be the only registered holder of these securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Purchasers of debt securities may hold interests in the global securities through DTC if they are participants in the DTC system. Purchasers also may hold interests through a securities intermediary&#8201;&#8212;&#8201;a bank, brokerage house and other institution that maintains securities accounts for customers&#8201;&#8212;&#8201;that has an account with DTC or its nominee. DTC will maintain accounts showing the security holdings of its participants, and these participants will in turn maintain accounts showing the security holdings of their </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">22</font>
          <br >
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      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">customers. Some of these customers may be securities intermediaries holding securities for their customers. Thus, each beneficial owner of a book-entry security will hold that security indirectly through a hierarchy of intermediaries, with DTC at the top and the beneficial owner&#8217;s own securities intermediary at the bottom. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The securities of each beneficial owner of a book-entry security will be evidenced solely by entries on the books of the beneficial owner&#8217;s securities intermediary. The actual purchaser of the securities generally will not be entitled to have the securities represented by the global securities registered in its name and will not be considered the owner under the indenture, the declaration of trust or other applicable governing documents relating to the security. In most cases, a beneficial owner will not be able to obtain a paper certificate evidencing the holder&#8217;s ownership of securities. The book-entry system for holding securities eliminates the need for physical movement of certificates. However, the laws of some jurisdictions require some purchasers of securities to take physical delivery of their securities in definitive form. These laws may impair the ability to transfer book-entry securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A beneficial owner of book-entry securities represented by a global security may exchange the securities for definitive, or paper, securities only if: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">DTC is unwilling or unable to continue as depositary for such global security and we do not appoint a qualified replacement for DTC within 90&#160;days; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">we decide in our sole discretion to allow some or all book-entry securities to be exchangeable for definitive securities in registered form. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise indicated, any global security that is exchangeable will be exchangeable in whole for definitive securities in registered form, with the same terms and of an equal aggregate principal amount. Definitive securities will be registered in the name or names of the person or persons specified by DTC in a written instruction to the registrar of the securities. DTC may base its written instruction upon directions that it receives from its participants. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In this prospectus, for book-entry securities, references to actions taken by security holders will mean actions taken by DTC upon instructions from its participants, and references to payments and notices of redemption to security holders will mean payments and notices of redemption to DTC as the registered holder of the securities for distribution to participants in accordance with DTC&#8217;s procedures. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">DTC is a limited purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a clearing corporation within the meaning of the New York Uniform Commercial Code and a clearing agency registered under section 17A of the Securities Exchange Act of 1934. The rules applicable to DTC and its participants are on file with the SEC. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Neither we nor any trustee or underwriter will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interest in the book-entry securities or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Links may be established among DTC, Clearstream Banking, S.A. (Clearstream) and the Euroclear System (Euroclear) to facilitate the initial issuance of book-entry securities and cross-market transfers of book-entry securities associated with secondary market trading. Euroclear and Clearstream are international clearing systems that perform functions similar to those that DTC performs in the United States. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Although we understand that DTC, Clearstream and Euroclear have agreed to the procedures provided below in order to facilitate transfers, they are under no obligation to perform such procedures, and the procedures may be modified or discontinued at any time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Clearstream and Euroclear will record the ownership interests of their participants in much the same way as DTC, and DTC will record the aggregate ownership of each of the U.S. agents of Clearstream and Euroclear, as participants in DTC. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When book-entry securities are to be transferred from the account of a DTC participant to the account of a Clearstream participant or a Euroclear participant, the purchaser must send instructions to Clearstream or Euroclear through a participant at least one business day prior to settlement. Clearstream or Euroclear, as the case may be, will instruct its U.S. agent to receive book-entry securities against payment. </font>
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      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">23</font>
          <br >
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">After settlement, Clearstream or Euroclear will credit its participant&#8217;s account. Credit for the book-entry securities will appear on the next day (European time). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Because settlement takes place during New York business hours, DTC participants can employ their usual procedures for sending book-entry securities to the relevant U.S. agent acting for the benefit of Clearstream or Euroclear participants. The sale proceeds will be available to the DTC seller on the settlement date. Thus, to the DTC participant, a cross-market transaction will settle no differently than a trade between two DTC participants. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">When a Clearstream or Euroclear participant wishes to transfer book-entry securities to a DTC participant, the seller must send instructions to Clearstream or Euroclear through a participant at least one business day prior to settlement. In these cases, Clearstream or Euroclear will instruct its U.S. agent to transfer the book-entry securities against payment. The payment will then be reflected in the account of the Clearstream or Euroclear participant the following day, with the proceeds back-valued to the value date (which would be the preceding day, when settlement occurs in New York). If settlement is not completed on the intended value date (i.e., if the trade fails), proceeds credited to the Clearstream or Euroclear participant&#8217;s account would instead be valued as of the actual settlement date. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The information in this &#8220;Book-Entry Procedures and Settlement&#8221; section, including any description of the operations and procedures of DTC, Euroclear or Clearstream, has been provided solely as a matter of convenience. We do not take any responsibility for the accuracy of this information, and this information is not intended to serve as a representation, warranty or contract modification of any kind. The operations and procedures of DTC, Euroclear and Clearstream are solely within the control of such settlement systems and are subject to changes by them. We urge investors to contact such systems or their participants directly to discuss these matters. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Subordination of Subordinated Debt Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We will set forth in the applicable prospectus supplement the terms and conditions, if any, upon which any series of subordinated debt securities is subordinated to debt securities of another series or to our other indebtedness. The terms will include a description of: </font>
        </div>
        <div style="margin-left:40pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;the indebtedness ranking senior to the debt securities being offered; </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(2)&nbsp;&nbsp;&nbsp;the restrictions, if any, on payments to the holders of the debt securities being offered while a default with respect to the senior indebtedness is continuing; and </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(3)&nbsp;&nbsp;&nbsp;the provisions requiring holders of the debt securities being offered to remit some payments to the holders of senior indebtedness. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Events of Default</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Except as otherwise set forth in the prospectus supplement relating to any debt securities, an event of default with respect to the debt securities of any series is defined in the indentures as: </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;default in the payment of any installment of interest upon any of the debt securities of such series as and when the same shall become due and payable, and continuance of such default for a period of 30&#160;days; </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(2)&nbsp;&nbsp;&nbsp;default in the payment of all or any part of the principal of or premium, if any, on any of the debt securities of such series as and when the same shall become due and payable either at maturity, upon any redemption or repurchase, by declaration or otherwise; </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(3)&nbsp;&nbsp;&nbsp;default in the payment of any sinking fund installment as and when the same shall become due and payable by the terms of the debt securities of such series; or </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">(4)&nbsp;&nbsp;&nbsp;default in the performance, or breach, of any other covenant or warranty of Braemar in respect of the debt securities of such series and any related guarantee or set forth in the applicable indenture (other than the failure to comply with any covenant or agreement to file with the trustee information required to be filed with the SEC or a default in the performance or breach of a covenant </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">24</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">or warranty included in the applicable indenture solely for the benefit of one or more series of debt securities other than such series) and continuance of such default or breach for a period of 90&#160;days after due notice by the trustee or by the holders of at least 25% in principal amount of the outstanding securities of such series; or </font>
        </div>
        <div style="margin-left:40pt; margin-top:8pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(5)&nbsp;&nbsp;&nbsp;certain events of bankruptcy, insolvency or reorganization of Braemar. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any failure to perform, or breach of, any covenant or agreement by Braemar in respect of the debt securities with respect to the filing with the trustee of the information required to be filed with the SEC shall not be a default or an event of default. Remedies against Braemar for any such failure or breach will be limited to liquidated damages. If there is such a failure or breach and continuance of such failure or breach for a period of 90&#160;days after the date on which there has been given, by registered or certified mail, to Braemar by the trustee or to Braemar and the trustee by the holders of at least 25% in principal amount of the outstanding debt securities of such series, a written notice specifying such failure or breach and requiring it to be remedied and stating that such notice is a &#8220;Notice of Reporting Noncompliance&#8221; under the indenture, Braemar will pay liquidated damages to all holders of debt securities, at a rate per year equal to 0.25% of the principal amount of such debt securities from the 90th day following such notice to and including the 150th day following such notice and at a rate per year equal to 0.5% of the principal amount of such securities from and including the 151st day following such notice, until such failure or breach is cured. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Additional Events of Default may be added for the benefit of holders of certain series of debt securities that, if added, will be described in the prospectus supplement relating to such debt securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If an event of default shall have occurred and be continuing in respect of a series of debt securities, in each and every case, unless the principal of all the debt 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 debt securities of such series then outstanding, by notice in writing to Braemar and, if given by such holders, to the trustee, may declare the unpaid principal of all the debt securities to be due and payable immediately. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The holders of a majority in aggregate principal amount of a series of debt securities, by written notice to Braemar and the trustee may waive any existing default in the performance of any of the covenants contained in the indenture or established with respect to such series of debt securities and its consequences, except a default in the payment of the principal of, premium, if any, or interest on, any of the debt securities of such series as and when the same shall become due by the terms of such series. Upon any such waiver, the default covered by such waiver and any event of default arising from such default shall be deemed to be cured for all purposes of the indenture. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The holders of a majority in aggregate principal amount of the outstanding debt securities of a series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the debt securities of such series; provided, however, that such direction shall not be in conflict with any rule of law or with the indenture or be unduly prejudicial to the rights of holders of securities of any other outstanding series of debt securities. Subject to the terms of the indenture, the trustee shall have the right to decline to follow any such direction if the trustee in good faith shall determine that the proceeding so directed would involve the trustee in personal liability. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Merger</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each indenture provides that Braemar may merge or consolidate with any other person or sell or convey all or substantially all of its assets to any person if: </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;either (a)&#160;Braemar is the continuing company or (b)&#160;the successor person expressly assumes all of the obligations of Braemar under the applicable indenture, is an entity treated as a corporation for U.S. tax purposes and obtains either (x)&#160;an opinion, in form and substance reasonably acceptable to the trustee or (y)&#160;a ruling from the U.S. Internal Revenue Service, in either case (x)&#160;or (y)&#160;to the effect that such merger or consolidation, or such sale or conveyance, will not result in an exchange of the debt securities for new debt instruments for U.S. federal income tax purposes; and </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">25</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:20pt; text-indent:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(2)&nbsp;&nbsp;&nbsp;no event of default and no event that, after notice or lapse of time or both, would become an event of default shall be continuing immediately after such merger or consolidation, or such sale or conveyance. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Satisfaction and Discharge of Indentures</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The indenture with respect to any series of debt securities (except for certain specified surviving obligations, including our obligation to pay the principal of and interest, if any, on the debt securities of such series) will be discharged and cancelled upon the satisfaction of certain conditions, including the payment of all the debt securities of such series or the deposit with the trustee under such indenture of cash or appropriate government obligations or a combination thereof sufficient for such payment or redemption in accordance with the applicable indenture and the terms of the debt securities of such series. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Modification of the Indentures</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Braemar and the trustee may from time to time and at any time enter into an indenture or indentures supplemental to the indenture without the consent of any holders of any series of securities for one or more of the following purposes: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.19pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to cure any ambiguity, defect or inconsistency in the indenture or debt securities of any series, including making any such changes as are required for the indenture to comply with the Trust Indenture Act; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add an additional obligor on the debt securities or to evidence the succession of another person to Braemar, or successive successions, and the assumption by the successor person of the covenants, agreements and obligations of Braemar pursuant to provisions in the indenture concerning consolidation, merger, the sale of assets or successor entities; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to provide for uncertificated debt securities in addition to or in place of certificated debt securities; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add to the covenants of Braemar for the benefit of the holders of any outstanding series of debt securities or to surrender any of Braemar&#8217;s rights or powers under the indenture; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to add any additional Events of Default for the benefit of the holders of any outstanding series of debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to change or eliminate any of the provisions of the indenture, provided that any such change or elimination shall not become effective with respect to any outstanding debt security of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to secure the debt securities of any series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to make any other change that does not adversely affect the rights of any holder of outstanding debt securities in any material respect; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to provide for the issuance of and establish the form and terms and conditions of a series of debt securities, to provide which, if any, of the covenants of Braemar shall apply to such series, to provide which of the events of default shall apply to such series, to name one or more guarantors and provide for guarantees of such series of debt securities, to provide for the terms and conditions upon which any guarantees by a guarantor of such series may be released or terminated, or to define the rights of the holders of such series of debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to issue additional debt securities of any series; provided that such additional debt securities have the same terms as, and be deemed part of the same series as, the applicable series of debt securities to the extent required under the indenture; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">to evidence and provide for the acceptance of appointment by a successor trustee with respect to the debt securities of one or more series and to add to or change any of the provisions of the indenture as shall be necessary to provide for or facilitate the administration of the trust by more than one trustee. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">26</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, under the indenture, with the written consent of the holders of not less than a majority in aggregate principal amount of the debt securities of each series at the time outstanding that is affected, Braemar and the trustee, from time to time and at any time may enter into an indenture or indentures to supplement the indenture. However, the following changes may only be made with the consent of each holder of outstanding debt securities affected: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">extend a fixed maturity of or any installment of principal of any debt securities of any series or reduce the principal amount of such debt securities or reduce the amount of principal of any original issue discount security that would be due and payable upon declaration of acceleration of the maturity of such debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the rate of or extend the time for payment of interest on any debt security of any series; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the premium payable upon the redemption of any debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">make any debt security payable in currency other than that stated in the debt security; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">impair the right to institute suit for the enforcement of any payment on or after the fixed maturity thereof or, in the case of redemption, on or after the redemption date; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">modify the subordination provisions applicable to any debt security or any related guarantee in a manner materially adverse to the holder of such debt security; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reduce the&#160;percentage of debt securities, the holders of which are required to consent to any such supplemental indenture or indentures. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A supplemental indenture that changes or eliminates any covenant, event of default or other provision of the indenture that has been expressly included solely for the benefit of one or more particular series of securities, if any, or which modifies the rights of the holders of securities of such series with respect to such covenant, event of default or other provision, shall be deemed not to affect the rights under the indenture of the holders of securities of any other series. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">It will not be necessary for the consent of the holders to approve the particular form of any proposed supplement, amendment or waiver, but it shall be sufficient if such consent approves the substance of it. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Defeasance and Discharge of Obligations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Braemar&#8217;s obligations with respect to a series of debt securities will be discharged upon compliance with the conditions under the caption &#8220;&#8212; Covenant Defeasance&#8221; if, with respect to all debt securities of such series that have not been previously delivered to the trustee for cancellation or that have not become due and payable as described below, such debt securities of such series have been paid by Braemar by depositing irrevocably with the trustee, in trust, funds or governmental obligations, or a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants, to pay at maturity or upon redemption all such outstanding debt securities of such series, such deposit to include: principal; premium, if any; interest due or to become due to such date of maturity or date fixed for redemption, as the case may be; and all other payments due under the terms of the indenture with respect to the debt securities of such series. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the above, Braemar may not be discharged from the following obligations, which will survive until such date of maturity or the redemption date for a series of debt securities: to make any interest or principal payments that may be required; to register the transfer or exchange of a series of debt securities; to execute and authenticate a series of debt securities; to replace stolen, lost or mutilated debt securities of such series; to maintain an office or agency; to maintain paying agencies; and to appoint new trustees as required. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Braemar also may not be discharged from the following obligations which will survive the satisfaction and discharge of a series of debt securities: to compensate and reimburse the trustee in accordance with the terms of the indenture; to receive unclaimed payments held by the trustee for at least one year after the date upon which the principal, if any, or interest on a series of debt securities shall have respectively come due and payable and remit those payments to the holders if required; and to withhold or deduct taxes as provided in the indenture. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">27</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:164pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Covenant Defeasance</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Upon compliance with specified conditions, Braemar will not be required to comply with some covenants contained in the indenture, and any omission to comply with the obligations will not constitute a default or event of default relating to a series of debt securities, or, if applicable, Braemar&#8217;s obligations with respect to a series of debt securities will be discharged. These conditions are: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Braemar irrevocably deposits in trust with the trustee or, at the option of the trustee, with a trustee satisfactory to the trustee and Braemar under the terms of an irrevocable trust agreement in form and substance satisfactory to the trustee, funds or governmental obligations or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent certified public accountants, to pay principal of, premium, if any, and interest on the outstanding debt securities of such series to maturity or redemption, as the case may be, and to pay all other amounts payable by it under the indenture, provided that (A)&#160;the trustee of the irrevocable trust shall have been irrevocably instructed to pay such funds or the proceeds of such governmental obligations to the trustee and (B)&#160;the trustee shall have been irrevocably instructed to apply such funds or the proceeds of such governmental obligations to the payment of principal, premium, if any, and interest with respect to such series of debt securities; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Braemar delivers to the trustee an officer&#8217;s certificate stating that all specified conditions precedent relating to defeasance or covenant defeasance, as the case may be, have been complied with, and an opinion of counsel to the same effect; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">no event of default shall have occurred and be continuing, and no event which with notice or lapse of time or both would become such an event of default shall have occurred and be continuing, on the date of such deposit; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Braemar shall have delivered to the trustee an opinion of counsel or a ruling received from the Internal Revenue Service to the effect that the holders of such series of debt securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of Braemar&#8217;s exercise of such defeasance or covenant defeasance and will be subject to U.S. Federal income tax in the same amount and in the same manner and at the same times as would have been the case if such election had not been exercised; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">such defeasance or covenant defeasance shall not (i)&#160;cause the trustee to have a conflicting interest for purposes of the Trust Indenture Act with respect to any securities or (ii)&#160;result in the trust arising from such deposit to constitute, unless it is registered as such, a regulated investment company under the Investment Company Act of 1940; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on Braemar pursuant to the indenture. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">28</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOR">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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      <div style="margin-top:6pt;margin-bottom:80pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF RIGHTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue rights to our stockholders to purchase shares of our common stock or other securities. Each series of rights will be issued under a separate rights agreement to be entered into between us and a bank or trust company, as rights agent. The rights agent will act solely as our agent in connection with the certificates relating to the rights of the series of certificates and will not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights. The statements made in this section relating to the rights are summaries only. These summaries are not complete. When we issue rights, we will provide the specific terms of the rights and the applicable rights agreement in a prospectus supplement. To the extent the information contained in the prospectus supplement differs from this summary description, you should rely on the information in the prospectus supplement. For more detail, we refer you to the applicable rights agreement itself, which we will file as an exhibit to, or incorporate by reference in, the registration statement of which this prospectus is a part. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will provide in a prospectus supplement the following terms of the rights being issued: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date of determining the stockholders entitled to the rights distribution, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the aggregate number of shares of our common stock or other securities purchasable upon exercise of the rights, </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the exercise price, </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the aggregate number of rights issued, </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date, if any, on and after which the rights will be separately transferable, </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the date on which the right to exercise the rights will commence, and the date on which the right will expire, </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a discussion of certain U.S. federal income tax considerations applicable to the rights, and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any other terms of the rights, including terms, procedures and limitations relating to the distribution, exchange and exercise of the rights. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exercise of Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each right will entitle the holder of rights to purchase for cash the principal amount of debt securities or the number of shares of our common stock or other securities at the exercise price provided in the applicable prospectus supplement. Rights may be exercised at any time up to the close of business on the expiration date for the rights provided in the applicable prospectus supplement. After the close of business on the expiration date, all unexercised rights will be void. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Holders may exercise rights as described in the applicable prospectus supplement. After we receive payment and the rights certificate is properly completed and duly executed at the corporate trust office of the rights agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the shares of common stock or other securities purchasable upon exercise of the rights. If less than all of the rights issued in any rights offering are exercised, we may offer any unsubscribed securities directly to persons other than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting arrangements, as described in the applicable prospectus supplement. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">29</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOU">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF UNITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following description, together with the additional information we include in any applicable prospectus supplement, summarizes the material terms and provisions of the&#160;units that we may offer under this prospectus. Units may be offered independently or together with common stock, preferred stock, debt securities and/or warrants offered by any prospectus supplement, and may be attached to or separate from those securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">While the terms we have summarized below will generally apply to any future&#160;units that we may offer under this prospectus, we will describe the particular terms of any series of&#160;units that we may offer in more detail in the applicable prospectus supplement. The terms of any&#160;units offered under a prospectus supplement may differ from the terms described below. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will incorporate by reference into the registration statement of which this prospectus is a part the form of unit agreement, including a form of unit certificate, if any, that describes the terms of the series of&#160;units we are offering before the issuance of the related series of&#160;units. The following summaries of material provisions of the&#160;units and the unit agreements are subject to, and qualified in their entirety by reference to, all the provisions of the unit agreement applicable to a particular series of&#160;units. We urge you to read the applicable prospectus supplements related to the&#160;units that we sell under this prospectus, as well as the complete unit agreements that contain the terms of the&#160;units. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue&#160;units consisting of common stock, preferred stock, depositary shares, warrants, debt securities, rights or any combination thereof. 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. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will describe in the applicable prospectus supplement the terms of the series of&#160;units, including the following: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.2pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the designation and terms of the&#160;units and of the securities comprising the&#160;units, including whether and under what circumstances those securities may be held or transferred separately; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions of the governing unit agreement that differ from those described below; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any provisions for the issuance, payment, settlement, transfer, or exchange of the&#160;units or of the securities comprising the&#160;units. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The provisions described in this section, as well as those described under &#8220;Description of Common Stock,&#8221; &#8220;Description of Preferred Stock,&#8221; &#8220;Description of Warrants&#8221; and &#8220;Description of Debt Securities&#8221; will apply to each unit and to any common stock, preferred stock, debt security or warrant included in each unit, respectively. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Issuance in Series</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may issue&#160;units in such amounts and in such numerous distinct series as we determine. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Enforceability of Rights by Holders of Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each unit agent will act solely as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit. A single bank or trust company may act as unit agent for more than one series of&#160;units. A unit agent will have no duty or responsibility in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit, without the consent of the related unit agent or the holder of any other unit, may enforce by appropriate legal action its rights as holder under any security included in the unit. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">30</font>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:572pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">Title</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">We, the unit agent and any of its agents may treat the registered holder of any unit certificate as an absolute owner of the&#160;units evidenced by that certificate for any purposes and as the person entitled to exercise the rights attaching to the&#160;units, despite any notice to the contrary. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">31</font>
          <br >
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tROOA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">RESTRICTIONS ON OWNERSHIP AND TRANSFER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following summary with respect to restrictions on ownership and transfer of our stock sets forth certain general terms and provisions of our charter to which any prospectus supplement may relate. This summary does not purport to be complete and is subject to and qualified in its entirety by reference to our charter, as amended and supplemented from time to time, including any articles supplementary relating to any class or series of preferred stock offered pursuant to this prospectus. A copy of our existing charter is filed with the SEC and is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. Any amendment or supplement to our charter relating to a class or series of securities offered pursuant to this prospectus will be filed with the SEC and will be incorporated by reference as an exhibit to the applicable prospectus supplement. See &#8220;Where You Can Find More Information.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In order for us to qualify as a REIT under the Code, not more than 50% of the value of the outstanding shares of our stock may be owned, actually or constructively, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year (other than the first year for which an election to be a REIT has been made by us). In addition, if we, or one or more owners (actually or constructively) of 10% or more of the outstanding shares of our capital stock, actually or constructively own 10% or more of a tenant of ours (or a tenant of any partnership in which we are a partner), other than a taxable REIT subsidiary (&#8220;TRS&#8221;), the rent received by us (either directly or through any such partnership) from such tenant will not be qualifying income for purposes of the REIT gross income tests of the Code. Our stock must also be beneficially owned by 100 or more persons during at least 335&#160;days of a taxable year of 12&#160;months or during a proportionate part of a shorter taxable year. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our charter contains restrictions on the ownership and transfer of our capital stock that are intended to assist us in complying with these requirements and continuing to qualify as a REIT. The relevant sections of our charter provide that, subject to the exceptions described below, no person or persons acting as a group may own, or be deemed to own by virtue of the attribution provisions of the Code, more than (i)&#160;9.8% of the lesser of the total number or value of the outstanding shares of our common stock or (ii)&#160;9.8% of the lesser of the total number or value of the outstanding shares of any class or series of our preferred stock or any other stock of our company. We refer to this restriction as the &#8220;ownership limit.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The ownership attribution rules under the Code are complex and may cause stock owned actually or constructively by a group of related individuals and/or entities to be owned constructively by one individual or entity. As a result, the acquisition of less than 9.8% of our capital stock (or the acquisition of an interest in an entity that owns, actually or constructively, our capital stock) by an individual or entity, could, nevertheless cause that individual or entity, or another individual or entity, to own constructively in excess of 9.8% of our outstanding common stock or a class of our preferred stock and thereby subject the common stock or preferred stock to the ownership limit. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our board of directors may, in its sole discretion, waive the ownership limit with respect to one or more stockholders who would not be treated as &#8220;individuals&#8221; for purposes of the Code if it determines that such ownership will not cause any &#8220;individual&#8217;s&#8221; beneficial ownership of shares of our capital stock to violate the ownership limit and that any exemption from the ownership limit will not jeopardize our status as a REIT (for example, by causing any tenant of ours to be considered a &#8220;related party tenant&#8221; for purposes of the REIT qualification rules). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As a condition of any waiver, our board of directors may require an opinion of counsel or an Internal Revenue Service private letter ruling satisfactory to our board of directors, and/or representations or undertakings from the applicant with respect to preserving our REIT status. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In connection with the waiver of the ownership limit or at any other time, our board of directors may decrease the ownership limit for all other persons and entities; provided, however, that the decreased ownership limit will not be effective for any person or entity whose&#160;percentage ownership in our capital stock is in excess of such decreased ownership limit until such time as such person or entity&#8217;s&#160;percentage of our capital stock equals or falls below the decreased ownership limit (unless the decrease is as a result of a retroactive change in existing law, in which case such change shall be effective immediately), but any further acquisition of our capital stock in excess of such&#160;percentage ownership of our capital stock will be in violation of the ownership limit. Additionally, the new ownership limit may not allow five or fewer </font>
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          <font style="letter-spacing:0.2pt;">32</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#8220;individuals&#8221; &#8203;(as defined for purposes of the REIT ownership restrictions under the Code) to beneficially own more than 49.5% of the value of our outstanding capital stock. </font>
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          <font style="letter-spacing:0.2pt;">Our charter provisions further prohibit: </font>
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          <font style="letter-spacing:0.2pt;">any person from actually or constructively owning shares of our capital stock that would result in us being &#8220;closely held&#8221; under Section&#160;856(h) of the Code (without regard to whether the ownership interest is held during the last half of the taxable year); </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any person from transferring shares of our capital stock if such transfer would result in shares of our stock being beneficially owned by fewer than 100 persons (determined without reference to any rules of attribution); </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any person from beneficially or constructively owning our stock to the extent such beneficial or constructive ownership would cause us to constructively own ten&#160;percent or more of the ownership interests in a tenant (other than a TRS) of our real property within the meaning of Section&#160;856(d)(2)(B) of the Code; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any person from beneficially or constructively owning or transferring our stock if such ownership or transfer would otherwise cause us to fail to qualify as a REIT under the Code, including, but not limited to, as a result of any hotel management companies failing to qualify as &#8220;eligible independent contractors&#8221; under the REIT rules. </font>
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          <font style="letter-spacing:0.2pt;">Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our common stock that will or may violate any of the foregoing restrictions on transferability and ownership is required to give notice immediately to us and provide us with such other information as we may request in order to determine the effect of such transfer on our status as a REIT. The foregoing provisions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to our charter, if any purported transfer of our capital stock or any other event would otherwise result in any person violating the ownership limits or the other restrictions in our charter, then any such purported transfer will be void and of no force or effect with respect to the purported transferee or owner (collectively referred to hereinafter as the &#8220;purported owner&#8221;) as to that number of shares in excess of the ownership limit (rounded up to the nearest whole share). The number of shares in excess of the ownership limit will be automatically transferred to, and held by, a trust for the exclusive benefit of one or more charitable organizations selected by us. The trustee of the trust will be designated by us and must be unaffiliated with us or with any purported owner. The automatic transfer will be effective as of the close of business on the business day prior to the date of the violative transfer or other event that results in a transfer to the trust. Any dividend or other distribution paid to the purported owner, prior to our discovery that the shares had been automatically transferred to a trust as described above, must be repaid to the trustee upon demand for distribution to the beneficiary of the trust and all dividends and other distributions paid by us with respect to such &#8220;excess&#8221; shares prior to the sale by the trustee of such shares shall be paid to the trustee for the beneficiary. If the transfer to the trust as described above is not automatically effective, for any reason, to prevent violation of the applicable ownership limit, then our charter provides that the transfer of the excess shares will be void. Subject to Maryland law, effective as of the date that such excess shares have been transferred to the trust, the trustee shall have the authority (at the trustee&#8217;s sole discretion and subject to applicable law) (i)&#160;to rescind as void any vote cast by a purported owner prior to our discovery that such shares have been transferred to the trust and (ii)&#160;to recast such vote in accordance with the desires of the trustee acting for the benefit of the beneficiary of the trust, provided that if we have already taken irreversible action, then the trustee shall not have the authority to rescind and recast such vote. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Shares of our capital stock transferred to the trustee are deemed offered for sale to us, or our designee, at a price per share equal to the lesser of (i)&#160;the price paid by the purported owner for the shares (or, if the event which resulted in the transfer to the trust did not involve a purchase of such shares of our capital stock at market price, the market price on the day of the event which resulted in the transfer of such shares of our capital stock to the trust) and (ii)&#160;the market price on the date we, or our designee, accept(s) such offer. We have the right to accept such offer until the trustee has sold the shares of our capital stock held in the trust pursuant to the clauses discussed below. Upon a sale to us, the interest of the charitable beneficiary in the </font>
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          <font style="letter-spacing:0.2pt;">33</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">shares sold terminates and the trustee must distribute the net proceeds of the sale to the purported owner and any dividends or other distributions held by the trustee with respect to such capital stock will be paid to the charitable beneficiary. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we do not buy the shares, the trustee must, within 20&#160;days of receiving notice from us of the transfer of shares to the trust, sell the shares to a person or entity designated by the trustee who could own the shares without violating the ownership limits. After that, the trustee must distribute to the purported owner an amount equal to the lesser of (i)&#160;the net price paid by the purported owner for the shares (or, if the event which resulted in the transfer to the trust did not involve a purchase of such shares at market price, the market price on the day of the event which resulted in the transfer of such shares of our capital stock to the trust) and (ii)&#160;the net sales proceeds received by the trust for the shares. Any proceeds in excess of the amount distributable to the purported owner will be distributed to the charitable beneficiary. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our charter also provides that &#8220;Benefit Plan&#160;Investors&#8221; &#8203;(as defined in our charter) may not hold, individually or in the aggregate, 25% or more of the value of any class or series of shares of our capital stock to the extent such class or series does not constitute &#8220;Publicly Offered Securities&#8221; &#8203;(as defined in our charter). </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All persons who own, directly or by virtue of the attribution provisions of the Code, more than 5% (or such other&#160;percentage as provided in the regulations promulgated under the Code) of the lesser of the number or value of the shares of our outstanding capital stock must give written notice to us within 30&#160;days after the end of each calendar year. In addition, each stockholder will, upon demand, be required to disclose to us in writing such information with respect to the direct, indirect and constructive ownership of shares of our stock as our board of directors deems reasonably necessary to comply with the provisions of the Code applicable to a REIT, to comply with the requirements or any taxing authority or governmental agency or to determine any such compliance. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All certificates representing shares of our capital stock bear a legend referring to the restrictions described above. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These ownership limits could delay, deter or prevent a transaction or a change of control of our company that might involve a premium price over the then-prevailing market price for the holders of some, or a majority, of our outstanding shares of common stock or which such holders might believe to be otherwise in their best interest. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">34</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMPOM">&#8203;</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">MATERIAL PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following is a summary of material provisions of Maryland law and of our charter and bylaws. The summary is qualified in its entirety by reference to the MGCL, our charter and bylaws. Copies of our charter and bylaws are filed with the SEC and incorporated by reference as exhibits to the registration statement of which this prospectus is a part. See &#8220;Where You Can Find More Information.&#8221; </font>
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          <font style="letter-spacing:-0.2pt;">The Board of Directors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our bylaws provide that the number of directors of our company may be established by our board of directors but may not be fewer than the minimum number permitted under the MGCL and not more than 15. Our charter provides that a director may be removed only for cause and only upon the affirmative vote of a majority of the votes entitled to be cast in the election of directors. Under our charter, cause means, with respect to any particular director, conviction of a felony or a final judgment of court of competent jurisdiction holding that such director caused demonstrable, material harm to us through bad faith or active deliberate dishonesty. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to our charter, members of our board of directors serve one year terms and until their successors are elected and qualified. Holders of shares of our common stock have no right to cumulative voting in the election of directors. Consequently, at each annual meeting of stockholders at which our board of directors is elected, all of the members of our board of directors will be elected if the votes cast for such directors exceed the votes cast against such directors (with abstentions and broker non-votes not counted as votes for or against a nominee&#8217;s election), provided that a plurality voting standard will be applicable in the case of a contested election. Pursuant to our charter, for so long as Ashford Advisor serves as our external advisor, we are required to include two persons designated by Ashford Advisor as candidates for election as director at any stockholder meeting at which directors are elected. </font>
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          <font style="letter-spacing:-0.2pt;">Business Combinations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Maryland law prohibits &#8220;business combinations&#8221; between a corporation and an interested stockholder or an affiliate of an interested stockholder for five&#160;years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include, in circumstances specified in the statute, certain mergers, consolidations, statutory share exchanges, certain transfers of assets, certain stock issuances or transfers, certain liquidation plans, and certain reclassifications, in each case involving interested stockholders or their affiliates as asset transfer or issuance or reclassification of equity securities. Maryland law defines an interested stockholder of a corporation as: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any person who beneficially owns 10% or more of the voting power of the voting stock of the corporation; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of the corporation. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">A person is not an interested stockholder if the board of directors approves in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving the transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board of directors. </font>
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          <font style="letter-spacing:0.2pt;">After the five year prohibition, any business combination between a corporation and an interested stockholder generally must be recommended by the board of directors and approved by the affirmative vote of at least: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">80% of the votes entitled to be cast by holders of the then-outstanding shares of common stock, voting together as a single group; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">two-thirds of the votes entitled to be cast by holders of the common stock other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or shares held by an affiliate or associate of the interested stockholder. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">35</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">These super-majority vote requirements do not apply if certain fair price requirements set forth in the MGCL are satisfied. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The statute permits various exemptions from its provisions, including business combinations that are approved by the board of directors before the time that the interested stockholder becomes an interested stockholder. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our charter includes a provision opting out of the business combination/moratorium provisions of the MGCL. Consequently, the five-year moratorium and the super-majority vote/fair price requirements will not apply to business combinations between us and any interested stockholder of ours unless we later amend our charter, with stockholder approval, to modify or eliminate this provision. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Control Share Acquisitions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The MGCL provides that &#8220;control shares&#8221; of a Maryland corporation acquired in a &#8220;control share acquisition&#8221; have no voting rights except to the extent approved at a special meeting by the affirmative vote of two-thirds of the votes entitled to be cast on the matter, excluding shares of stock in a corporation in respect of which any of the following persons is entitled to exercise or direct the exercise of the voting power of shares of stock of the corporation in the election of directors: (i)&#160;a person who makes or proposes to make a control share acquisition, (ii)&#160;an officer of the corporation or (iii)&#160;an employee of the corporation who is also a director of the corporation. &#8220;Control shares&#8221; are voting shares of stock which, if aggregated with all other such shares of stock previously acquired by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power: (i)&#160;one-tenth or more but less than one-third, (ii)&#160;one-third or more but less than a majority, or (iii)&#160;a majority or more of all voting power. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A &#8220;control share acquisition&#8221; means the acquisition, directly or indirectly, by any person of ownership, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares, subject to certain exceptions. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses), may compel our board of directors to call a special meeting of stockholders to be held within 50&#160;days of demand to consider the voting rights of the shares. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting. If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then, subject to certain conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair value determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of such shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise the appraisal rights provided by the MGCL. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The control share acquisition statute does not apply to (i)&#160;shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (ii)&#160;acquisitions approved or exempted by the charter or bylaws of the corporation at any time prior to the acquisition of the shares. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our charter contains a provision exempting from the control share acquisition statute any and all acquisitions by any person of our common stock. Consequently, the control share acquisitions statute will not apply unless we later amend our charter, with stockholder approval, to modify or eliminate this provision. </font>
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          <font style="letter-spacing:-0.2pt;">MGCL Title 3, Subtitle 8</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, </font>
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          <font style="letter-spacing:0.2pt;">36</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">notwithstanding any contrary provision in the charter or bylaws, to any or all of the following five provisions: a classified board; a two-thirds stockholder vote requirement for removal of a director; a requirement that the number of directors be fixed only by vote of the directors; a requirement that a vacancy on the board of directors be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred; and a requirement that the holders of at least a majority of all votes entitled to be cast request a special meeting of stockholders. Through provisions in our charter and bylaws unrelated to Subtitle 8, we already require that the number of directors be fixed only by our board of directors and require, unless called by the Chairman of our board of directors, our president or chief executive officer or a majority of our board of directors, the written request of stockholders entitled to cast not less than a majority of all votes entitled to be cast at such meeting to call a special meeting. Our board of directors has adopted a resolution that makes an election prohibiting us from making any of the elections permitted by Subtitle 8 unless such election is first approved by a stockholder vote. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendment to Our Charter and Bylaws</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Our charter may be amended only if declared advisable by the board of directors and approved by the affirmative vote of the holders of at least a majority of all of the votes entitled to be cast on the matter, except that two-thirds of all votes are required to amend the provisions of our charter regarding restrictions on the transfer and ownership of our stock. As permitted by the MGCL, our charter contains a provision permitting our directors, without any action by our stockholders, to amend the charter to increase or decrease the aggregate number of shares of stock of any class or series that we have authority to issue. Our charter provides that our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws and make new bylaws. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Dissolution of Our Company</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The dissolution of our company must be declared advisable by the board of directors and approved by the affirmative vote of the holders of not less than a majority of all of the votes entitled to be cast on the matter. </font>
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          <font style="letter-spacing:-0.2pt;">Special Meetings of Stockholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Special meetings of stockholders may be called only by our board of directors, the chairman of our board of directors, our chief executive officer or, in the case of a stockholder requested special meeting, by our secretary upon the written request of the holders of common stock entitled to cast not less than a majority of all votes entitled to be cast at such meeting. Only matters set forth in the notice of the special meeting may be considered and acted upon at such a meeting. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Advance Notice of Director Nominations and New Business</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Our bylaws provide that: </font>
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          <font style="letter-spacing:0.2pt;">with respect to an annual meeting of stockholders, the only business to be considered and the only proposals to be acted upon, including nominations of persons for election to our board of directors, will be those properly brought before the annual meeting: </font>
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          <font style="letter-spacing:0.2pt;">pursuant to our notice of the meeting; </font>
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          <font style="letter-spacing:0.2pt;">by, or at the direction of, our board of directors; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">by a stockholder who is entitled to vote at the meeting and has complied with the advance notice procedures set forth in our bylaws; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">with respect to a special meeting of stockholders, only the business specified in our company&#8217;s notice of meeting may be brought before the meeting of stockholders; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">with respect to a special meeting of stockholders, nominations of persons for election to our board of directors may be made only: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">by, or at the direction of, our board of directors; or </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">37</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:40pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
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          <font style="letter-spacing:0.2pt;">by a stockholder who is entitled to vote at the meeting and has complied with the advance notice provisions set forth in our bylaws. </font>
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          <font style="letter-spacing:0.2pt;">Generally, in accordance with our bylaws, a stockholder seeking to nominate a director or bring other business before our annual meeting of stockholders must deliver a notice to our secretary not less than 90&#160;days nor more than 120&#160;days prior to the first anniversary of the date of mailing of the notice for the prior year&#8217;s annual meeting of stockholders. For a stockholder seeking to nominate a candidate for our board of directors, the notice must include all information regarding the nominee that would be required in connection with the solicitation for the election of such nominee, including name, address, occupation and number of shares held. For a stockholder seeking to propose other business, the notice must include a description of the proposed business, the reasons for the proposal and other specified matters. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">No Stockholder Rights Plan</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We do not have, and we do not intend to adopt, a stockholder rights plan unless our stockholders approve in advance the adoption of a plan. If our board of directors adopts a plan for our company, we will submit the stockholder rights plan to our stockholders for a ratification vote within 12&#160;months of adoption, without which the plan will terminate. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Anti-Takeover Effect of Certain Provisions of Maryland Law and of Our Charter and Bylaws</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The provisions restricting ownership and transfer of our stock in our charter, as well as the advance notice provisions of our bylaws could delay, deter or prevent a transaction or a change of control of our company that might involve a premium price for holders of our common stock or that stockholders otherwise believe may be in their best interest. In addition, our board of directors has the power to increase the aggregate number of authorized shares and classify and reclassify any unissued shares of our stock into other classes or series of stock, and to authorize us to issue the newly-classified shares, and could authorize the issuance of shares of common stock or another class or series of stock, including a class or series of preferred stock, that could have the effect of delaying, deterring, or preventing a transaction or a change of control of us. See &#8220;Restrictions on Ownership and Transfer,&#8221; &#8220;Description of Common Stock&#8201;&#8212;&#8201;Power to Increase Authorized Stock and Issue Additional Shares of Our Common Stock&#8221; and &#8220;Description of Preferred Stock&#8201;&#8212;&#8201;Power to Increase Authorized Stock and Issue Additional Shares of Our Preferred Stock.&#8221; Further, our charter and bylaws also provide that the number of directors may be established only by our board of directors, which prevents our stockholders from increasing the number of our directors and filling any vacancies created by such increase with their own nominees. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If our charter were to be amended to avail the corporation of the business combination provisions of the MGCL or to remove or modify the provision in the charter opting out of the control share acquisition provisions of the MGCL, or if our stockholders approve any election under the provisions of Title 3, Subtitle 8, these provisions of the MGCL could have similar anti-takeover effects. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Indemnification and Limitation of Directors&#8217; and Officers&#8217; Liability</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our charter and the Amended Partnership Agreement provide for indemnification of our officers and directors against liabilities to the fullest extent permitted by Maryland law, as amended from time to time. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that: </font>
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          <font style="letter-spacing:0.2pt;">an act or omission of the director or officer was material to the matter giving rise to the proceeding and: </font>
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          <font style="letter-spacing:0.2pt;">was committed in bad faith; or </font>
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          <font style="letter-spacing:0.2pt;">was the result of active and deliberate dishonesty; </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">38</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">the director or officer actually received an improper personal benefit in money, property or services; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation (other than for expenses incurred in a successful defense of such an action) or for a judgment of liability on the basis that personal benefit was improperly received. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation&#8217;s receipt of: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a written affirmation by the director or officer of his good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a written undertaking by the director or on the director&#8217;s behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the director did not meet the standard of conduct. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates such liability to the maximum extent permitted by Maryland law. These limitations of liabilities do not apply to liabilities arising under the federal securities laws and do not generally affect the availability of equitable remedies such as injunctive relief or rescission. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our bylaws obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any present or former director or officer who is made a party to the proceeding by reason of his or her service in that capacity; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any individual who, while a director or officer of our company and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or any other enterprise as a director, officer, partner or trustee and who is made a party to the proceeding by reason of his or her service in that capacity. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have entered into indemnification agreements with our directors and executive officers that obligate us to indemnify our directors and executive officers, and advance expenses as described above. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Our bylaws also obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above. Subject to the approval of our board of directors, we are also obligated, to the fullest extent permitted by Maryland law in effect from time to time, and to such further extent as we shall deem appropriate under the circumstances, to indemnify and advance expenses to any employee or agent of our company or a predecessor of our company. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Amended Partnership Agreement provides that we, as the general partner, and our officers and directors are indemnified to the fullest extent permitted by law. See &#8220;Partnership Agreement&#8201;&#8212;&#8201;Exculpation and Indemnification of the General Partner.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Insofar as the foregoing provisions permit indemnification of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">39</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPAAG">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">PARTNERSHIP AGREEMENT</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Management</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Braemar Hospitality Limited Partnership, our operating partnership, has been organized as a Delaware limited partnership. One of our wholly-owned subsidiaries is the sole general partner of this partnership, and one of our subsidiaries holds limited Partnership Units in this partnership. As of March&#160;15, 2021, we owned, through wholly-owned subsidiaries, approximately 90.1% of the partnership interests in our operating partnership and the limited partners of Braemar OP owned the remaining approximately 9.9% of the partnership interests in our operating partnership on a fully diluted basis. In the future, we may issue additional interests in our operating partnership to third parties. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the Amended Partnership Agreement, we, as the sole managing member of the general partner, generally have full, exclusive and complete responsibility and discretion in the management, operation and control of the partnership, including the ability to cause the partnership to enter into certain major transactions, including acquisitions, developments and dispositions of properties, borrowings and refinancings of existing indebtedness. No limited partner may take part in the operation, management or control of the business of our operating partnership by virtue of being a holder of limited Partnership Units. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our subsidiary may not be removed as general partner of the partnership. Upon the bankruptcy or dissolution of the general partner, the general partner shall be deemed to be removed automatically. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The limited partners of our operating partnership have agreed that in the event of a conflict in the fiduciary duties owed (i)&#160;by us to our stockholders and (ii)&#160;by us, as general partner of our operating partnership, to those limited partners, we may act in the best interests of our stockholders without violating our fiduciary duties to the limited partners of our operating partnership or being liable for any resulting breach of our duties to the limited partners. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Transferability of Interests</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">General Partner.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Amended Partnership Agreement provides that we may not transfer our interest as a general partner (including by sale, disposition, merger or consolidation) except: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in connection with a merger of our operating partnership, a sale of substantially all of the assets of our operating partnership or other transaction in which the limited partners receive a certain amount of cash, securities or property; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">in connection with a merger of us or the general partner into another entity, if the surviving entity contributes substantially all its assets to our operating partnership and assumes the duties of the general partner under the Amended Partnership Agreement. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Limited Partner.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Amended Partnership Agreement prohibits the sale, assignment, transfer, pledge or disposition of all or any portion of the Partnership Units held by limited partners without our consent, which we may give or withhold in our sole discretion. However, an individual partner may donate his&#160;units to his immediate family or a trust wholly-owned by his immediate family, without our consent. The Amended Partnership Agreement contains other restrictions on transfer if, among other things, that transfer: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">would cause us to fail to comply with the REIT rules under the Code; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">would cause our operating partnership to become a publicly-traded partnership under the Code. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Capital Contributions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Amended Partnership Agreement provides that if the partnership requires additional funds at any time in excess of funds available to the partnership from borrowing or capital contributions, we may borrow such funds from a financial institution or other lender and lend such funds to the partnership. Under the Amended Partnership Agreement, we will be obligated to contribute the proceeds of any offering of stock as additional capital to our operating partnership. Our operating partnership is authorized to cause the partnership to issue partnership interests for less than fair market value if we conclude in good faith that such issuance is in both the partnership&#8217;s and our best interests. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">40</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Amended Partnership Agreement provides that we may make additional capital contributions, including properties, to the partnership in exchange for additional Partnership Units. If we contribute additional capital to the partnership and receive additional partnership interests for such capital contribution, our&#160;percentage interests will be increased on a proportionate basis based on the amount of such additional capital contribution and the value of the partnership at the time of such contributions. Conversely, the&#160;percentage interests of the other limited partners will be decreased on a proportionate basis. In addition, if we contribute additional capital to the partnership and receive additional partnership interests for such capital contribution, the capital accounts of the partners will be adjusted upward or downward to reflect any unrealized gain or loss attributable to our properties as if there were an actual sale of such properties at the fair market value thereof. Limited partners have no preemptive right to make additional capital contributions. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The operating partnership could also issue preferred partnership interests in connection with the acquisitions of property or otherwise. Any such preferred partnership interests have priority over common partnership interests with respect to distributions from the partnership, including the partnership interests that our wholly-owned subsidiaries own. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Redemption Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Under the Amended Partnership Agreement, we have granted to each limited partner holding common&#160;units (other than our subsidiary) the right to redeem its common&#160;units. This right may be exercised at the election of a limited partner by giving us written notice, subject to some limitations. The purchase price for the common&#160;units to be redeemed will equal the fair market value of our common stock. The purchase price for the common&#160;units may be paid in cash, or, in our discretion, by the issuance by us of a number of shares of our common stock equal to the number of common&#160;units with respect to which the rights are being exercised. However, no limited partner will be entitled to exercise its redemption rights to the extent that the issuance of common stock to the redeeming partner would be prohibited under our charter or, if after giving effect to such exercise, would cause any person to own, actually or constructively, more than 9.8% of our common stock, unless such ownership limit is waived by us in our sole discretion. The common&#160;units issued to the limited partners generally may be redeemed at any time after the first anniversary of their issuance. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In all cases, however, no limited partner may exercise the redemption right for fewer than 2,000 partnership&#160;units or, if a limited partner holds fewer than 2,000 Partnership Units, all of the Partnership Units held by such limited partner. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Certain of our executive officers may elect to receive a special class of Partnership Units in our operating partnership referred to as LTIP Units pursuant to the Second Amended and Restated 2013 Equity Incentive Plan. LTIP Units vest over a number of&#160;years and whether vested or not, generally receive the same treatment as common&#160;units of our operating partnership, with the key difference being, at the time of the award, LTIP Units do not have full economic parity with common&#160;units but can achieve such parity over time. The LTIP Units will achieve parity with the common&#160;units upon the sale or deemed sale of all or substantially all of the assets of the partnership at a time when our stock is trading at some level in excess of the price it was trading on the date of the LTIP Unit issuance. More specifically, LTIP Units will achieve full economic parity with common&#160;units in connection with (i)&#160;the actual sale of all or substantially all of the assets of our operating partnership or (ii)&#160;the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the Amended Partnership Agreement, for our operating partnership. A capital account revaluation generally occurs whenever there is an issuance of additional partnership interests or the redemption of partnership interests. If a sale, or deemed sale as a result of a capital account revaluation, occurs at a time when the operating partnership&#8217;s assets have sufficiently appreciated, the LTIP Units will achieve full economic parity with the common&#160;units. However, in the absence of sufficient appreciation in the value of the assets of the operating partnership at the time a sale or deemed sale occurs, full economic parity would not be reached. If such parity is reached, vested LTIP Units become convertible into an equal number of common&#160;units and at that time, the holder will have the redemption rights described above. Until and unless such parity is reached, the LTIP Units are not redeemable. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As of March&#160;15, 2021, the aggregate number of shares of common stock issuable upon exercise of the redemption rights by holders of common&#160;units is 3,632,791. The number of shares of common stock issuable </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">41</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">upon exercise of the redemption rights will be adjusted to account for share splits, mergers, consolidations or similar pro&#160;rata share transactions. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Conversion Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The holders of the LTIP Units will have the right to convert vested LTIP Units into ordinary common&#160;units on a one-for-one basis at any time after such LTIP Units have achieved economic parity with the common&#160;units. As of March&#160;15, 2021, there were 888,043 LTIP Units outstanding, including those eligible for vesting upon satisfaction of certain performance criteria, approximately 480,096 of which have reached full economic parity with, and, upon vesting will be convertible into, the common&#160;units. No other limited partners have any conversion rights. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Operations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Amended Partnership Agreement requires the partnership be operated in a manner that enables us to satisfy the requirements for being classified as a REIT, to minimize any excise tax liability imposed by the Code and to ensure that the partnership will not be classified as a &#8220;publicly-traded partnership&#8221; taxable as a corporation under Section&#160;7704 of the Code. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition to the administrative and operating costs and expenses incurred by the partnership, the partnership pays all of our administrative costs and expenses. These expenses are treated as expenses of the partnership and generally include: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">all expenses relating to our continuity of existence; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">all expenses relating to offerings and registration of securities; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">all expenses associated with the preparation and filing of any of our periodic reports under federal, state or local laws or regulations; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">all expenses associated with our compliance with laws, rules and regulations promulgated by any regulatory body; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">all of our other operating or administrative costs incurred in the ordinary course of its business on behalf of the partnership. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Distributions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Amended Partnership Agreement provides that the partnership will make cash distributions in amounts and at such times as determined by us in our sole discretion, to us and other limited partners in accordance with the respective&#160;percentage interests of the partners in the partnership. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon liquidation of the partnership, after payment of, or adequate provisions for, debts and obligations of the partnership, including any partner loans, any remaining assets of the partnership will be distributed to us and the other limited partners with positive capital accounts in accordance with the respective positive capital account balances of the partners. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Allocations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Profits and losses of our operating partnership (including depreciation and amortization deductions) for each fiscal year generally are allocated to us and the other limited partners in accordance with the respective&#160;percentage interests of the partners in the partnership. All of the foregoing allocations are subject to compliance with the provisions of Sections&#160;704(b) and 704(c) of the Code and Treasury regulations promulgated thereunder. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Generally, we, as sole managing member of the sole general partner of our operating partnership, may amend the Amended Partnership Agreement without the consent of any limited partner to clarify the Amended Partnership Agreement, to make changes of an inconsequential nature, to reflect the admission, substitution or withdrawal of limited partners, to reflect the issuance of additional partnership interests or if, </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">42</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">in the opinion of counsel, necessary or appropriate to satisfy the Code with respect to partnerships or REITs or federal or state securities laws. However, any amendment which alters or changes the distribution or redemption rights of a limited partner (other than a change to reflect the seniority of any distribution or liquidation rights of any preferred&#160;units issued in accordance with the Amended Partnership Agreement), changes the method for allocating profits and losses, imposes any obligation on the limited partners to make additional capital contributions or adversely affects the limited liability of the limited partners requires the consent of holders of at least two-thirds of the limited Partnership Units. Other amendments require approval of the general partner and holders of 50% of the limited Partnership Units. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Amended Partnership Agreement may be amended, without the consent of any limited partner, in the event that we or any of our subsidiaries engages in a merger or consolidation with another entity and immediately after such transaction the surviving entity contributes to our operating partnership substantially all of the assets of such surviving entity and the surviving entity agrees to assume our subsidiary&#8217;s obligation as general partner of the partnership. In such case, the surviving entity will amend the Amended Partnership Agreement to arrive at a new method for calculating the amount a limited partner is to receive upon redemption or conversion of a Partnership Unit (such method to approximate the existing method as much as possible). </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exculpation and Indemnification of the General Partner</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Amended Partnership Agreement provides that neither the general partner, nor any of its directors and officers will be liable to the partnership or to any of its partners as a result of errors in judgment or mistakes of fact or law or of any act or omission, if the general partner acted in good faith. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Amended Partnership Agreement requires our operating partnership to indemnify and hold the general partner and its directors, officers and any other person it designates, harmless from and against any and all claims arising from operations of our operating partnership in which any such indemnitee may be involved, or is threatened to be involved, as a party or otherwise, or in which any indemnitee may be subpoenaed or otherwise requested to provide documents, testimony or information, unless it is established that: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the act or omission of the indemnitee was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the indemnitee actually received an improper personal benefit in money, property or services; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of any criminal proceeding, the indemnitee had reasonable cause to believe that the act or omission was unlawful. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Amended Partnership Agreement requires our operating partnership advance an indemnitee all reasonable expenses (including without limitation attorneys&#8217; fees, costs, expenses and disbursements) incurred by an indemnitee who is a party to or is otherwise involved in, or is subpoenaed or otherwise requested to provide documents, testimony or information in connection with, any civil, criminal, administrative or arbitrative action, suit, inquiry, investigation or proceeding in advance of the final disposition of such action, suit, inquiry, investigation or proceeding upon receipt by the operating partnership of (i)&#160;a written affirmation by the indemnitee of the indemnitee&#8217;s good faith belief that the standard of conduct necessary for indemnification by the operating partnership under the Amended Partnership Agreement has been met, and (ii)&#160;a written undertaking by or on behalf of the indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. Each such advancement of expenses shall be made within five (5)&#160;business days after the receipt by the operating partnership of a written request for advancement of expenses. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No indemnitee may subject any partner of our operating partnership to personal liability with respect to this indemnification obligation as this indemnification obligation will be satisfied solely out of the assets of the partnership. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">43</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Term</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The partnership has a perpetual life, unless dissolved upon: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the general partner&#8217;s bankruptcy or dissolution or withdrawal (unless the limited partners elect to continue the partnership); </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the passage of 90&#160;days after the sale or other disposition of all or substantially all the assets of the partnership; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the redemption of all Partnership Units (other than those held by us, if any); or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">an election by us in our capacity as the sole owner of the general partner. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Tax Matters</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The general partner is the partnership representative of the operating partnership. We have the authority to make tax elections under the Code on behalf of the partnership. The net income or net loss of the operating partnership is generally allocated to us and the limited partners in accordance with our and their respective&#160;percentage interests in the partnership, subject to compliance with the provisions of the Code. </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">44</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDIPO">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:112pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DISTRIBUTION POLICY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">See &#8220;Description of Capital Stock&#8201;&#8212;&#8201;Common Stock&#8201;&#8212;&#8201;Dividends and Our Distribution Policy&#8221; for further information on our distribution policy. To qualify as a REIT, we must distribute to our stockholders an amount at least equal to: </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i)&nbsp;&nbsp;&nbsp;90% of our REIT taxable income, determined before the deduction for dividends paid and excluding any net capital gain (which does not necessarily equal net income as calculated in accordance with GAAP; plus </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(ii)&nbsp;&nbsp;&nbsp;90% of the excess of our net income from foreclosure property over the tax imposed on such income by the Code; less </font>
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        <div style="margin-left:20pt; text-indent:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(iii)&nbsp;&nbsp;&nbsp;any excess non-cash income (as determined under the Code). See &#8220;Material U.S. Federal Income Tax Considerations.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Distributions made by us are authorized and determined by our board of directors in its sole discretion out of funds legally available therefor and are dependent upon a number of factors, including restrictions under applicable law, actual and projected financial condition, liquidity, EBITDA, funds from operations and results of operations, the revenue we actually receive from our properties, our operating expenses, our debt service requirements, our capital expenditures, prohibitions and other limitations under our financing arrangements, our REIT taxable income, the annual REIT distribution requirements and such other factors as our board of directors deems relevant. For more information regarding risk factors that could materially and adversely affect our ability to make distributions, please see &#8220;Risk Factors.&#8221; We expect that, at least initially, our distributions may exceed our net income under GAAP because of non-cash expenses included in net income. To the extent that our cash available for distribution is less than 90% of our REIT taxable income, we may consider various means to cover any such shortfall, including borrowing under our secured revolving credit facility or other loans, selling certain of our assets or using a portion of the net proceeds we receive from this or future offerings of equity, equity-related or debt securities or declaring taxable stock dividends. In addition, our charter allows us to issue preferred stock that could have a preference on distributions, including the Series&#160;B Preferred Stock. The distribution preference on the Series&#160;B Preferred Stock and any additional preferred stock we may issue could limit our ability to make distributions to the holders of our common stock. We cannot assure you that our distribution policy will not change in the future. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Distributions in excess of a stockholder&#8217;s allocable share of our current and accumulated earnings and profits will not be taxable to a taxable U.S. stockholder under current U.S. federal income tax law to the extent those distributions do not exceed the stockholder&#8217;s adjusted tax basis in his or her shares, but rather will reduce the adjusted basis of the shares. In that case, the gain (or loss) recognized on the sale of those shares or upon our liquidation will be increased (or decreased) accordingly. To the extent those distributions exceed a taxable U.S. stockholder&#8217;s adjusted tax basis in his or her shares, they generally will be treated as a gain realized from the taxable disposition of those shares. The&#160;percentage of distributions to our stockholders that exceeds our current and accumulated earnings and profits may vary substantially from year to year. For a more complete discussion of the tax treatment of distributions to holders of our capital stock, see &#8220;Material U.S. Federal Income Tax Considerations.&#8221; </font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">45</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMUFI">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The following discussion is a summary of the material U.S. federal income tax considerations that may be relevant to a prospective holder of our capital stock. The discussion does not address (i)&#160;U.S. federal taxes other than income taxes, or (ii)&#160;state, local or non-U.S. taxes. The discussion also does not address all aspects of taxation that may be relevant to particular investors in light of their personal investment or tax circumstances, or to certain types of investors that are subject to special treatment under the U.S. federal income tax laws, such as: </font>
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          <font style="letter-spacing:0.2pt;">insurance companies; </font>
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          <font style="letter-spacing:0.2pt;">financial institutions or broker-dealers; </font>
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          <font style="letter-spacing:0.2pt;">tax-exempt organizations (except to the limited extent discussed in &#8220;&#8212;&#8201;Taxation of Tax-Exempt Stockholders&#8221;); </font>
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          <font style="letter-spacing:0.2pt;">passive foreign investment companies or controlled foreign corporations; </font>
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          <font style="letter-spacing:0.2pt;">persons who are not citizens or residents of the United States (except to the limited extent discussed in &#8220;&#8212;&#8201;Taxation of Non-U.S. Holders of Stock&#8221;); </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">investors who hold or will hold our capital stock as part of a &#8220;straddle,&#8221; &#8220;hedge,&#8221; &#8220;conversion transaction,&#8221; &#8220;synthetic security&#8221; or other integrated investment; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">investors subject to federal alternative minimum tax; </font>
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          <font style="letter-spacing:0.2pt;">investors that have a principal place of business or &#8220;tax home&#8221; outside the United States; </font>
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          <font style="letter-spacing:0.2pt;">investors whose functional currency is not the United States dollar; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">U.S. expatriates; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">investors subject to special rules under Code Section&#160;892; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">persons who mark-to-market our capital stock; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">subchapter S corporations; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">trusts and estates; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">regulated investment companies and REITs; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">persons who receive our capital stock through the exercise of employee stock options or otherwise as compensation. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If a partnership, entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our capital stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. If you are a partnership holding our capital stock, you should consult your tax advisor regarding the consequences to the partnership and its partners of the purchase, ownership and disposition of our capital stock by the partnership. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This summary assumes that stockholders will hold our capital stock as capital assets (generally, property held for investment) within the meaning of Section&#160;1221 of the Code. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The statements of law in this discussion are based on current provisions of the Code, existing, temporary and final Treasury regulations thereunder, and current administrative rulings and court decisions. No assurance can be given that future legislative, judicial, or administrative actions or decisions, which may be retroactive in effect, will not affect the accuracy of any statements in this prospectus with respect to the transactions entered into or contemplated prior to the effective date of such changes. Except for the private letter ruling we received on October&#160;17, 2019 with respect to the eligible independent contractor status of certain subsidiaries of Ashford Inc., we have not received any rulings from the IRS concerning our qualification as a REIT. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any tax consequences described below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">We urge you to consult your own tax advisor regarding the specific tax consequences to you of ownership of our capital stock and of our election to be taxed as a REIT. Specifically, we urge you to consult your own </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">46</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">tax advisor regarding the federal, state, local, foreign, and other tax consequences of such ownership and election and regarding potential changes in applicable tax laws.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxation of Our Company</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We have elected to be taxed as a REIT under the U.S. federal income tax laws commencing with our short taxable year ended December&#160;31, 2013. We believe that, commencing with such taxable year, we have been organized and operated in such a manner as to qualify for taxation as a REIT under the Code, and we intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to continue to qualify as a REIT. Additionally, under applicable Treasury Regulations, if Ashford Trust failed to qualify as a REIT in any of its 2009 through 2013 taxable&#160;years, unless Ashford Trust&#8217;s failure to qualify as a REIT was subject to relief as described below under &#8220;&#8212;&#8201;Failure to Qualify,&#8221; we would be prevented from electing to qualify as a REIT prior to the fifth calendar year following the year in which Ashford Trust failed to qualify. This section discusses the laws governing the U.S. federal income tax treatment of a REIT and its investors. These laws are highly technical and complex. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In connection with this prospectus, Locke Lord LLP will issue an opinion to us to the effect that, commencing with our short taxable year ended December&#160;31, 2013 through December&#160;31, 2020, we have been organized and operated in conformity with the requirements for qualification as a REIT, and our current and proposed method of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT under the Code for our taxable year ending December&#160;31, 2021 and thereafter. Locke Lord LLP&#8217;s opinion will be based upon customary assumptions, will be conditioned upon the accuracy of certain representations made by us as to factual matters, including representations regarding the nature of our properties and the prior and future conduct of our business, and is not binding upon the IRS or any court. In addition, Locke Lord LLP&#8217;s opinion is based on existing federal income tax law governing qualification as a REIT as of the date of the opinion, which is subject to change either prospectively or retroactively. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Moreover, our continued qualification and taxation as a REIT depend upon our ability to meet on a continuing basis, through actual annual operating results, certain qualification tests set forth in the federal tax laws. Those qualification tests include the&#160;percentage of income that we earn from specified sources, the&#160;percentage of our assets that falls within specified categories, the diversity of our share ownership, and the&#160;percentage of our earnings that we distribute. While Locke Lord LLP will have reviewed those matters in connection with its opinion, Locke Lord LLP will not review our compliance with those tests on a continuing basis. Accordingly, no assurance can be given that the actual results of our operation for any particular taxable year will satisfy such requirements. Locke Lord LLP&#8217;s opinion will not foreclose the possibility that we may have to use one or more REIT savings provisions discussed below, which could require us to pay an excise or penalty tax (which could be material) in order for us to maintain our REIT qualification. For a discussion of the tax consequences of our failure to qualify as a REIT, see &#8220;&#8212;&#8201;Failure to Qualify.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we qualify as a REIT, we generally will not be subject to U.S. federal income tax on the taxable income that we distribute to our stockholders. The benefit of that tax treatment is that it avoids the &#8220;double taxation,&#8221; or taxation at both the corporate and stockholder levels, that generally results from owning stock in a C corporation. However, we will be subject to federal tax in the following circumstances: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We will pay U.S. federal income tax at regular corporate rates on taxable income, including net capital gain, that we do not distribute to our stockholders during, or within a specified time period after, the calendar year in which the income is earned. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Under certain circumstances and for taxable&#160;years beginning before January&#160;1, 2018, we may be subject to the alternative minimum tax on items of tax preference. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We will pay income tax at the highest corporate rate on (1)&#160;net income from the sale or other disposition of property acquired through foreclosure (&#8220;foreclosure property&#8221;) that we hold primarily for sale to customers in the ordinary course of business and (2)&#160;other non-qualifying income from foreclosure property. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We will pay a 100% tax on net income from sales or other dispositions of property, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business. </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">47</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">If we fail to satisfy the 75% gross income test or the 95% gross income test, as described below under &#8220;&#8212;&#8201;Income Tests,&#8221; and nonetheless continue to qualify as a REIT because we meet other requirements, we will pay a 100% tax on (1)&#160;the gross income attributable to the greater of the amount by which we fail the 75% and 95% gross income tests, multiplied by (2)&#160;a fraction intended to reflect our profitability. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">If we fail to distribute during a calendar year at least the sum of (1)&#160;85% of our REIT ordinary income for such year, (2)&#160;95% of our REIT capital gain net income for such year, and (3)&#160;any undistributed taxable income from prior periods, we will pay a 4% nondeductible excise tax on the excess of this required distribution over the sum of the amount we actually distributed, plus any retained amounts on which income tax has been paid at the corporate level. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We may elect to retain and pay income tax on our net long-term capital gain. In that case, a U.S. holder (as defined below under &#8220;&#8212;&#8201;Taxation of Taxable U.S. Holders of Stock&#8221;) would be taxed on its proportionate share of our undistributed long-term capital gain (to the extent that a timely designation of such gain is made by us to the stockholder) and would receive a credit or refund for its proportionate share of the tax we paid. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">If we acquire any asset from a C corporation, a corporation that has been a C corporation or a corporation that generally is subject to full corporate-level tax, in a merger or other transaction in which we acquire a basis in the asset that is determined by reference to the C corporation&#8217;s basis in the asset, we will pay tax at the highest regular corporate rate applicable if we recognize gain on the sale or disposition of such asset during a specified period after we acquire such asset. The amount of gain on which we will pay tax generally is the lesser of: (1)&#160;the amount of gain that we recognize at the time of the sale or disposition; or (2)&#160;the amount of gain that we would have recognized if we had sold the asset at the time we acquired the asset. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We will incur a 100% excise tax on certain transactions with a TRS that are not conducted on an arm&#8217;s-length basis and we will incur such 100% excise tax if it is determined that we have been undercharged for certain services provided by a TRS. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">If we fail to satisfy certain asset tests, described below under &#8220;&#8212;&#8201;Asset Tests&#8221; and nonetheless continue to qualify as a REIT because we meet certain other requirements, we will be subject to a tax of the greater of $50,000 or at the highest corporate rate on the income generated by the non-qualifying assets. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">We may be subject to a $50,000 tax for each failure if we fail to satisfy certain REIT qualification requirements, other than income tests or asset tests, and the failure is due to reasonable cause and not willful neglect. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, notwithstanding our qualification as a REIT, we may also have to pay certain state and local income taxes, because not all states and localities treat REITs in the same manner that they are treated for U.S. federal income tax purposes. Moreover, as further described below, any TRS in which we own an interest will be subject to federal and state corporate income tax on its taxable income. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Requirements for REIT Qualification</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A REIT is a corporation, trust, or association that meets the following requirements: </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">1.&nbsp;&nbsp;&nbsp;it is managed by one or more trustees or directors; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">2.&nbsp;&nbsp;&nbsp;its beneficial ownership is evidenced by transferable shares or by transferable certificates of beneficial interest; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">3.&nbsp;&nbsp;&nbsp;it would be taxable as a domestic corporation but for the REIT provisions of the U.S. federal income tax laws; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">4.&nbsp;&nbsp;&nbsp;it is neither a financial institution nor an insurance company subject to special provisions of the U.S. federal income tax laws; </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">5.&nbsp;&nbsp;&nbsp;at least 100 persons are beneficial owners of its shares or ownership certificates; </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">48</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">6.&nbsp;&nbsp;&nbsp;no more than 50% in value of its outstanding shares or ownership certificates is owned, directly or indirectly, by five or fewer individuals, as defined in the U.S. federal income tax laws to include certain entities, during the last half of each taxable year; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">7.&nbsp;&nbsp;&nbsp;it elects to be a REIT, or has made such election for a previous taxable year, and satisfies all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT status; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">8.&nbsp;&nbsp;&nbsp;it uses a calendar year for U.S. federal income tax purposes and complies with the recordkeeping requirements of the U.S. federal income tax laws; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">9.&nbsp;&nbsp;&nbsp;it meets certain other qualification tests, described below, regarding the nature of its income and assets and the amount of its distributions; and </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">10.&nbsp;&nbsp;&nbsp;it has no earnings and profits from any non-REIT taxable year at the close of any taxable year. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We must meet requirements 1 through 4, 7, 8 and 9 during our entire taxable year, must meet requirement 10 at the close of each taxable year and must meet requirement 5 during at least 335&#160;days of a taxable year of 12&#160;months, or during a proportionate part of a taxable year of less than 12&#160;months. If we comply with all the requirements for ascertaining the ownership of our outstanding shares in a taxable year and have no reason to know that we violated requirement 6, we will be deemed to have satisfied requirement 6 for such taxable year. For purposes of determining share ownership under requirement 6, an &#8220;individual&#8221; generally includes a supplemental unemployment compensation benefits plan, a private foundation, or a portion of a trust permanently set aside or used exclusively for charitable purposes. An &#8220;individual,&#8221; however, generally does not include a trust that is a qualified employee pension or profit sharing trust under the U.S. federal income tax laws, and beneficiaries of such a trust will be treated as holding shares of our stock in proportion to their actuarial interests in the trust for purposes of requirement 6. Requirements 5 and 6 applied to us beginning with our taxable year ended December&#160;31, 2014. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">After the issuance of common stock pursuant to the spin-off, we had issued sufficient common stock with enough diversity of ownership to satisfy requirements 5 and 6 set forth above. In addition, our charter restricts the ownership and transfer of our stock so that we should continue to satisfy requirements 5 and 6. The provisions of our charter restricting the ownership and transfer of the stock are described in &#8220;Description of Common Stock&#8201;&#8212;&#8201;Restrictions on Ownership and Transfer.&#8221; These restrictions, however, may not ensure that we will, in all cases, be able to satisfy such stock ownership requirements. If we fail to satisfy these stock ownership requirements, our qualification as a REIT may terminate. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If we comply with regulatory rules pursuant to which we are required to send annual letters to holders of our stock requesting information regarding the actual ownership of our stock, and we do not know, or exercising reasonable diligence would not have known, whether we failed to meet requirement 6 above, we will be treated as having met the requirement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, we must satisfy all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT qualification. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Qualified REIT Subsidiaries</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A corporation that is a &#8220;qualified REIT subsidiary&#8221; is not treated as a corporation separate from its parent REIT. All assets, liabilities, and items of income, deduction, and credit of a &#8220;qualified REIT subsidiary&#8221; are treated as assets, liabilities, and items of income, deduction, and credit of the REIT. A &#8220;qualified REIT subsidiary&#8221; is a corporation, other than a TRS, all of the capital stock of which is owned by the REIT. Thus, in applying the requirements described in this section, any &#8220;qualified REIT subsidiary&#8221; that we own will be ignored, and all assets, liabilities, and items of income, deduction, and credit of that subsidiary will be treated as our assets, liabilities, and items of income, deduction, and credit. Similarly, any wholly-owned limited liability company or certain wholly-owned partnerships that we own will be disregarded, and all assets, liabilities and items of income, deduction and credit of such limited liability company will be treated as ours. </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">49</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">Other Disregarded Entities and Partnerships</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">An unincorporated domestic entity, such as a partnership or limited liability company that has a single owner, generally is not treated as an entity separate from its parent for U.S. federal income tax purposes. An unincorporated domestic entity with two or more owners is generally treated as a partnership for U.S. federal income tax purposes. In the case of a REIT that is a partner in a partnership that has other partners, the REIT is treated as owning its proportionate share of the assets of the partnership and as earning its allocable share of the gross income of the partnership for purposes of the applicable REIT qualification tests. For purposes of the 10% value test (as described below under &#8220;&#8212;&#8201;Asset Tests&#8221;), our proportionate share is based on our proportionate interest in the equity interests and certain debt securities issued by the partnership. For all of the other asset and income tests, our proportionate share is based on our proportionate interest in the capital interests in the partnership. Our proportionate share of the assets, liabilities, and items of income of our operating partnership and of any other partnership, joint venture, or limited liability company that is treated as a partnership for U.S. federal income tax purposes in which we own or will acquire an interest, directly or indirectly (each, a &#8220;Partnership&#8221; and, together, the &#8220;Partnerships&#8221;), are treated as our assets and gross income for purposes of applying the various REIT qualification requirements. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may in the future acquire interests in partnerships and limited liability companies that are joint ventures in which we do not own general partner or managing member interests. If a partnership or limited liability company in which we own an interest takes or expects to take actions that could jeopardize our qualification as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. In addition, it is possible that a partnership or limited liability company could take an action which could cause us to fail a REIT gross income or asset test, and that we would not become aware of such action in time to dispose of our interest in the partnership or limited liability company or take other corrective action on a timely basis. In that case, we could fail to qualify as a REIT unless we are able to qualify for a statutory REIT &#8220;savings&#8221; provision, which may require us to pay a significant penalty tax to maintain our REIT qualification. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxable REIT Subsidiaries</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to restrictions on the value of TRS securities held by the REIT, a REIT is permitted to own up to 100% of the stock of one or more TRSs. A TRS is a fully taxable corporation and is required to pay regular U.S. federal income tax, and state and local income tax where applicable, as a non-REIT &#8220;C&#8221; corporation. In addition, a taxable REIT subsidiary may be prevented from deducting interest on debt funded directly or indirectly by us if certain tests are not satisfied, as described below in &#8220;&#8212;&#8201;Interest Deduction Limitation.&#8221; The TRS and the REIT must jointly elect to treat the subsidiary as a TRS. A corporation of which a TRS directly or indirectly owns more than 35% of the voting power or value of the stock will be automatically treated as a TRS. A TRS may not directly or indirectly operate or manage any hotels or health care facilities or provide rights to any brand name under which any hotel or health care facility is operated but is permitted to lease hotels from a related REIT as long as the hotels are operated on behalf of the TRS by an &#8220;eligible independent contractor.&#8221; Overall, no more than 20% (25% with respect to taxable&#160;years beginning before January&#160;1, 2018) of the value of a REIT&#8217;s assets may consist of TRS securities. A timely election has been made with respect to each of our TRSs. Each of our hotel properties is leased by one of our TRSs, except that the Ritz Carlton St. Thomas hotel is owned by one of our TRSs. Additionally, we may form or acquire one or more additional TRSs in the future. See the separate section entitled &#8220;Taxable REIT Subsidiaries.&#8221; </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Income Tests</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We must satisfy two gross income tests annually to maintain our qualification as a REIT. First, at least 75% of our gross income for each taxable year must consist of defined types of income that we derive, directly or indirectly, from investments relating to real property or mortgages on real property or qualified temporary investment income. Qualifying income for purposes of that 75% gross income test generally includes: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">rents from real property; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">interest on debt secured by mortgages on real property or on interests in real property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">dividends or other distributions on, and gain from the sale of, shares in other REITs; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">50</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">gain from the sale of real estate assets; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">income derived from the temporary investment of new capital or &#8220;qualified temporary investment income,&#8221; that is attributable to the issuance of our stock or a public offering of our debt with a maturity date of at least five&#160;years and that we receive during the one-year period beginning on the date on which we received such new capital; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">income and gain derived from foreclosure property, as defined below under &#8220;&#8212;&#8201;Foreclosure Property.&#8221; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Second, in general, at least 95% of our gross income for each taxable year must consist of income that is qualifying income for purposes of the 75% gross income test, other types of dividends and interest, gain from the sale or disposition of stock or securities, or any combination of these. Gross income from our sale of any property that we hold primarily for sale to customers in the ordinary course of business and cancellation of indebtedness, or COD, income is excluded from both income tests. Certain foreign currency gains will be excluded from gross income for purposes of one or both of the gross income tests, as discussed below in &#8220;&#8212;&#8201;Foreign Currency Gain.&#8221; In addition, income and gain from &#8220;hedging transactions,&#8221; as defined in the section below entitled &#8220;&#8212;&#8201;Hedging Transactions,&#8221; that we enter into, or have entered into, will be excluded from both the numerator and the denominator for purposes of the 95% gross income test and the 75% gross income test. Rules similar to those applicable to income from &#8220;hedging transactions&#8221; apply to income arising from transactions that we enter into, or have entered into, primarily to manage risk of currency fluctuations with respect to any item of income or gain included in the computation of the 95% income test or the 75% income test (or any property which generates such income or gain). The following paragraphs discuss the specific application of the gross income tests to us. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Rents from Real Property.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Rent that we receive from real property that we own and lease to tenants will qualify as &#8220;rents from real property,&#8221; which is qualifying income for purposes of the 75% and 95% gross income tests, only if the following conditions are met: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">First, the rent must not be based, in whole or in part, on the income or profits of any person but may be based on a fixed&#160;percentage or&#160;percentages of gross receipts or gross sales. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Second, neither we nor a direct or indirect owner of 10% or more of our shares of stock may own, actually or constructively, 10% or more by vote or value of a tenant, other than a TRS, from whom we receive rent. If the tenant is a TRS either (i)&#160;at least 90% of the property is leased to unrelated tenants and the rent paid by the TRS is substantially comparable to the rent paid by the unrelated tenants for comparable space or (ii)&#160;the TRS leases a qualified lodging facility or qualified health care property and engages an &#8220;eligible independent contractor&#8221; to operate such facility or property on its behalf. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Third, if the rent attributable to personal property leased in connection with a lease of real property exceeds 15% of the total rent received under the lease, then the portion of rent attributable to that personal property will not qualify as &#8220;rents from real property.&#8221; If rent attributable to personal property leased in connection with a lease of real property is 15% or less of the total rent received under the lease, then the rent attributable to personal property will qualify as rents from real property. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Fourth, we generally must not operate or manage our real property or furnish or render services to our tenants, other than through an &#8220;independent contractor&#8221; who is adequately compensated, from whom we do not derive revenue, and who does not, directly or through its stockholders, own more than 35% of our shares of stock, taking into consideration the applicable ownership attribution rules. However, we need not provide services through an &#8220;independent contractor,&#8221; but instead may provide services directly to our tenants, if the services are &#8220;usually or customarily rendered&#8221; in the geographic area in connection with the rental of space for occupancy only and are not considered to be provided for the tenants&#8217; convenience. In addition, we may provide a minimal amount of &#8220;non-customary&#8221; services to the tenants of a property, other than through an independent contractor, as long as our income from the services (valued at not less than 150% of our direct cost of performing such services) does not exceed 1% of our income from the related property. Furthermore, we may own up to 100% of the stock of a TRS which may provide customary and noncustomary services to our tenants without tainting our rental income from the related properties. See &#8220;&#8212;&#8201;Taxable REIT Subsidiaries.&#8221; </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">51</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to&#160;percentage leases, our TRSs lease each of our properties (other than the Ritz Carlton St.&#160;Thomas hotel, which is owned by one of our TRSs). The&#160;percentage leases provide that our TRSs are obligated to pay to the Partnerships (1)&#160;a minimum base rent plus&#160;percentage rent based on gross revenue and (2)&#160;&#8220;additional charges&#8221; or other expenses, as defined in the leases. Percentage rent is calculated by multiplying fixed&#160;percentages by revenues for each of the hotels. Both base rent and the thresholds in the&#160;percentage rent formulas may be adjusted for inflation. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In order for the base rent, percentage rent, and additional charges to constitute &#8220;rents from real property,&#8221; the&#160;percentage leases must be respected as true leases for U.S. federal income tax purposes and not treated as service contracts, joint ventures, or some other type of arrangement. The determination of whether the&#160;percentage leases are true leases depends on an analysis of all the surrounding facts and circumstances. In making such a determination, courts have considered a variety of factors, including the following: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the property owner&#8217;s expectation of receiving a pre-tax profit from the lease; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the intent of the parties; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the form of the agreement; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the degree of control over the property that is retained by the property owner, or whether the lessee has substantial control over the operation of the property or is required simply to use its best efforts to perform its obligations under the agreement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the extent to which the property owner retains the risk of loss with respect to the property, or whether the lessee bears the risk of increases in operating expenses or the risk of damage to the property or the potential for economic gain or appreciation with respect to the property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the lessee will be obligated to pay, at a minimum, substantial base rent for the period of use of the properties under the lease; and </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the lessee will stand to incur substantial losses or reap substantial gains depending on how successfully it, through the property managers, who work for the lessees during the terms of the leases, operates the properties. </font>
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          <font style="letter-spacing:0.2pt;">In addition, U.S. federal income tax law provides that a contract that purports to be a service contract or a partnership agreement will be treated instead as a lease of property if the contract is properly treated as such, taking into account all relevant factors, including whether or not: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the service recipient is in physical possession of the property; </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the service recipient controls the property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the service recipient has a significant economic or possessory interest in the property, or whether the property&#8217;s use is likely to be dedicated to the service recipient for a substantial portion of the useful life of the property, the recipient shares the risk that the property will decline in value, the recipient shares in any appreciation in the value of the property, the recipient shares in savings in the property&#8217;s operating costs, or the recipient bears the risk of damage to or loss of the property; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">the service provider bears the risk of substantially diminished receipts or substantially increased expenditures if there is nonperformance under the contract; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the service provider uses the property concurrently to provide significant services to entities unrelated to the service recipient; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the total contract price substantially exceeds the rental value of the property for the contract period. </font>
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          <font style="letter-spacing:0.2pt;">Since the determination of whether a service contract should be treated as a lease is inherently factual, the presence or absence of any single factor will not be dispositive in every case. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We believe that our&#160;percentage leases will be treated as true leases for U.S. federal income tax purposes. Such belief is based, in part, on the following facts: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the Partnerships, on the one hand, and our TRSs, on the other hand, intend for their relationship to be that of a lessor and lessee, and such relationship is documented by lease agreements; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">52</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our TRSs have the right to the exclusive possession, use, and quiet enjoyment of the hotels during the term of the&#160;percentage leases; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our TRSs bear the cost of, and are responsible for, day-to-day maintenance and repair of the hotels and generally dictate how the hotels are operated, maintained, and improved; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our TRSs bear all of the costs and expenses of operating the hotels, including the cost of any inventory used in their operation, during the term of the&#160;percentage leases, other than, in certain cases, real estate taxes; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">our TRSs benefit from any savings in the costs of operating the hotels during the term of the&#160;percentage leases; </font>
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          <font style="letter-spacing:0.2pt;">our TRSs generally indemnify the Partnerships against all liabilities imposed on the Partnerships during the term of the&#160;percentage leases by reason of (1)&#160;injury to persons or damage to property occurring at the hotels, (2)&#160;our TRSs&#8217; use, management, maintenance, or repair of the hotels, (3)&#160;any environmental liability caused by acts or grossly negligent failures to act of our TRSs, (4)&#160;taxes and assessments in respect of the hotels that are the obligations of our TRSs, or (5)&#160;any breach of the&#160;percentage leases or of any sublease of a hotel by our TRSs; </font>
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          <font style="letter-spacing:0.2pt;">our TRSs are obligated to pay, at a minimum, substantial base rent for the period of use of the hotels; </font>
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          <font style="letter-spacing:0.2pt;">our TRSs stand to incur substantial losses or reap substantial gains depending on how successfully they operate the hotels; </font>
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          <font style="letter-spacing:0.2pt;">the Partnerships cannot use the hotels concurrently to provide significant services to entities unrelated to our TRSs; </font>
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          <font style="letter-spacing:0.2pt;">the total contract price under the&#160;percentage leases does not substantially exceed the rental value of the hotels for the term of the&#160;percentage leases; </font>
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          <font style="letter-spacing:0.2pt;">each lease, at the time we entered into it enabled the tenant to derive a meaningful profit, after expenses and taking into account the risks associated with the lease, from the operation of the hotels during the term of its leases (and we expect that each lease, at any time it is subsequently renewed or extended, will do the same); and </font>
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          <font style="letter-spacing:0.2pt;">upon termination of each lease, the applicable hotel is expected to have a substantial remaining useful life and substantial remaining fair market value. </font>
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          <font style="letter-spacing:0.2pt;">Investors should be aware that there are no controlling Treasury regulations, published rulings, or judicial decisions involving leases with terms substantially the same as the&#160;percentage leases that discuss whether such leases constitute true leases for U.S. federal income tax purposes. If the&#160;percentage leases are characterized as service contracts or partnership agreements, rather than as true leases, part or all of the payments that the Partnerships receive from our TRSs may not be considered rent or may not otherwise satisfy the various requirements for qualification as &#8220;rents from real property.&#8221; In that case, we likely would not be able to satisfy either the 75% or 95% gross income test and, as a result, would lose our REIT status. As described above, in order for the rent received by us to constitute &#8220;rents from real property,&#8221; several other requirements must be satisfied. One requirement is that the&#160;percentage rent must not be based in whole or in part on the income or profits of any person. The&#160;percentage rent, however, will qualify as &#8220;rents from real property&#8221; if it is based on&#160;percentages of gross receipts or gross sales and the&#160;percentages: </font>
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          <font style="letter-spacing:0.2pt;">are fixed at the time the&#160;percentage leases are entered into; </font>
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          <font style="letter-spacing:0.2pt;">are not renegotiated during the term of the&#160;percentage leases in a manner that has the effect of basing&#160;percentage rent on income or profits; and </font>
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          <font style="letter-spacing:0.2pt;">conform with normal business practice. </font>
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          <font style="letter-spacing:0.2pt;">More generally, the&#160;percentage rent will not qualify as &#8220;rents from real property&#8221; if, considering the&#160;percentage leases and all the surrounding circumstances, the arrangement does not conform with normal business practice, but is in reality used as a means of basing the&#160;percentage rent on income or profits. Since the&#160;percentage rent is based on fixed&#160;percentages of the gross revenues from the hotels that are </font>
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          <font style="letter-spacing:0.2pt;">established in the&#160;percentage leases, and we believe (and have represented to Locke Lord LLP in connection with its opinion) that the&#160;percentages (1)&#160;will not be renegotiated during the terms of the&#160;percentage leases in a manner that has the effect of basing the&#160;percentage rent on income or profits and (2)&#160;conform with normal business practice, the&#160;percentage rent should not be considered based in whole or in part on the income or profits of any person. Furthermore, we anticipate (and have represented to Locke Lord LLP in connection with its opinion) that, with respect to other hotel properties that we acquire in the future, we will not charge rent for any property that is based in whole or in part on the income or profits of any person, except by reason of being based on a fixed&#160;percentage of gross receipts or gross sales, as described above. </font>
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          <font style="letter-spacing:0.2pt;">Another requirement for qualification of our rent as &#8220;rents from real property&#8221; is that we must not own, actually or constructively, 10% or more by vote or by value of the stock of any corporate lessee or 10% or more by vote or by value of the assets or net profits of any non-corporate lessee (a &#8220;related party tenant&#8221;) other than a TRS. All of our hotels are leased to TRSs (other than those owned by a TRS). In addition, our charter prohibits transfers of our stock that would cause us to own actually or constructively, 10% or more by vote or by value of the ownership interests in any non-TRS lessee. Based on the foregoing, we should never own, actually or constructively, 10% or more by vote or by value of any lessee other than a TRS. However, because the constructive ownership rules are broad and it is not possible to monitor continually direct and indirect transfers of our stock, no absolute assurance can be given that such transfers or other events of which we have no knowledge will not cause us to own constructively 10% or more by vote or by value of a lessee (or a subtenant, in which case only rent attributable to the subtenant is disqualified) other than a TRS at some future date. </font>
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          <font style="letter-spacing:0.2pt;">As described above, we may own up to 100% of the capital stock of one or more TRSs. A TRS is a fully taxable corporation that generally may engage in any business, including the provision of customary or noncustomary services to tenants of its parent REIT, except that a TRS may not directly or indirectly operate or manage any lodging facilities or health care facilities or provide rights to any brand name under which any lodging or health care facility is operated, unless such rights are provided to an &#8220;eligible independent contractor&#8221; to operate or manage a lodging or health care facility if such rights are held by the TRS as a franchisee, licensee, or in a similar capacity and such hotel is either owned by the TRS or leased to the TRS by its parent REIT. A TRS will not be considered to operate or manage a qualified lodging facility solely because the TRS directly or indirectly possesses a license, permit, or similar instrument enabling it to do so. Additionally, a TRS that employs individuals working at a qualified lodging facility outside the United States will not be considered to operate or manage a qualified lodging facility located outside of the United States, as long as an &#8220;eligible independent contractor&#8221; is responsible for the daily supervision and direction of such individuals on behalf of the TRS pursuant to a management agreement or similar service contract. However, rent that we receive from a TRS with respect to any property will qualify as &#8220;rents from real property&#8221; as long as the property is a &#8220;qualified lodging facility&#8221; and such property is operated on behalf of the TRS by a person from whom we derive no income who is adequately compensated, who does not, directly or through its stockholders, own more than 35% of our shares, taking into account certain ownership attribution rules, and who is, or is related to a person who is, actively engaged in the trade or business of operating &#8220;qualified lodging facilities&#8221; for any person unrelated to us and the TRS lessee (an &#8220;eligible independent contractor&#8221;). A &#8220;qualified lodging facility&#8221; is a hotel, motel, or other establishment more than one-half of the dwelling&#160;units in which are used on a transient basis, unless wagering activities are conducted at or in connection with such facility by any person who is engaged in the business of accepting wagers and who is legally authorized to engage in such business at or in connection with such facility. A &#8220;qualified lodging facility&#8221; includes customary amenities and facilities operated as part of, or associated with, the lodging facility as long as such amenities and facilities are customary for other properties of a comparable size and class owned by other unrelated owners. See &#8220;&#8212;&#8201;Taxable REIT Subsidiaries.&#8221; </font>
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          <font style="letter-spacing:0.2pt;">Our TRSs have engaged third-party hotel managers that qualify as &#8220;eligible independent contractors&#8221; to operate the related hotels on behalf of such TRS lessees. </font>
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          <font style="letter-spacing:0.2pt;">A third requirement for qualification of our rent as &#8220;rents from real property&#8221; is that the rent attributable to the personal property leased in connection with the lease of a hotel must not be greater than 15% of the total rent received under the lease. The rent attributable to the personal property contained in a hotel is the amount that bears the same ratio to total rent for the taxable year as the average of the fair market values of the personal property at the beginning and at the end of the taxable year bears to the average of the </font>
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          <font style="letter-spacing:0.2pt;">54</font>
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          <font style="letter-spacing:0.2pt;">aggregate fair market values of both the real and personal property contained in the hotel at the beginning and at the end of such taxable year (the &#8220;personal property ratio&#8221;). With respect to each hotel, we believe either that the personal property ratio is less than 15% or that any income attributable to excess personal property will not jeopardize our ability to qualify as a REIT. There can be no assurance, however, that the IRS would not challenge our calculation of a personal property ratio or that a court would not uphold such assertion. If such a challenge were successfully asserted, we could fail to satisfy the 95% or 75% gross income test and thus lose our REIT status. </font>
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          <font style="letter-spacing:0.2pt;">A fourth requirement for qualification of our rent as &#8220;rents from real property&#8221; is that, other than within the 1% </font><font style="font-style:italic;letter-spacing:0.2pt;">de minimis</font><font style="letter-spacing:0.2pt;"> exception described above (i.e., we may provide a minimal amount of &#8220;non-customary&#8221; services to the tenants of a property, other than through a TRS or an independent contractor, as long as our income from the services does not exceed 1% of our income from the related property) and other than through a TRS, we cannot furnish or render noncustomary services to the tenants of our hotels, or manage or operate our hotels, other than through an independent contractor who is adequately compensated and from whom we do not derive or receive any income. Provided that the&#160;percentage leases are respected as true leases, we should satisfy that requirement, because the Partnerships will not perform any services other than customary services for our TRSs. Furthermore, we have represented that, with respect to other hotel properties that we acquire in the future, we will not perform noncustomary services for our TRSs. </font>
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          <font style="letter-spacing:0.2pt;">If a portion of our rent from a hotel does not qualify as &#8220;rents from real property&#8221; because the rent attributable to personal property exceeds 15% of the total rent for a taxable year, the portion of the rent that is attributable to personal property will not be qualifying income for purposes of either the 75% or 95% gross income test. Thus, if such rent attributable to personal property, plus any other income that is nonqualifying income for purposes of the 95% gross income test, during a taxable year exceeds 5% of our gross income during the year, we would lose our REIT status. If, however, the rent from a particular hotel does not qualify as &#8220;rents from real property&#8221; because either (1)&#160;the&#160;percentage rent is considered based on the income or profits of the related lessee, (2)&#160;the lessee is a related party tenant other than a TRS, or (3)&#160;we furnish noncustomary services to the tenants of the hotel, or manage or operate the hotel, other than through a qualifying independent contractor or a TRS, none of the rent from that hotel would qualify as &#8220;rents from real property.&#8221; </font>
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          <font style="letter-spacing:0.2pt;">In that case, we likely would be unable to satisfy either the 75% or 95% gross income test and, as a result, would lose our REIT status. However, in either situation, we may still qualify as a REIT if the relief described below under &#8220;&#8212;&#8201;Failure to Satisfy Gross Income Tests&#8221; is available to us. </font>
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          <font style="letter-spacing:0.2pt;">In addition to the rent, our TRSs are required to pay to the Partnerships certain additional charges. To the extent that such additional charges represent either (1)&#160;reimbursements of amounts that the Partnerships are obligated to pay to third parties or (2)&#160;penalties for nonpayment or late payment of such amounts, such charges should qualify as &#8220;rents from real property.&#8221; However, to the extent that such charges represent interest that is accrued on the late payment of the rent or additional charges, such charges will not qualify as &#8220;rents from real property,&#8221; but instead should be treated as interest that qualifies for the 95% gross income test. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Interest.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The term &#8220;interest,&#8221; as defined for purposes of both the 75% and 95% gross income tests, generally does not include any amount received or accrued, directly or indirectly, if the determination of such amount depends in whole or in part on the income or profits of any person. However, interest generally includes the following: (i)&#160;an amount that is based on a fixed&#160;percentage or&#160;percentages of receipts or sales, and (ii)&#160;an amount that is based on the income or profits of a debtor, as long as the debtor derives substantially all of its income from the real property securing the debt from leasing substantially all of its interest in the property, and only to the extent that the amounts received by the debtor would be qualifying &#8220;rents from real property&#8221; if received directly by a REIT. Furthermore, to the extent that interest from a loan that is based on the residual cash proceeds from the sale of the property securing the loan constitutes a &#8220;shared appreciation provision,&#8221; income attributable to such participation feature will be treated as gain from the sale of the secured property. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Dividends.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Our share of any dividends received from any corporation (including any TRS, but excluding any REIT) in which we own an equity interest will qualify for purposes of the 95% gross income </font>
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          <font style="letter-spacing:0.2pt;">55</font>
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          <font style="letter-spacing:0.2pt;">test but not for purposes of the 75% gross income test. Our share of any dividends or other distributions received from any other REIT in which we own an equity interest will be qualifying income for purposes of both gross income tests. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">COD Income.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;From time-to-time, we and our subsidiaries may recognize cancellation of indebtedness income (&#8220;COD income&#8221;) in connection with repurchasing debt at a discount. COD income is excluded from gross income for purposes of both the 95% gross income test and the 75% gross income test. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Foreign Currency Gain.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Certain foreign currency gains will be excluded from gross income for purposes of one or both of the gross income tests. &#8220;Real estate foreign exchange gain&#8221; is excluded from gross income for purposes of the 75% gross income test. Real estate foreign exchange gain generally includes foreign currency gain attributable to any item of income or gain that is qualifying income for purposes of the 75% gross income test, foreign currency gain attributable to the acquisition or ownership of (or becoming or being the obligor under) obligations secured by mortgages on real property or on interest in real property and certain foreign currency gain attributable to certain &#8220;qualified business&#160;units&#8221; of a REIT. &#8220;Passive foreign exchange gain&#8221; is excluded from gross income for purposes of the 95% gross income test. Passive foreign exchange gain generally includes real estate foreign exchange gain as described above, and also includes foreign currency gain attributable to any item of income or gain that is qualifying income for purposes of the 95% gross income test and foreign currency gain attributable to the acquisition or ownership of (or becoming or being the obligor under) obligations. Because passive foreign exchange gain includes real estate foreign exchange gain, real estate foreign exchange gain is excluded from gross income for purposes of both the 75% and 95% gross income tests. These exclusions for real estate foreign exchange gain and passive foreign exchange gain do not apply to foreign currency gain derived from dealing, or engaging in substantial and regular trading, in securities. Such gain is treated as nonqualifying income for purposes of both the 75% and 95% gross income tests. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Prohibited Transactions.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A REIT will incur a 100% tax on the net income (including foreign currency gain) derived from any sale or other disposition of property, other than foreclosure property, that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. Whether a REIT holds an asset &#8220;primarily for sale to customers in the ordinary course of a trade or business&#8221; depends on the facts and circumstances in effect from time to time, including those related to a particular asset. We believe that none of the assets owned by the Partnerships is held primarily for sale to customers and that a sale of any such asset would not be to a customer in the ordinary course of the owning entity&#8217;s business. There are safe-harbor provisions in the U.S. federal income tax laws prescribing when an asset sale will not be characterized as a prohibited transaction. We cannot provide assurance, however, that we can comply with such safe-harbor provisions or that the Partnerships will avoid owning property that may be characterized as property held &#8220;primarily for sale to customers in the ordinary course of a trade or business.&#8221; </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Foreclosure Property.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;We will be subject to tax at the maximum corporate rate on any income (including foreign currency gain) from foreclosure property, other than income that would be qualifying income for purposes of the 75% gross income test, less expenses directly connected with the production of such income. However, gross income from such foreclosure property will qualify for purposes of the 75% and 95% gross income tests. &#8220;Foreclosure property&#8221; is any real property, including interests in real property, and any personal property incident to such real property: </font>
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          <font style="letter-spacing:0.2pt;">that is acquired by a REIT as the result of such REIT having bid on such property at foreclosure, or having otherwise reduced such property to ownership or possession by agreement or process of law, after there was a default or default was imminent on a lease of such property or on an indebtedness that such property secured; </font>
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          <font style="letter-spacing:0.2pt;">for which the related loan or lease was acquired by the REIT at a time when the REIT had no intent to evict or foreclose or the REIT did not know or have reason to know that default would occur; and </font>
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          <font style="letter-spacing:0.2pt;">for which such REIT makes a proper election to treat such property as foreclosure property. </font>
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          <font style="letter-spacing:0.2pt;">However, a REIT will not be considered to have foreclosed on a property where the REIT takes control of the property as a mortgagee-in-possession and cannot receive any profit or sustain any loss except as a creditor of the mortgagor. Property generally ceases to be foreclosure property with respect to a REIT at the </font>
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          <font style="letter-spacing:0.2pt;">56</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">end of the third taxable year following the taxable year in which the REIT acquired such property, or longer if an extension is granted by the Secretary of the Treasury. The foregoing grace period is terminated and foreclosure property ceases to be foreclosure property on the first day: </font>
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          <font style="letter-spacing:0.2pt;">on which a lease is entered into with respect to such property that, by its terms, will give rise to income that does not qualify for purposes of the 75% gross income test or any amount is received or accrued, directly or indirectly, pursuant to a lease entered into on or after such day that will give rise to income that does not qualify for purposes of the 75% gross income test; </font>
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          <font style="letter-spacing:0.2pt;">on which any construction takes place on such property, other than completion of a building, or any other improvement, where more than 10% of the construction of such building or other improvement was completed before default became imminent; or </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">which is more than 90&#160;days after the day on which such property was acquired by the REIT and the property is used in a trade or business which is conducted by the REIT, other than through an independent contractor from whom the REIT itself does not derive or receive any income or, for taxable&#160;years beginning after December&#160;31, 2015, through a TRS. </font>
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          <font style="letter-spacing:0.2pt;">As a result of the rules with respect to foreclosure property, if a lessee defaults on its obligations under a&#160;percentage lease, we terminate the lessee&#8217;s leasehold interest, and we are unable to find a replacement lessee for the hotel within 90&#160;days of such foreclosure, gross income from hotel operations conducted by us from such hotel would cease to qualify for the 75% and 95% gross income tests unless we are able to hire an independent contractor or, for taxable&#160;years beginning after December&#160;31, 2015, use a TRS to manage and operate the hotel. In such event, we might be unable to satisfy the 75% and 95% gross income tests and, thus, might fail to qualify as a REIT. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Hedging Transactions.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;From time to time, we may enter into hedging transactions with respect to one or more of our assets or liabilities. Our hedging activities may include entering into interest rate swaps, caps, floors, options to purchase such items, futures and forward contracts. To the extent that we enter into hedging transactions, income arising from &#8220;clearly identified&#8221; hedging transactions that are entered into by the REIT in the normal course of business, either directly or through certain subsidiary entities, to manage the risk of interest rate movements, price changes, or currency fluctuations with respect to borrowings or obligations incurred or to be incurred by the REIT to acquire or carry real estate assets is excluded from the 95% income test and the 75% income test. In general, for a hedging transaction to be &#8220;clearly identified,&#8221; (A)&#160;the transaction must be identified as a hedging transaction before the end of the day on which it is entered into, and (B)&#160;the items or risks being hedged must be identified &#8220;substantially contemporaneously&#8221; with the hedging transaction, meaning that the identification of the items or risks being hedged must generally occur within 35&#160;days after the date the transaction is entered into. Rules similar to those applicable to income from hedging transactions, discussed above, apply to income arising from transactions that are entered into by the REIT primarily to manage risk of currency fluctuations with respect to any item of income or gain included in the computation of the 95% income test or the 75% income test (or any property which generates such income or gain). In addition, for taxable&#160;years ending after December&#160;31, 2015, similar rules apply to income from positions that primarily manage risk with respect to a prior hedge entered into by a REIT in connection with the extinguishment or disposal (in whole or in part) of the liability or asset related to such prior hedge, to the extent the new position qualifies as a hedge or would so qualify if the hedge position were ordinary property. We intend to structure any hedging transactions in a manner that does not jeopardize our status as a REIT. The REIT income and asset rules may limit our ability to hedge loans or securities acquired as investments. </font>
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          <font style="letter-spacing:0.2pt;">We have entered into certain derivative transactions to protect against risks not specifically associated with debt incurred to acquire qualified REIT assets. The REIT provisions of the Code limit our income and assets in each year from such derivative transactions. Failure to comply with the asset or income limitations within the REIT provisions of the Code could result in penalty taxes or loss of our REIT status. We may contribute non-qualifying derivatives into our TRSs to preserve our REIT status, which may result in any income from such transactions being subject to federal income taxation. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Failure to Satisfy Gross Income Tests.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;If we fail to satisfy one or both of the gross income tests for any taxable year, we nevertheless may qualify as a REIT for such year if we qualify for relief under certain provisions of the U.S. federal income tax laws. Those relief provisions generally will be available if: </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">57</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">our failure to meet such tests is due to reasonable cause and not due to willful neglect; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">following our identification of the failure to meet one or both gross income tests for a taxable year, a description of each item of our gross income included in the 75% or 95% gross income tests is set forth in a schedule for such taxable year filed as specified by Treasury regulations. </font>
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          <font style="letter-spacing:0.2pt;">We cannot predict, however, whether in all circumstances we would qualify for the relief provisions. In addition, as discussed above in &#8220;&#8212;&#8201;Taxation of Our Company,&#8221; even if the relief provisions apply, we would incur a 100% tax on the gross income attributable to the greater of the amounts by which we fail the 75% and 95% gross income tests, multiplied by a fraction intended to reflect our profitability. </font>
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          <font style="letter-spacing:-0.2pt;">Asset Tests</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">To maintain our qualification as a REIT, we also must satisfy the following asset tests at the close of each quarter of each taxable year: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">First, at least 75% of the value of our total assets must consist of: </font>
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          <font style="letter-spacing:0.2pt;">cash or cash items, including certain receivables; </font>
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          <font style="letter-spacing:0.2pt;">government securities; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">interests in real property, including leaseholds and options to acquire real property and leaseholds; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">interests in mortgages on real property or, for taxable&#160;years beginning after December&#160;31, 2015, on interests in real property; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">for taxable&#160;years beginning after December&#160;31, 2015, interests in mortgages on both real and personal property where the fair market value of such personal property does not exceed 15% of the total fair market value of all such property; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">for taxable&#160;years beginning after December&#160;31, 2015, personal property to the extent that rents attributable to such personal property are treated as rents from real property under the income test, as discussed above under &#8220;&#8212;&#8201;Rents From Real Property&#8221;; </font>
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          <font style="letter-spacing:0.2pt;">stock in other REITs; </font>
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          <font style="letter-spacing:0.2pt;">for taxable&#160;years beginning after December&#160;31, 2015, debt issued by publicly offered REITs; and </font>
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          <font style="letter-spacing:0.2pt;">investments in stock or debt instruments during the one-year period following our receipt of new capital that we raise through equity offerings or offerings of debt with at least a five-year term. </font>
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          <font style="letter-spacing:0.2pt;">Second, except with respect to a TRS, of our investments not included in the 75% asset class, the value of our interest in any one issuer&#8217;s securities may not exceed 5% of the value of our total assets. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Third, except with respect to a TRS, of our investments not included in the 75% asset class, we may not own more than 10% of the voting power or value of any one issuer&#8217;s outstanding securities, or the 10% vote test or the 10% value test, respectively. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Fourth, no more than 20% (25% with respect to our taxable&#160;years beginning before January&#160;1, 2018) of the value of our total assets may consist of the securities of one or more TRSs. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Fifth, for taxable&#160;years beginning after December&#160;31, 2015, no more than 25% of the value of our total assets may consist of certain debt issued by publicly offered REITs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For purposes of the second and third asset tests, the term &#8220;securities&#8221; does not include stock in another REIT, equity or debt securities of a qualified REIT subsidiary or TRS, or equity interests in a partnership. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For purposes of the 10% value test, the term &#8220;securities&#8221; does not include: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Straight debt&#8221; securities, which is defined as a written unconditional promise to pay on demand or on a specified date a sum certain in money if (i)&#160;the debt is not convertible, directly or indirectly, into stock, and (ii)&#160;the interest rate and interest payment dates are not contingent on profits, the borrower&#8217;s discretion, or similar factors. &#8220;Straight debt&#8221; securities do not include any securities </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">58</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-left:30pt; width:426pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">issued by a partnership or a corporation in which we or any controlled TRS (i.e., a TRS in which we own directly or indirectly more than 50% of the voting power or value of the stock) hold non-&#8221;straight debt&#8221; securities that have an aggregate value of more than 1% of the issuer&#8217;s outstanding securities. However, &#8220;straight debt&#8221; securities include debt subject to the following contingencies: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a contingency relating to the time of payment of interest or principal, as long as either (i)&#160;there is no change to the effective yield of the debt obligation, other than a change to the annual yield that does not exceed the greater of 0.25% or 5% of the annual yield, or (ii)&#160;neither the aggregate issue price nor the aggregate face amount of the issuer&#8217;s debt obligations held by us exceeds $1&#160;million and no more than 12&#160;months of unaccrued interest on the debt obligations can be required to be prepaid; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a contingency relating to the time or amount of payment upon a default or prepayment of a debt obligation, as long as the contingency is consistent with customary commercial practice. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Any loan to an individual or an estate. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Any &#8220;section 467 rental agreement,&#8221; other than an agreement with a related party tenant. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Any obligation to pay &#8220;rents from real property.&#8221; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Certain securities issued by governmental entities. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Any security issued by a REIT. </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Any debt instrument of an entity treated as a partnership for U.S. federal income tax purposes to the extent of our interest as a partner in the partnership. </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Any debt instrument of an entity treated as a partnership for U.S. federal income tax purposes not described in the preceding bullet points if at least 75% of the partnership&#8217;s gross income, excluding income from prohibited transactions, is qualifying income for purposes of the 75% gross income test described above in &#8220;&#8212;&#8201;Income Tests.&#8221; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">For purposes of the 10% value test, our proportionate share of the assets of a partnership is our proportionate interest in any securities issued by the partnership, without regard to the securities described in the last two bullet points above. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We monitor the status of our assets for purposes of the various asset tests and seek to manage our assets to comply at all times with such tests. There can be no assurances, however, that we will be successful in this effort. In this regard, to determine our compliance with these requirements, we need to estimate the value of the real estate securing our mortgage loans at various times. In addition, we have to value our investment in our other assets to ensure compliance with the asset tests. Although we seek to be prudent in making these estimates, there can be no assurances that the IRS might not disagree with these determinations and assert that a different value is applicable, in which case we might not satisfy the 75% and the other asset tests and would fail to qualify as a REIT. If we fail to satisfy the asset tests at the end of a calendar quarter, we will not lose our REIT qualification if: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">we satisfied the asset tests at the end of the preceding calendar quarter; and </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the discrepancy between the value of our assets and the asset test requirements arose from changes in the market values of our assets and was not wholly or partly caused by the acquisition of one or more non-qualifying assets. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">If we did not satisfy the condition described in the second item, above, we still could avoid disqualification by eliminating any discrepancy within 30&#160;days after the close of the calendar quarter in which it arose. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we violate the second or third asset tests described above at the end of any calendar quarter, we will not lose our REIT qualification if (i)&#160;the failure is </font><font style="font-style:italic;letter-spacing:0.2pt;">de minimis</font><font style="letter-spacing:0.2pt;"> (up to the lesser of 1% of our assets or $10&#160;million) and (ii)&#160;we dispose of assets or otherwise comply with the asset tests within six&#160;months after the last day of the quarter in which we identified such failure. In the event of a more than </font><font style="font-style:italic;letter-spacing:0.2pt;">de minimis</font><font style="letter-spacing:0.2pt;"> failure of any of the asset tests, as long as the failure was due to reasonable cause and not to willful neglect, we will not lose our REIT qualification if we (i)&#160;dispose of assets or otherwise comply with the asset tests within </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">59</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">six&#160;months after the last day of the quarter in which we identified such failure, (ii)&#160;file a schedule with the IRS describing the assets that caused such failure in accordance with regulations promulgated by the Secretary of Treasury and (iii)&#160;pay a tax equal to the greater of $50,000 or the highest rate of federal corporate income tax of the net income from the nonqualifying assets during the period in which we failed to satisfy the asset tests. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Distribution Requirements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each taxable year, we must distribute dividends, other than capital gain dividends and deemed distributions of retained capital gain, to our stockholders in an aggregate amount at least equal to: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the sum of (1)&#160;90% of our &#8220;REIT taxable income,&#8221; computed without regard to the dividends paid deduction and our net capital gain, and (2)&#160;90% of our after-tax net income, if any, from foreclosure property; minus </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the sum of certain items of non-cash income. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, our REIT taxable income will be reduced by any taxes we are required to pay on any gain we recognize from the disposition of any asset we acquired from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, within the five-year period following our acquisition of such asset, as described above under &#8220;&#8212;&#8201;Taxation of Our Company&#8221;. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We must pay such distributions in the taxable year to which they relate, or in the following taxable year if we declare the distribution before we timely file our U.S. federal income tax return for such year and pay the distribution on or before the first regular dividend payment date after such declaration. Any dividends declared in the last three&#160;months of the taxable year, payable to stockholders of record on a specified date during such period, will be treated as paid on December&#160;31 of such year if such dividends are distributed during January of the following year. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We will pay U.S. federal income tax on taxable income, including net capital gain, that we do not distribute to our stockholders. Furthermore, if we fail to distribute during a calendar year, or by the end of January following such calendar year in the case of distributions with declaration and record dates falling in the last three&#160;months of the calendar year, at least the sum of: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">85% of our REIT ordinary income for such year; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">95% of our REIT capital gain income for such year; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any undistributed taxable income from prior periods, </font>
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          <font style="letter-spacing:0.2pt;">we will incur a 4% nondeductible excise tax on the excess of such required distribution over the amounts we actually distributed. We may elect to retain and pay income tax on the net long-term capital gain we receive in a taxable year. See &#8220;&#8212;&#8201;Taxation of Taxable U.S. Holders of Stock&#8201;&#8212;&#8201;Distributions.&#8221; If we so elect, we will be treated as having distributed any such retained amount for purposes of the 4% excise tax described above. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">It is possible that, from time to time, we may experience timing differences between (1)&#160;the actual receipt of income and actual payment of deductible expenses, and (2)&#160;the inclusion of that income and deduction of such expenses in arriving at our REIT taxable income. For example, under some of the&#160;percentage leases, the&#160;percentage rent is not due until after the end of the calendar quarter. In that case, we still would be required to recognize as income the excess of the&#160;percentage rent over the base rent paid by the lessee in the calendar quarter to which such excess relates. In addition, we may not deduct recognized net capital losses from our &#8220;REIT taxable income.&#8221; Further, it is possible that, from time to time, we may be allocated a share of net capital gain attributable to the sale of depreciated property that exceeds our allocable share of cash attributable to that sale. Furthermore, generally for taxable&#160;years beginning after December&#160;31, 2017, subject to certain exceptions, generally we must accrue income for U.S. federal income tax purposes no later than the time when such income is taken into account as revenue in our financial statements, which could create additional differences between REIT taxable income and the receipt of </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">60</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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          <font style="letter-spacing:0.2pt;">cash attributable to such income. As a result of the foregoing, we may have less cash than is necessary to distribute all of our taxable income and thereby avoid corporate income tax and the excise tax imposed on certain undistributed income. In such a situation, we may need to borrow funds or issue additional common or preferred shares. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">We may satisfy the REIT annual distribution requirements by making taxable distributions of our stock. In accordance with guidance issued by the IRS, a publicly traded REIT should generally be eligible to treat a distribution of its own stock as fulfilling its REIT distribution requirements if each stockholder is permitted to elect to receive his or her distribution in either cash or stock of the REIT (even where there is a limitation on the&#160;percentage of the distribution payable in cash, provided that the limitation is at least 20% (10% for distributions declared on or after April&#160;1, 2020, and on or before December&#160;31, 2020)), subject to the satisfaction of certain guidelines. If too many stockholders elect to receive cash, each stockholder electing to receive cash generally must receive a portion of his or her distribution in cash (with the balance of the distribution paid in stock). If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the distribution paid in stock generally will be a taxable distribution in an amount equal to the amount of cash that could have been received instead of stock. As a result, a U.S. holder (as defined below) may incur a tax liability with respect to such dividends in excess of any cash received. With respect to non-U.S. holders (as defined below), we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For taxable&#160;years beginning on or before December&#160;31, 2014, in order for distributions to be counted towards our distribution requirement and to give rise to a tax deduction by us, they must not be &#8220;preferential dividends.&#8221; A dividend is not a preferential dividend if it is pro&#160;rata among all outstanding shares of stock within a particular class and is in accordance with the preferences among different classes of stock as set forth in the organizational documents. For taxable&#160;years beginning after December&#160;31, 2014, preferential dividends are generally not excluded from our distribution requirement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under certain circumstances, we may be able to correct a failure to meet the distribution requirement for a year by paying &#8220;deficiency dividends&#8221; to our stockholders in a later year. We may include such deficiency dividends in our deduction for dividends paid for the earlier year. Although we may be able to avoid income tax on amounts distributed as deficiency dividends, we will be required to pay interest to the IRS based upon the amount of any deduction we take for deficiency dividends. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Interest Deduction Limitation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Commencing in taxable&#160;years beginning after December&#160;31, 2017, the deductibility of net interest expense paid or accrued on debt properly allocable to a trade or business is limited to 30% of &#8220;adjusted taxable income,&#8221; subject to certain exceptions. Any deduction in excess of the limitation is carried forward and may be used in a subsequent year, subject to the 30% limitation. However, for any taxable year beginning in 2019 or 2020, the 30% limitation has been increased to a 50% limitation, provided that for partnerships the 50% limitation applies for any taxable year beginning in 2020 only. Taxpayers may elect to use their 2019 adjusted taxable income for purposes of computing their 2020 limitation. Adjusted taxable income is determined without regard to certain deductions, including those for net interest expense, net operating loss carryforward and, for taxable&#160;years beginning before January&#160;1, 2022, depreciation, amortization and depletion. Provided the taxpayer makes a timely election (which is irrevocable), the limitation does not apply to a trade or business involving real property development, redevelopment, construction, reconstruction, rental, operation, acquisition, conversion, disposition, management, leasing or brokerage, within the meaning of Section&#160;469(c)(7)(C) of the Code. We have made this election and as a consequence, depreciable real property (including certain improvements) held by us must be depreciated under the alternative depreciation system under the Code, which is generally less favorable than the generally applicable system of depreciation under the Code. If the election is determined not to be available with respect to all or certain of our business activities, the new interest deduction limitation could result in us having more REIT taxable income and thus increase the amount of distributions we must make to comply with the REIT requirements and avoid incurring corporate level tax. Similarly, the limitation could cause our TRSs to have greater taxable income and thus potentially greater corporate tax liability. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">61</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Recordkeeping Requirements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To avoid a monetary penalty, we must request on an annual basis information from our stockholders designed to disclose the actual ownership of our outstanding shares of stock. We intend to comply with such requirements. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Failure to Qualify</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we fail to satisfy one or more requirements for REIT qualification, other than the gross income tests and the asset tests, we could avoid disqualification if our failure is due to reasonable cause and not to willful neglect and we pay a penalty of $50,000 for each such failure. In addition, there are relief provisions for a failure of the gross income tests and asset tests, as described in &#8220;&#8212;&#8201;Income Tests&#8221; and &#8220;&#8212;&#8201;Asset Tests.&#8221; </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we were to fail to qualify as a REIT in any taxable year, and no relief provision applied, we would be subject to U.S. federal income tax on our taxable income at regular corporate rates and any applicable alternative minimum tax (for taxable&#160;years beginning before January&#160;1, 2018). In calculating our taxable income in a year in which we failed to qualify as a REIT, we would not be able to deduct amounts paid out to stockholders with respect to our stock. In fact, we would not be required to distribute any amounts to stockholders in such year. In such event, to the extent of our current and accumulated earnings and profits, all distributions to stockholders would be taxable as regular corporate dividends. If we fail to qualify as a REIT, for taxable&#160;years beginning after December&#160;31, 2017 and before January&#160;1, 2026, U.S. holders that are individuals, trusts or estates would not be able to deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations. Subject to certain limitations of the U.S. federal income tax laws, corporate stockholders might be eligible for the dividends received deduction and individual and certain non-corporate trust and estate stockholders may be eligible for a reduced maximum U.S. federal income tax rate of 20% on such dividends. Unless we qualified for relief under specific statutory provisions, we also would be disqualified from taxation as a REIT for the four taxable&#160;years following the year during which we ceased to qualify as a REIT. We cannot predict whether in all circumstances we would qualify for such statutory relief. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxation of Taxable U.S. Holders of Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The term &#8220;U.S. holder&#8221; means a holder of our capital stock that for U.S. federal income tax purposes is a &#8220;U.S. person.&#8221; A U.S. person means: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a citizen or resident of the United States; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any of its states, or the District of Columbia; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">an estate whose income is subject to U.S. federal income taxation regardless of its source; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">any trust if (1)&#160;a U.S. court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (2)&#160;it has a valid election in place to be treated as a U.S. person. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:-0.2pt;">Distributions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">As long as we qualify as a REIT, (1)&#160;a taxable U.S. holder of our capital stock must report as ordinary income distributions that are made out of our current or accumulated earnings and profits and that we do not designate as capital gain dividends or retained long-term capital gain, and (2)&#160;a corporate U.S. holder of our capital stock will not qualify for the dividends received deduction generally available to corporations. In addition, dividends paid to an individual U.S. holder generally will not qualify for the reduced rate of U.S. federal income tax applicable to &#8220;qualified dividend income.&#8221; Qualified dividend income generally includes dividends from most U.S. corporations but does not generally include REIT dividends. As a result, our ordinary REIT dividends generally will continue to be taxed at the U.S. federal income tax rate applicable to ordinary income. However, for taxable&#160;years beginning before January&#160;1, 2026, generally U.S. holders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations. Notwithstanding the preceding, the U.S. federal income tax rate for </font>
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          <font style="letter-spacing:0.2pt;">62</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">qualified dividend income will apply to our ordinary REIT dividends, if any, that are (1)&#160;attributable to dividends received by us from non-REIT corporations, such as our TRSs, and (2)&#160;attributable to income upon which we have paid corporate U.S. federal income tax (e.g., to the extent that we distribute less than 100% of our REIT taxable income). In general, to qualify for the reduced U.S. federal income tax rate on qualified dividend income, a U.S. holder must hold our stock for more than 60&#160;days during the 121-day period beginning on the date that is 60&#160;days before the date on which our stock becomes ex-dividend. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A U.S. holder generally will report distributions that we designate as capital gain dividends as long-term capital gain without regard to the period for which the U.S. holder has held our stock. A corporate U.S. holder, however, may be required to treat up to 20% of certain capital gain dividends as ordinary income. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may elect to retain and pay U.S. federal income tax on the net long-term capital gain that we receive in a taxable year. In that case, a U.S. holder would be taxed on its proportionate share of our undistributed long-term capital gain, to the extent that we designate such amount in a timely notice to such holder. The U.S. holder would be entitled to a credit or refund for its proportionate share of the U.S. federal income tax we paid. The U.S. holder would increase the basis in its stock by the amount of its proportionate share of our undistributed long-term capital gain, minus its share of the U.S. federal income tax we paid. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To the extent that we make a distribution in excess of our current and accumulated earnings and profits, such distribution will not be taxable to a U.S. holder to the extent that it does not exceed the adjusted tax basis of the U.S. holder&#8217;s stock. Instead, such distribution will reduce the adjusted tax basis of such stock. To the extent that we make a distribution in excess of both our current and accumulated earnings and profits and the U.S. holder&#8217;s adjusted tax basis in its stock, such U.S. holder will recognize long-term capital gain, or short-term capital gain if the stock has been held for one year or less. The IRS has ruled that if total distributions for two or more classes of stock are in excess of current and accumulated earnings and profits, dividends must be treated as having been distributed to those stockholders having a priority under the corporate charter before any distribution to stockholders with lesser priority. If we declare a dividend in October, November, or December of any year that is payable to a U.S. holder of record on a specified date in any such month, such dividend shall be treated as both paid by us and received by the U.S. holder on December&#160;31 of such year, if we actually pay the dividend during January of the following calendar year. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">U.S. holders may not include in their individual U.S. federal income tax returns any of our net operating losses or capital losses. Instead, we would carry over such losses for potential offset against our future income generally, provided that our deduction for any net operating loss carryforwards arising from losses we sustain in taxable&#160;years beginning after December&#160;31, 2017 is limited to 80% of our REIT taxable income, temporarily suspended for taxable&#160;years beginning before January&#160;1, 2021 under the CARES Act (determined without regard to the deduction for dividends paid). Taxable distributions from us and gain from the disposition of our stock will not be treated as passive activity income, and, therefore, U.S. holders generally will not be able to apply any &#8220;passive activity losses,&#8221; such as losses from certain types of limited partnerships in which the U.S. holder is a limited partner, against such income. In addition, taxable distributions from us and gain from the disposition of the stock generally will be treated as investment income for purposes of the investment interest limitations. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We will notify stockholders after the close of our taxable year as to the portions of the distributions attributable to that year that constitute ordinary income, return of capital, and capital gain. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Disposition of Capital Stock; Redemption of Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the discussion below regarding Code Section&#160;302, in general, a U.S. holder who is not a dealer in securities must treat any gain or loss realized upon a taxable disposition of our capital stock as long-term capital gain or loss if the U.S. holder has held the stock for more than one year and otherwise as short-term capital gain or loss. However, a U.S. holder must treat any loss upon a sale or exchange of stock held by such U.S. holder for six&#160;months or less as a long-term capital loss to the extent of any actual or deemed distributions from us that such U.S. holder previously has characterized as long-term capital gain. All or a portion of any loss that a U.S. holder realizes upon a taxable disposition of the stock may be disallowed if the U.S. holder purchases the same type of stock within 30&#160;days before or after the disposition. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A redemption of our Preferred Stock will be treated under Section&#160;302 of the Code as a dividend subject to tax at ordinary income tax rates (to the extent of our current or accumulated earnings and profits), unless </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">63</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">the redemption satisfies certain tests set forth in Section&#160;302(b) of the Code enabling the redemption to be treated as a sale or exchange of the stock. The redemption will satisfy such test if it (i)&#160;is &#8220;substantially disproportionate&#8221; with respect to the holder, (ii)&#160;results in a &#8220;complete termination&#8221; of the holder&#8217;s stock interest in our company, or (iii)&#160;is &#8220;not essentially equivalent to a dividend&#8221; with respect to the holder, all within the meaning of Section&#160;302(b) of the Code. In determining whether any of these tests have been met, shares considered to be owned by the holder by reason of certain constructive ownership rules set forth in the Code, as well as shares actually owned, must generally be taken into account. Because the determination as to whether any of the alternative tests of Section&#160;302(b) of the Code is satisfied with respect to any particular holder of Preferred Stock will depend upon the facts and circumstances as of the time the determination is made, prospective investors are advised to consult their own tax advisors to determine the appropriate tax treatment. If a redemption of Preferred Stock is treated as a distribution that is taxable as a dividend, the amount of the distribution would be measured by the amount of cash and the fair market value of any property received by the U.S. holder. The U.S. holder&#8217;s adjusted tax basis in such redeemed Preferred Stock would be transferred to the holder&#8217;s remaining stockholdings in our company. If, however, the U.S. holder has no remaining stockholdings in our company and does not take certain actions to ensure that the redemption is not treated as a distribution that is taxable as a dividend, such basis may, under certain circumstances, be transferred to a related person or it may be lost entirely. </font>
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          <font style="letter-spacing:0.2pt;">If a redemption of shares of Preferred stock is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described above. </font>
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          <font style="letter-spacing:-0.2pt;">Conversion of Convertible Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Conversion Solely for Common Stock.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A U.S. holder generally will not recognize any gain or loss in respect of the receipt of common stock upon the conversion of convertible Preferred Stock, except to the extent of common stock received on account of accrued and unpaid dividends that have not previously been included in income as described below. The adjusted tax basis of common stock received on conversion will equal the adjusted tax basis of the convertible Preferred Stock converted (reduced by the portion of adjusted tax basis allocated to any fractional share of common stock exchanged for cash and subject to downward adjustment, if any, described below), and the holding period of such common stock received on conversion will generally include the period during which the converted Preferred Stock was held prior to conversion. </font>
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          <font style="letter-spacing:0.2pt;">Cash received in lieu of a fractional shares of common stock will generally be treated as a payment in a taxable exchange for such fractional shares of common stock, and gain or loss will generally be recognized in an amount equal to the difference between the amount of cash received and the portion of the U.S. holder&#8217;s adjusted tax basis allocable to the fractional shares of common stock. </font>
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          <font style="letter-spacing:0.2pt;">We expect to take the position that any accumulated and unpaid dividends paid upon conversion of convertible Preferred Stock will be includable in income in the manner described under &#8220;&#8212;&#8201;Distributions&#8221; above. Alternatively, such payment may be treated as having been made in connection with a recapitalization of our stock, in which case a U.S. holder generally would not recognize loss, but would recognize gain (which, under certain circumstances, would be includable in income in the manner described under &#8220;&#8212;&#8201;Disposition of Capital Stock; Redemption of Preferred Stock&#8221; above), if any, on convertible Preferred Stock so converted, in an amount equal to the lesser of the amount of (i)&#160;the cash received or (ii)&#160;gain realized (i.e., the excess, if any, of the fair market value of the common stock received plus the cash received, over the adjusted basis in the convertible Preferred Stock converted). Prospective investors should consult their tax advisors regarding the tax treatment of accumulated and unpaid dividends paid upon conversion. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Conversion for Part&#160;Common Stock and Part&#160;Cash.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;We may make an additional cash payment to a holder upon a conversion of convertible Preferred Stock representing future dividends. Accordingly, upon a conversion, a holder may receive solely common stock or a combination of cash and common stock. Any cash or common stock received on account of accrued and unpaid dividends that have not previously been included in income will be taxed as described above in &#8220;&#8212;&#8201;Conversion Solely for Common Stock.&#8221; However, other than with respect to such cash or common stock received on account of accrued and unpaid dividends, in the event that we deliver common stock and cash upon a conversion of convertible Preferred Stock, the U.S. federal income tax treatment of the conversion is uncertain. U.S. holders should consult their tax </font>
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          <font style="letter-spacing:0.2pt;">advisors regarding the consequences of such a conversion. It is possible that the conversion could be treated as a single recapitalization or as a conversion in part and a taxable redemption in part, as briefly discussed below. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Treatment as a Recapitalization.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;If we pay a combination of cash and common stock in exchange for convertible Preferred Stock upon conversion, the exchange may be treated as a recapitalization. In such case, the U.S. holder would recognize gain (but not loss) in an amount equal to the lesser of (i)&#160;the excess (if any) of (A)&#160;the amount of cash (not including cash received in lieu of fractional shares) and the fair market value of common stock received (treating fractional shares as received for this purpose) in the exchange over (B)&#160;such U.S. holder&#8217;s adjusted tax basis in the convertible Preferred Stock, and (ii)&#160;the amount of cash received upon conversion (other than cash received in lieu of fractional shares, which would be treated as described above in &#8220;&#8212;&#8201;Conversion Solely for Common Stock&#8221;). Notwithstanding the foregoing, any common stock received on account of accrued and unpaid dividends that has not previously been included in income will be treated as a dividend. Any gain recognized should be treated as capital gain except to the extent it has the effect of a distribution of a dividend. If the exchange has the effect of the distribution of a dividend, then the gain recognized upon the exchange, as determined above, will be treated as a dividend to the extent of the U.S. holder&#8217;s ratable share of our earnings and profits. The remainder of the gain will be a capital gain and will be long-term if the holding period exceeds one year. For purposes of determining whether a U.S. holder&#8217;s gain will be treated as a dividend, stock (including our common stock) owned by such U.S. holder actually and constructively through attribution rules, will be taken into account. </font>
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          <font style="letter-spacing:0.2pt;">The tax basis of the shares of common stock received upon a recapitalization (including any basis allocable to any fractional share a U.S. holder is treated as exchanging as described above in &#8220;&#8212;&#8201;Conversion Solely for Common Stock&#8221;) would equal the adjusted tax basis of the convertible Preferred Stock that was converted, reduced by the amount of any cash received (other than cash received in lieu of a fractional share), and increased by the amount of gain, if any, recognized (other than with respect to a fractional share). A U.S. holder&#8217;s holding period for shares of common stock would include the period during which the U.S. holder held the convertible Preferred Stock. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Alternative Treatment as Part&#160;Conversion and Part&#160;Redemption.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;If the conversion of convertible Preferred Stock into cash and common stock were not treated as a single recapitalization, the conversion could be treated as in part a conversion into common stock and in part a separate redemption of the remaining convertible Preferred Stock surrendered in the conversion. In that event, the portion converted into common stock would be treated as described above in &#8220;&#8212;&#8201;Conversion Solely for Common Stock.&#8221; The portion converted into cash would be treated as described above in &#8220;&#8212;&#8201;Disposition of Capital Stock; Redemption of Preferred Stock.&#8221; </font>
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          <font style="letter-spacing:-0.2pt;">Adjustment of Conversion Rate of Convertible Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Under certain circumstances, adjustments (or failure to make adjustments) to the conversion rate of convertible Preferred Stock may result in constructive distributions under Section&#160;305(c) of the Code to the U.S. holders of such convertible Preferred Stock or other stockholders includable in income in the manner described under &#8220;&#8212;&#8201;Distributions&#8221; above, if and to the extent that certain adjustments (or failure to make adjustments) in the conversion rate increase the proportionate interest of a stockholder in our earnings and profits. Thus, under certain circumstances, a U.S. holder may recognize income in the event of a constructive distribution even though they may not receive any cash or property. Under proposed regulations, such constructive distributions, if any, would generally be deemed to occur on the date adjustments to the conversion rate are made in accordance with the terms of such convertible Preferred Stock. </font>
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          <font style="letter-spacing:-0.2pt;">Capital Gains and Losses.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">A taxpayer generally must hold a capital asset for more than one year for gain or loss derived from its sale or exchange to be treated as long-term capital gain or loss. In general, a U.S. holder will realize gain or loss in an amount equal to the difference between the sum of the fair market value of any property and the amount of cash received in such disposition and the U.S. holder&#8217;s adjusted tax basis. A U.S. holder&#8217;s adjusted tax basis generally will equal the U.S. holder&#8217;s acquisition cost, increased by the excess of net capital gains deemed distributed to the U.S. holder (discussed above) less tax deemed paid on such gains and reduced by any returns of capital. In general, the maximum U.S. federal income tax rate on long-term </font>
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          <font style="letter-spacing:0.2pt;">capital gain applicable to non-corporate taxpayers is 20% for sales and exchanges of assets held for more than one year. The maximum U.S. federal income tax rate on long-term capital gain from the sale or exchange of &#8220;section 1250 property,&#8221; or depreciable real property, is 25% to the extent that such gain, not otherwise treated as ordinary, would have been treated as ordinary income if the property were &#8220;section 1245 property.&#8221; With respect to distributions that we designate as capital gain dividends and any retained capital gain that we are deemed to distribute, we generally may designate whether such a distribution is taxable to our non-corporate stockholders at a 20% or 25% U.S. federal income tax rate. In addition, the characterization of income as capital gain or ordinary income may affect the deductibility of capital losses. A non-corporate taxpayer may deduct capital losses not offset by capital gains against its ordinary income only up to a maximum annual amount of $3,000. A non-corporate taxpayer may carry forward unused capital losses indefinitely. A corporate taxpayer must pay U.S. federal income tax on its net capital gain at ordinary corporate U.S. federal income tax rates. A corporate taxpayer may deduct capital losses only to the extent of capital gains, with unused losses being carried back three&#160;years and forward five&#160;years. </font>
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          <font style="letter-spacing:-0.2pt;">Medicare Tax.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">A U.S. holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser of (1)&#160;the U.S. holder&#8217;s &#8220;net investment income&#8221; for the relevant taxable year and (2)&#160;the excess of the U.S. holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold. Net investment income generally includes dividend income and net gains from the disposition of stock, unless such dividend income or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). With respect to ordinary REIT dividends received by non-corporate taxpayers, the temporary 20% deduction described above in &#8220;&#8212;&#8201;Distributions.&#8221; is allowed only for regular income tax purposes and thus is apparently not allowed as a deduction allocable to such dividends for purposes of determining the amount of net investment income subject to the 3.8% Medicare tax. A U.S. holder that is an individual, estate or trust, should consult its tax advisor regarding the applicability of the Medicare tax to its income and gains in respect of its investment in our capital stock. </font>
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          <font style="letter-spacing:-0.2pt;">Information Reporting Requirements and Backup Withholding.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">We will report to our stockholders and to the IRS the amount of distributions we pay during each calendar year and the amount of tax we withhold, if any. Under the backup withholding rules, a U.S. holder may be subject to backup withholding at the rate of 24% with respect to distributions unless such holder: </font>
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          <font style="letter-spacing:0.2pt;">comes within certain exempt categories and, when required, demonstrates this fact; or </font>
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          <font style="letter-spacing:0.2pt;">provides to the applicable withholding agent a taxpayer identification number, certifies as to no loss of exemption from backup withholding, and otherwise complies with the applicable requirements of the backup withholding rules. </font>
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          <font style="letter-spacing:0.2pt;">A U.S. holder who does not provide the applicable withholding agent with its correct taxpayer identification number also may be subject to penalties imposed by the IRS. Any amount paid as backup withholding will be creditable against the U.S. holder&#8217;s income tax liability. In addition, we may be required to withhold a portion of capital gain distributions to any U.S. holders who fail to certify their non-foreign status to us. See &#8220;&#8212;&#8201;Taxation of Non-U.S. Holders of Stock.&#8221; </font>
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          <font style="letter-spacing:-0.2pt;">Taxation of Tax-Exempt Stockholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Tax-exempt entities, including qualified employee pension and profit sharing trusts and individual retirement accounts, generally are exempt from U.S. federal income taxation. However, they are subject to taxation on their unrelated business taxable income. While many investments in real estate generate unrelated business taxable income, the IRS has issued a published ruling that dividend distributions from a REIT to an exempt employee pension trust do not constitute unrelated business taxable income, provided that the exempt employee pension trust does not otherwise use the shares of the REIT in an unrelated trade or business of the pension trust. Based on that ruling, amounts that we distribute to tax-exempt stockholders generally should not constitute unrelated business taxable income. However, if a tax-exempt stockholder were </font>
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          <font style="letter-spacing:0.2pt;">to finance its acquisition of our stock with debt, a portion of the income that it receives from us would constitute unrelated business taxable income pursuant to the &#8220;debt-financed property&#8221; rules. Furthermore, certain entities that are exempt from taxation under special provisions of the U.S. federal income tax laws are subject to different unrelated business taxable income rules, which generally will require them to characterize distributions that they receive from us as unrelated business taxable income. Finally, if we are a &#8220;pension-held REIT,&#8221; a qualified employee pension or profit sharing trust that owns more than 10% of our shares of stock is required to treat a&#160;percentage of the dividends that it receives from us as unrelated business taxable income. That&#160;percentage is equal to the gross income that we derive from an unrelated trade or business, determined as if we were a pension trust, divided by our total gross income for the year in which we pay the dividends. That rule applies to a pension trust holding more than 10% of our shares of stock only if: </font>
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          <font style="letter-spacing:0.2pt;">the&#160;percentage of our dividends that the tax-exempt trust would be required to treat as unrelated business taxable income is at least 5%; </font>
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          <font style="letter-spacing:0.2pt;">we qualify as a REIT by reason of the modification of the rule requiring that no more than 50% of our stock be owned by five or fewer individuals that allows the beneficiaries of the pension trust to be treated as holding our stock in proportion to their actuarial interests in the pension trust (see &#8220;&#8212;&#8201;Taxation of Our Company&#8201;&#8212;&#8201;Requirements for REIT Qualification&#8221;); and </font>
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          <font style="letter-spacing:0.2pt;">either (1)&#160;one pension trust owns more than 25% of the value of our stock or (2)&#160;a group of pension trusts individually holding more than 10% of the value of our stock collectively owns more than 50% of the value of our stock. </font>
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          <font style="letter-spacing:0.2pt;">Although there can be no assurance that we will not become one in the future, we do not believe that our Company is currently a pension-held REIT. </font>
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          <font style="letter-spacing:-0.2pt;">Taxation of Non-U.S. Holders of Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The rules governing U.S. federal income taxation of non-U.S. holders of our capital stock are complex. A &#8220;non-U.S. holder&#8221; means a holder that is not a U.S. holder, as defined above, and is not an entity treated as a partnership for U.S. federal income tax purposes. This section is only a summary of such rules as they apply to non-U.S. holders of our capital stock. We urge non-U.S. holders to consult their tax advisors to determine the impact of federal, state, and local income tax laws on ownership of our capital stock, including any reporting requirements. </font>
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          <font style="letter-spacing:-0.2pt;">Distributions.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The portion of a distribution that is received by a non-U.S. holder that we do not designate as a capital gain dividend and that is payable out of our current or accumulated earnings and profits, as well as any other payment that is treated as a dividend as described above under &#8220;Taxation of Taxable U.S. Holders of Stock,&#8221; will be subject to U.S. income tax withholding at the rate of 30% on the gross amount of any such distribution paid unless either: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">a lower treaty rate applies and the non-U.S. holder furnishes an IRS Form W-8BEN or W-8BEN-E evidencing eligibility for that reduced rate to the applicable withholding agent; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">the non-U.S. holder furnishes an IRS Form W-8ECI to the applicable withholding agent claiming that the distribution is effectively connected income. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If a distribution is treated as effectively connected with the non-U.S. holder&#8217;s conduct of a U.S. trade or business, the non-U.S. holder generally will be subject to U.S. federal income tax on the distribution at graduated rates, in the same manner as U.S. holders are taxed with respect to such distributions. A non-U.S. holder that is a corporation also may be subject to the 30% branch profits tax with respect to a distribution treated as effectively connected with its conduct of a U.S. trade or business, unless reduced or eliminated by a tax treaty. </font>
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          <font style="letter-spacing:0.2pt;">Except as described in the following paragraph, a non-U.S. holder will not incur tax on a distribution in excess of our current and accumulated earnings and profits if the excess portion of such distribution does not exceed the adjusted basis of its stock. Instead, the excess portion of such distribution will reduce </font>
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          <font style="letter-spacing:0.2pt;">67</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">the adjusted basis of such stock. A non-U.S. holder will be subject to tax on a distribution that exceeds both our current and accumulated earnings and profits and the adjusted basis of its stock, if the non-U.S. holder otherwise would be subject to tax on gain from the sale or disposition of its stock, as described below. If we cannot determine at the time we make a distribution whether or not the distribution will exceed our current and accumulated earnings and profits, we will treat the entire amount of any distribution as a taxable dividend. However, a non-U.S. holder may obtain a refund of amounts that we withhold if we later determine that a distribution in fact exceeded our current and accumulated earnings and profits. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If our stock constitutes a United States real property interest, as defined below, unless (1)&#160;we are a &#8220;domestically-controlled qualified investment entity,&#8221; as defined below, (2)&#160;the distribution is with respect to a class of our stock regularly traded on an established securities market located in the United States and is made to a non-U.S. holder that did not own more than 10% of such class of stock at any time during the one-year period ending on the date of distribution or (3)&#160;the distribution is with respect to stock held by a &#8220;qualified shareholder,&#8221; including stock held indirectly through one or more partnerships (to the extent not held by an &#8220;applicable investor&#8221;), the distribution will give rise to gain from the sale or exchange of such stock, the tax treatment of which is described below and, we must withhold 15% of any distribution that exceeds our current and accumulated earnings and profits. A &#8220;qualified shareholder&#8221; is generally defined as a foreign person that (i)&#160;is eligible for benefits of an income tax treaty with the United States and the principal class of interests of which is listed and regularly traded on one or more recognized stock exchanges, or is a foreign partnership that is created or organized under foreign law as a limited partnership in a jurisdiction that has an agreement for the exchange of information with respect to taxes with the United States and has a class of limited partnership&#160;units which is regularly traded on the New York Stock Exchange or NASDAQ Stock Market and such class of limited partnership&#160;units&#8217; value is greater than 50% of the value of all the partnership&#160;units; (ii)&#160;is a &#8220;qualified collective investment vehicle,&#8221; and (iii)&#160;maintains records on the identity of each person who, at any time during the foreign person&#8217;s taxable year, holds directly 5% or more of the class of interest described in clause (i)&#160;above. The benefits of the qualified shareholder exception do not apply to the extent of the ownership in that shareholder of an &#8220;applicable investor,&#8221; generally defined as a more than 10% owner of the REIT on a look-through basis, taking into account all interests held by such applicable investor in the REIT. Any distribution to a qualified shareholder shall not be treated as an effectively connected income distribution to the extent that stock held by such qualified shareholder is not treated as a United States real property interest as provided in an exception described in this section. Consequently, although we intend to withhold at a rate of 30% on the entire amount of any distribution, to the extent that we do not do so, we may withhold at a rate of 15% on any portion of a distribution not subject to withholding at a rate of 30%. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For any year in which we qualify as a REIT, a non-U.S. holder (other than certain qualified foreign pension funds) may incur tax on distributions that are attributable (or deemed so attributable pursuant to applicable Treasury regulations) to gain from our sale or exchange of &#8220;United States real property interests&#8221; under special provisions of the U.S. federal income tax laws referred to as &#8220;FIRPTA.&#8221; The term &#8220;United States real property interests&#8221; includes certain interests in real property and stock in corporations at least 50% of whose assets consists of interests in real property. Under those rules, a non-U.S. holder is generally taxed on distributions attributable (or deemed attributable) to gain from sales of United States real property interests as if such gain were effectively connected with a United States business of the non-U.S. holder. A non-U.S. holder thus would be taxed on such a distribution at the normal rates, including applicable capital gains rates, applicable to U.S. holders, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of a nonresident alien individual. A non-U.S. corporate holder not entitled to treaty relief or exemption also may be subject to the 30% branch profits tax on such a distribution. Except as described below with respect to regularly traded stock, we must withhold 21% of any distribution that we could designate as a capital gain dividend. A non-U.S. holder may receive a credit against its tax liability for the amount we withhold. Any distribution with respect to any class of stock which is regularly traded on an established securities market located in the United States, will not be treated as gain recognized from the sale or exchange of a United States real property interest if the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year period preceding the date of the distribution. As a result, non-U.S. holders generally will be subject to withholding tax on such capital gain distributions in the same manner as they are subject to withholding tax on ordinary dividends. Our common stock has been regularly traded on an established securities market in the United States since the completion of the spin-off. Certain classes of our preferred stock are currently traded on an established securities </font>
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          <font style="letter-spacing:0.2pt;">68</font>
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          <font style="letter-spacing:0.2pt;">market in the United States. If our common stock or any class of our preferred stock, as applicable, is not regularly traded on an established securities market in the United States or the non-U.S. holder owned more than 10% of such class of stock at any time during the one-year period preceding the date of the distribution, capital gain distributions that are attributable to our sale of real property would be subject to tax under FIRPTA, as described above unless otherwise excepted. Moreover, if a non-U.S. holder owning more than 5% of a class of our stock disposes of such stock during the 30-day period preceding the ex-dividend date of a dividend, and such non-U.S. holder (or a person related to such non-U.S. holder) acquires or enters into a contract or option to acquire our capital stock within 61&#160;days of the first day of the 30-day period described above, and any portion of such dividend payment would, but for the disposition, be treated as a United States real property interest capital gain to such non-U.S. holder, then such non-U.S. holder will be treated as having United States real property interest capital gain in an amount that, but for the disposition, would have been treated as United States real property interest capital gain. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any distribution that is made by a REIT that would otherwise be subject to FIRPTA because the distribution is attributable to the disposition of a United States real property interest will retain its character as FIRPTA income when distributed to any regulated investment company or other REIT, and will be treated as if it were from the disposition of a United States real property interest by that regulated investment company or other REIT. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Disposition of Capital Stock; Redemption of Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as discussed below, gain on a sale of our capital stock by a non-U.S. holder generally will not be subject to U.S. taxation. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to the exceptions described in this section, non-U.S. holders (other than certain qualified foreign pension funds) could incur tax under FIRPTA with respect to gain realized upon a disposition of shares of a class of our capital stock if shares of such class of our capital stock are United States real property interests. Generally, shares of a United States real property holding corporation are United States real property interests. If at least 50% of a REIT&#8217;s assets are United States real property interests, then the REIT will be a United States real property holding corporation. We anticipate that we will be a United States real property holding corporation based on our investment strategy. However, even if we are a United States real property holding corporation, shares of our capital stock will not be treated as United States real property interests and a non-U.S. holder generally will not incur tax under FIRPTA with respect to gain realized upon a disposition of shares of our capital stock as long as we are a &#8220;domestically-controlled qualified investment entity.&#8221; A domestically-controlled qualified investment entity includes a REIT in which, at all times during a specified testing period, less than 50% in value of its shares are held directly or indirectly by non-U.S. holders. We cannot assure you that that test will be met. However, even if we are not a domestically controlled qualified investment entity, shares of our common stock or a class of Preferred Stock, as applicable, will not be treated as United States real property interests and a non-U.S. holder generally will not incur tax under FIRPTA with respect to gain realized upon a disposition of shares of our common stock or such class of Preferred Stock, as applicable, if such non-U.S. holder owned, actually or constructively, 10% or less of our common stock or such class of Preferred Stock, as applicable, at all times during a specified testing period if the common stock or such class of Preferred Stock, as applicable, is &#8220;regularly traded&#8221; on an established securities market, or, if such non-U.S. holder is a &#8220;qualified shareholder&#8221; (to the extent not allocable to an applicable investor). As noted above, our common stock has been regularly traded on an established securities market since immediately following the separation and distribution and certain classes of our preferred stock are currently regularly traded on an established securities market in the United States. If the sale, exchange or other taxable disposition of our capital stock were subject to taxation under FIRPTA, and if shares of the applicable class of our capital stock were not &#8220;regularly traded&#8221; on an established securities market, the purchaser of such capital stock would be required to withhold and remit to the IRS 15% of the purchase price. If the gain on the sale of the stock were taxed under FIRPTA, a non-U.S. holder would be taxed in the same manner as U.S. holders with respect to such gain, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. Furthermore, a non-U.S. holder generally will incur tax on gain not subject to FIRPTA if (1)&#160;the gain is effectively connected with the non-U.S. holder&#8217;s U.S. trade or business, in which case the non-U.S. holder will be subject to the same treatment as U.S. holders with respect to such gain, or (2)&#160;the non-U.S. </font>
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          <font style="letter-spacing:0.2pt;">69</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">holder is a nonresident alien individual who was present in the U.S. for 183&#160;days or more during the taxable year and has a &#8220;tax home&#8221; in the United States, in which case the non-U.S. holder will incur a 30% tax on his capital gains. </font>
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          <font style="letter-spacing:0.2pt;">If we are a domestically controlled qualified investment entity and a non-U.S. holder disposes of our stock during the 30-day period preceding a dividend payment, and such non-U.S. holder (or a person related to such non-U.S. holder) acquires or enters into a contract or option to acquire our stock within 61&#160;days of the first day of the 30-day period described above, and any portion of such dividend payment would, but for the disposition, be treated as a United States real property interest capital gain to such non-U.S. holder, then such non-U.S. holder shall be treated as having United States real property interest capital gain in an amount that, but for the disposition, would have been treated as United States real property interest capital gain. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A redemption of shares of Preferred Stock will be treated under Section&#160;302 of the Code as a distribution (and taxable as a dividend to the extent of our current and accumulated earnings and profits) unless the redemption satisfies one of the tests set forth in Section&#160;302(b) of the Code and is therefore treated as a sale or exchange of the redeemed shares. See &#8220;&#8212;&#8201;Taxable U.S. Holders of Stock&#8201;&#8212;&#8201;Disposition of Capital Stock; Redemption of Preferred Stock.&#8221; If a redemption of shares of Preferred Stock is treated as a distribution, the amount of the distribution will be measured by the amount of cash and the fair market value of any property received. See &#8220;&#8212;&#8201;Distributions&#8221; above. If a redemption of shares of Preferred Stock is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described above. Non-U.S. holders may be able to get a refund of such withholding taxes by filing a U.S. tax return. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Conversion of Convertible Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">As a general rule, a non-U.S. holder will not recognize any gain or loss upon the conversion of the convertible Preferred Stock, except (i)&#160;to the extent of common stock received on account of accrued and unpaid dividends that has not previously been included in income, and other amounts received that are treated as dividends as described above under &#8220;&#8212;&#8201;Taxable U.S. Holders of Stock&#8201;&#8212;&#8201;Conversions of Convertible Preferred Stock,&#8221; each of which will be taxed as described above under &#8220;&#8212;&#8201;Distributions,&#8221; and (ii)&#160;with respect to any cash received in lieu of a fractional share and other amounts treated as being received in redemption of the convertible Preferred Stock as described above under &#8220;&#8212;&#8201;Taxable U.S. Holders of Stock&#8201;&#8212;&#8201;Conversions of Convertible Preferred Stock,&#8221; each which will be taxed as described above under &#8220;&#8212;&#8201;Disposition of Capital Stock; Redemption of Convertible Preferred Stock.&#8221; </font>
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          <font style="letter-spacing:0.2pt;">Any accumulated and unpaid dividends paid upon conversion of a convertible Preferred Stock will be includable in income as a distribution in the manner described above under &#8220;&#8212;&#8201;Distributions.&#8221; Accordingly, we will withhold on any accumulated and unpaid dividends that are paid to a non-U.S. holder in the manner described above under &#8220;&#8212;&#8201;Distributions.&#8221; Prospective investors should consult their tax advisors regarding the tax treatment of accumulated and unpaid dividends paid upon conversion. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Adjustment of Conversion Rate of Convertible Preferred Stock</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">As described above under &#8220;&#8212;&#8201;Taxable U.S. Holders of Stock&#8201;&#8212;&#8201;Adjustment of Conversion Rate of Convertible Preferred Stock,&#8221; adjustments in the Conversion Rate (or failures to adjust the Conversion Rate) that increase the proportionate interest of a non-U.S. holder in our earning and profits could result in deemed distributions to the Non-U.S. holder that are taxed as described above under &#8220;&#8212;&#8201;Distributions.&#8221; U.S. federal withholding tax due with respect to such distributions may be set off against subsequent payments on the convertible Preferred Stock. </font>
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          <font style="letter-spacing:-0.2pt;">Information Reporting Requirements and Backup Withholding</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Generally, information reporting will apply to payments of distributions on our stock, and backup withholding may apply at a rate of 24%, unless the payee certifies that it is not a U.S. person or otherwise establishes an exemption. </font>
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          <font style="letter-spacing:0.2pt;">The payment of the proceeds from the disposition of our stock to or through the U.S. office of a U.S. or foreign broker will be subject to information reporting and, possibly, backup withholding unless the </font>
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          <font style="letter-spacing:0.2pt;">70</font>
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          <font style="letter-spacing:0.2pt;">non-U.S. holder certifies as to its non-U.S. status or otherwise establishes an exemption, provided that the broker does not have actual knowledge that the non-U.S. holder is a U.S. person or that the conditions of any other exemption are not, in fact, satisfied. The proceeds of the disposition by a non-U.S. holder of our stock to or through a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, if the broker is a U.S. person, a controlled foreign corporation for U.S. federal income tax purposes or a foreign person 50% or more of whose gross income from all sources for specified periods is from activities that are effectively connected with a U.S. trade or business, information reporting generally will apply unless the broker has documentary evidence as to the non-U.S. holder&#8217;s foreign status and has no actual knowledge to the contrary. Backup withholding is not an additional tax. Any amount withheld under the backup withholding rules from a payment to a non-U.S. holder will be allowed as a credit against such non-U.S. holder&#8217;s U.S. federal income tax liability (which might entitle such non-U.S. holder to a refund), </font><font style="font-style:italic;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;"> that the required information is timely furnished to the IRS. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Applicable Treasury Regulations provide presumptions regarding the status of stockholders when payments to the stockholders cannot be reliably associated with appropriate documentation provided to the payer. Because the application of these Treasury Regulations varies depending on the stockholder&#8217;s particular circumstances, you are urged to consult your tax advisor regarding the information reporting requirements applicable to you. Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the non-U.S. holder resides or is established. </font>
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          <font style="letter-spacing:-0.2pt;">Foreign Accounts Tax Compliance Act Withholding</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;), foreign financial institutions (which include most foreign hedge funds, private equity funds, mutual funds, securitization vehicles and any other investment vehicles) and certain other foreign entities must comply with registration and information reporting rules with respect to their U.S. account holders and investors or be subject to a withholding tax on U.S.-source payments made to them (whether received as a beneficial owner or as an intermediary for another party). A foreign financial institution or other foreign entity that does not comply with the FATCA registration and reporting requirements will generally be subject to a new 30% withholding tax on &#8220;withholdable payments.&#8221; For this purpose, withholdable payments generally include U.S.-source payments (including U.S.-source dividends), and (subject to the proposed Treasury Regulations below) the gross proceeds from a sale of equity or debt instruments of issuers who are considered U.S. issuers under the FATCA rules. The FATCA withholding tax applies even if the payment would otherwise not be subject to U.S. nonresident withholding tax (e.g., because it is capital gain). While withholding under FATCA would have applied also to payments of gross proceeds from the sale or disposition of our capital stock after January&#160;1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. We will not pay additional amounts in respect of amounts withheld. Investors should consult their tax advisors regarding FATCA. </font>
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          <font style="letter-spacing:-0.2pt;">Tax Aspects of Our Investments in the Partnerships</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following discussion summarizes certain U.S. federal income tax considerations applicable to our direct or indirect investments in the Partnerships. The discussion does not cover state or local tax laws or any federal tax laws other than income tax laws. </font>
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          <font style="letter-spacing:0.2pt;">We are entitled to include in our income our distributive share of each Partnership&#8217;s income and to deduct our distributive share of each Partnership&#8217;s losses only if such Partnership is classified for U.S. federal income tax purposes as a partnership (or an entity that is disregarded for U.S. federal income tax purposes if the entity has only one owner or member), rather than as a corporation or an association taxable as a corporation. An organization with at least two owners or members will be classified as a partnership, rather than as a corporation, for U.S. federal income tax purposes if it: </font>
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          <font style="letter-spacing:0.2pt;">is treated as a partnership under Treasury regulations relating to entity classification (the &#8220;check-the-box regulations&#8221;); and </font>
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          <font style="letter-spacing:0.2pt;">71</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">is not a &#8220;publicly-traded&#8221; partnership. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the check-the-box regulations, an unincorporated entity with at least two owners or members may elect to be classified either as an association taxable as a corporation or as a partnership. If such an entity fails to make an election, it generally will be treated as a partnership for U.S. federal income tax purposes. Each Partnership intends to be classified as a partnership (or an entity that is disregarded for U.S. federal income tax purposes if the entity has only one owner or member) for U.S. federal income tax purposes, and no Partnership will elect to be treated as an association taxable as a corporation under the check-the-box regulations. </font>
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          <font style="letter-spacing:0.2pt;">A publicly-traded partnership is a partnership whose interests are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof. A publicly-traded partnership will not, however, be treated as a corporation for any taxable year if 90% or more of the partnership&#8217;s gross income for such year consists of certain passive-type income, including real property rents (which includes rents that would be qualifying income for purposes of the 75% gross income test, with certain modifications that make it easier for the rents to qualify for the 90% passive income exception), gains from the sale or other disposition of real property, interest, and dividends (the &#8220;90% passive income exception&#8221;). </font>
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          <font style="letter-spacing:0.2pt;">Treasury regulations (the &#8220;PTP regulations&#8221;) provide limited safe harbors from the definition of a publicly-traded partnership. Pursuant to one of those safe harbors (the &#8220;private placement exclusion&#8221;), interests in a partnership will not be treated as readily tradable on a secondary market or the substantial equivalent thereof if (1)&#160;all interests in the partnership were issued in a transaction or transactions that were not required to be registered under the Securities Act, and (2)&#160;the partnership does not have more than 100 partners at any time during the partnership&#8217;s taxable year. In determining the number of partners in a partnership, a person owning an interest in a partnership, grantor trust, or S corporation that owns an interest in the partnership is treated as a partner in such partnership only if (1)&#160;substantially all of the value of the owner&#8217;s interest in the entity is attributable to the entity&#8217;s direct or indirect interest in the partnership and (2)&#160;a principal purpose of the use of the entity is to permit the partnership to satisfy the 100-partner limitation. We anticipate that each Partnership will qualify for the private placement exclusion. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have not requested, and do not intend to request, a ruling from the IRS that the Partnerships will be classified as partnerships (or disregarded entities, if the entity has only one owner or member) for U.S. federal income tax purposes. If for any reason a Partnership were taxable as a corporation, rather than as a partnership or a disregarded entity, for U.S. federal income tax purposes, we likely would not be able to qualify as a REIT. See &#8220;&#8212;&#8201;Taxation of Our Company&#8201;&#8212;&#8201;Income Tests&#8221; and &#8220;&#8212;&#8201;Asset Tests.&#8221; In addition, any change in a Partnership&#8217;s status for tax purposes might be treated as a taxable event, in which case we might incur tax liability without any related cash distribution. See &#8220;&#8212;&#8201;Taxation of Our&#160;Company&#160;&#8212;</font>&#8203;<font style="letter-spacing:0.2pt;">Distribution Requirements.&#8221; Further, items of income and deduction of such Partnership would not pass through to its partners, and its partners would be treated as stockholders for tax purposes. Consequently, such Partnership would be required to pay income tax at corporate rates on its net income, and distributions to its partners would not be deductible in computing such Partnership&#8217;s taxable income. </font></div>
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          <font style="letter-spacing:-0.2pt;">Income Taxation of the Partnerships and Their Partners</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Partners, Not the Partnerships, Subject to Tax.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A partnership is not a taxable entity for U.S. federal income tax purposes. Rather, we are required to take into account our allocable share of each Partnership&#8217;s income, gains, losses, deductions, and credits for any taxable year of such Partnership ending within or with our taxable year, without regard to whether we have received or will receive any distribution from such Partnership. Under partnership audit rules that became effective for tax&#160;years beginning in 2018, unless a partnership elects otherwise, taxes arising from audit adjustments are required to be paid by the entity rather than by its partners or members. We will have the authority to utilize, and intend to utilize, any exceptions available under such audit rules (including any changes) and Treasury Regulations so that the partners, to the fullest extent possible, rather than the partnership itself, will be liable for any taxes arising from audit adjustments to the issuing entity&#8217;s taxable income. Prospective investors are urged to consult with their tax advisors regarding the possible effect of the new rules. </font>
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          <font style="letter-spacing:0.2pt;">72</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Partnership Allocations.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Although a partnership agreement generally will determine the allocation of income, gains, losses, deductions, and credits among partners, such allocations will be disregarded for U.S. federal income tax purposes if they do not comply with the provisions of the U.S. federal income tax laws governing partnership allocations. If an allocation is not recognized for U.S. federal income tax purposes, the item subject to the allocation will be reallocated in accordance with the partners&#8217; interests in the partnership, which will be determined by taking into account all of the facts and circumstances relating to the economic arrangement of the partners with respect to such item. Each Partnership&#8217;s allocations of taxable income, gains, losses, deductions, and credits are intended to comply with the requirements of the U.S. federal income tax laws governing partnership allocations. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Tax Allocations With Respect to Partnership Properties.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Income, gain, loss, and deduction attributable to appreciated or depreciated property that is contributed to a partnership in exchange for an interest in the partnership must be allocated in a manner such that the contributing partner is charged with, or benefits from, respectively, the unrealized gain or unrealized loss associated with the property at the time of the contribution (the &#8220;704(c) Allocations&#8221;). The amount of the unrealized gain or unrealized loss (&#8220;built-in gain&#8221; or &#8220;built-in loss&#8221;) is generally equal to the difference between the fair market value of the contributed property at the time of contribution and the adjusted tax basis of such property at the time of contribution (a &#8220;book-tax difference&#8221;). Any property purchased for cash initially will have an adjusted tax basis equal to its fair market value, resulting in no book-tax difference. A book-tax difference generally is decreased on an annual basis as a result of depreciation deductions to the contributing partner for book purposes but not for tax purposes. The 704(c) Allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal arrangements among the partners. In connection with the separation and distribution, appreciated property was acquired by our operating partnership or one of its subsidiaries in exchange for common&#160;units. Our operating partnership has a carryover, rather than a fair market value, adjusted tax basis in such contributed assets equal to the adjusted tax basis of the contributors in such assets, resulting in a book-tax difference. As a result of that book-tax difference, we will have a lower adjusted tax basis with respect to that portion of our operating partnership&#8217;s assets than we would have with respect to assets having a tax basis equal to fair market value at the time of acquisition. This will result in lower depreciation deductions with respect to the portion of our operating partnership&#8217;s assets attributable to such contributions, which could cause us to be allocated tax gain in excess of book gain in the event of a property disposition. </font>
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          <font style="letter-spacing:0.2pt;">The U.S. Treasury Department has issued regulations requiring partnerships to use a &#8220;reasonable method&#8221; for allocating items with respect to which there is a book-tax difference and outlining several reasonable allocation methods. We have elected to use the &#8220;traditional method&#8221; to account for book-tax differences. Under the traditional method, the carryover basis of contributed properties in the hands of our operating partnership (1)&#160;could cause us to be allocated lower amounts of depreciation deductions for tax purposes than would be allocated to us if all contributed properties were to have a tax basis equal to their fair market value at the time of the contribution and (2)&#160;in the event of a sale of such properties, could cause us to be allocated taxable gain in excess of the economic or book gain allocated to us as a result of such sale, with a corresponding benefit to the contributing partners. An allocation described in (2)&#160;above might cause us to recognize taxable income in excess of cash proceeds in the event of a sale or other disposition of property, which may adversely affect our ability to comply with the REIT distribution requirements and may result in a greater portion of our distributions being taxed as dividends. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Basis in Partnership Interest.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Our adjusted tax basis in our partnership interest in a Partnership (including our operating partnership) generally is equal to: </font>
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          <font style="letter-spacing:0.2pt;">the amount of cash and the basis of any other property contributed by us to such Partnership; </font>
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          <font style="letter-spacing:0.2pt;">increased by our allocable share of such Partnership&#8217;s income and gains and our allocable share of indebtedness of such Partnership; and </font>
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          <font style="letter-spacing:0.2pt;">reduced, but not below zero, by our allocable share of such Partnership&#8217;s losses, deductions and credits and the amount of cash distributed to us, and by constructive distributions resulting from a reduction in our share of indebtedness of such Partnership. </font>
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          <font style="letter-spacing:0.2pt;">If the allocation of our distributive share of a Partnership&#8217;s loss would reduce the adjusted tax basis of our partnership interest in such Partnership below zero, the recognition of such loss will be deferred until </font>
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          <font style="letter-spacing:0.2pt;">73</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">such time as the recognition of such loss would not reduce our adjusted tax basis below zero. To the extent that a Partnership&#8217;s distributions, or any decrease in our share of the indebtedness of such Partnership, which is considered a constructive cash distribution to the partners, reduce our adjusted tax basis below zero, such distributions will constitute taxable income to us. Such distributions and constructive distributions normally will be characterized as long-term capital gain. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Depreciation Deductions Available to our Operating Partnership.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;To the extent that our operating partnership acquires its hotels in exchange for cash, its initial basis in such hotels for U.S. federal income tax purposes generally was or will be equal to the purchase price paid by our operating partnership. Our operating partnership&#8217;s initial basis in hotels acquired in exchange for&#160;units in our operating partnership should be the same as the transferor&#8217;s basis in such hotels on the date of acquisition by our operating partnership. Although the law is not entirely clear, our operating partnership generally will depreciate such depreciable hotel property for U.S. federal income tax purposes over the same remaining useful lives and under the same methods used by the transferors. Our operating partnership&#8217;s tax depreciation deductions will be allocated among the partners in accordance with their respective interests in our operating partnership, except to the extent that our operating partnership is required under the U.S. federal income tax laws governing partnership allocations to use a method for allocating tax depreciation deductions attributable to contributed properties that results in our receiving a disproportionate share of such deductions. </font>
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          <font style="letter-spacing:-0.2pt;">Sale of a Partnership&#8217;s Property</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Generally, any gain realized by us or a Partnership on the sale of property held for more than one year will be long-term capital gain, except for any portion of such gain that is treated as depreciation or cost recovery recapture. Any gain or loss recognized by a Partnership on the disposition of contributed properties will be allocated first to the partners who contributed such properties to the extent of their built-in gain or loss on those properties for U.S. federal income tax purposes. The partners&#8217; built-in gain or loss on such contributed properties will equal the difference between the partners&#8217; proportionate share of the book value of those properties and the partners&#8217; tax basis allocable to those properties at the time of the contribution. Any remaining gain or loss recognized by the Partnership on the disposition of the contributed properties, and any gain or loss recognized by the Partnership on the disposition of the other properties, will be allocated among the partners in accordance with their respective&#160;percentage interests in the Partnership. </font>
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          <font style="letter-spacing:0.2pt;">Our share of any gain realized by a Partnership on the sale of any property held by the Partnership as inventory or other property held primarily for sale to customers in the ordinary course of the Partnership&#8217;s trade or business will be treated as income from a prohibited transaction that is subject to a 100% penalty tax. Such prohibited transaction income also may have an adverse effect upon our ability to satisfy the income tests for REIT status. See &#8220;&#8212;&#8201;Taxation of Our Company&#8201;&#8212;&#8201;Income Tests.&#8221; We, however, do not presently intend to acquire or hold or to allow any Partnership to acquire or hold any property that represents inventory or other property held primarily for sale to customers in the ordinary course of our or such Partnership&#8217;s trade or business. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxable REIT Subsidiaries</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We own 100% of the stock of more than one TRS, one of which has multiple subsidiaries (at least one of which is a TRS), and an indirect interest in another TRS that has TRS subsidiaries. A TRS is a fully taxable corporation for which a TRS election is properly made and is required to pay regular U.S. federal income tax, and state and local income tax where applicable, as a non-REIT &#8220;C&#8221; corporation. In addition, a taxable REIT subsidiary may be prevented from deducting interest on debt funded directly or indirectly by us if certain tests are not satisfied, as described below in &#8220;&#8212;&#8201;Interest Deduction Limitation.&#8221; A TRS may lease hotels from us under certain circumstances, provide services to our tenants, and perform activities unrelated to our tenants, such as third-party management, development, and other independent business activities. A corporation of which a TRS directly or indirectly owns more than 35% of the voting power or value of the stock will automatically be treated as a TRS. Overall, no more than 20% (25% with respect to taxable&#160;years beginning before January&#160;1, 2018) of the value of our assets may consist of the securities of TRSs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A TRS may not directly or indirectly operate or manage any hotels or health care facilities or provide rights to any brand name under which any hotel or health care facility is operated. However, rents received </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">74</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:108pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">by us from a TRS pursuant to a hotel lease will qualify as &#8220;rents from real property&#8221; as long as the hotel is operated on behalf of the TRS by a person who satisfies the following requirements: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">such person is, or is related to a person who is, actively engaged in the trade or business of operating &#8220;qualified lodging facilities&#8221; for any person unrelated to us and the TRS; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">such person does not own, directly or indirectly, more than 35% of our stock; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">no more than 35% of such person is owned, directly or indirectly, by one or more persons owning 35% or more of our stock; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">we do not directly or indirectly derive any income from such person. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A &#8220;qualified lodging facility&#8221; is a hotel, motel, or other establishment more than one-half of the dwelling&#160;units in which are used on a transient basis, unless wagering activities are conducted at or in connection with such facility by any person who is engaged in the business of accepting wagers and who is legally authorized to engage in such business at or in connection with such facility. A &#8220;qualified lodging facility&#8221; includes customary amenities and facilities operated as part of, or associated with, the lodging facility as long as such amenities and facilities are customary for other properties of a comparable size and class owned by other unrelated owners. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The TRS rules limit the deductibility of interest paid or accrued by a TRS to us to assure that the TRS is subject to an appropriate level of corporate taxation. Further, the rules impose a 100% excise tax on certain transactions between a TRS and us or our tenants that are not conducted on an arm&#8217;s-length basis. We intend that all of our transactions with any TRS that we form will be conducted on an arm&#8217;s-length basis, but there can be no assurance that we will be successful in this regard. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have formed and made a timely election with respect to each of our TRSs, which lease each of our properties not owned by a TRS. Additionally, we may form or acquire additional TRSs in the future. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">State and Local Taxes</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We and/or you may be subject to state and local tax in various states and localities, including those states and localities in which we or you transact business, own property, or reside. The state and local tax treatment in such jurisdictions may differ from the U.S. federal income tax treatment described above. Consequently, you should consult your own tax advisor regarding the effect of state and local tax laws upon an investment in our capital stock. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Legislative or Other Actions Affecting REITs</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The present U.S. federal income tax treatment of REITs may be modified, possibly with retroactive effect, by legislative, judicial or administrative action at any time. The REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department which may result in statutory changes as well as revisions to regulations and interpretations. Additionally, several of the tax considerations described herein are currently under review and are subject to change. Prospective investors are urged to consult with their own tax advisors regarding the effect of potential changes to the federal tax laws on an investment in our capital stock.</font>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">75</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPOD">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may offer and sell the securities described in this prospectus: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">through agents; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">through one or more underwriters or dealers; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">through a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">directly to one or more purchasers (through a specific bidding or auction process or otherwise); </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">in &#8220;at the market offerings,&#8221; within the meaning of Rule&#160;415(a)(4) of the Securities Act; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">through a combination of any of these methods of sale; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">at a fixed exchange ratio in return for other of our securities. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The distribution of the securities described in this prospectus may be effected from time to time in one or more transactions either: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">at a fixed price or prices, which may be changed; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">at market prices prevailing at the time of sale; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">at prices relating to the prevailing market prices; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">at negotiated prices. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Offers to purchase the securities may be solicited by agents designated by us from time to time. Any agent involved in the offer or sale of the securities will be named, and any commissions payable by us to the agent will be described, in the applicable prospectus supplement. Unless otherwise indicated in the applicable prospectus supplement, any such agent will be acting on a best efforts basis for the period of its appointment. Any agent may be deemed to be an underwriter, as that term is defined in the Securities Act, of the securities so offered and sold. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we offer and sell securities through an underwriter or underwriters, we will execute an underwriting agreement with the underwriter or underwriters. The names of the specific managing underwriter or underwriters, as well as any other underwriters, and the terms of the transactions, including compensation of the underwriters and dealers, which may be in the form of discounts, concessions or commissions, if any, will be described in the applicable prospectus supplement, which will be used by the underwriters to make resales of the securities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If we offer and sell securities through a dealer, we or an underwriter will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. The name of the dealer and the terms of the transactions will be set forth in the applicable prospectus supplement. Any dealer may be deemed to be an underwriter, as that term is defined in the Securities Act, of the securities so offered and sold. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may solicit offers to purchase the securities directly and we may sell the securities directly to institutional or other investors. The terms of these sales, including the terms of any bidding or auction process, if utilized, will be described in the applicable prospectus supplement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may enter into agreements with agents, underwriters and dealers under which we may agree to indemnify the agents, underwriters and dealers against certain liabilities, including liabilities under the Securities Act, or to contribute to payments they may be required to make with respect to these liabilities. The terms and conditions of this indemnification or contribution will be described in the applicable prospectus supplement. Some of the agents, underwriters or dealers, or their affiliates, may engage in transactions with or perform services for us in the ordinary course of business. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If the applicable prospectus supplement so indicates, we may authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase securities at the public offering price under </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">76</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">delayed delivery contracts. These contracts would provide for payment and delivery on a specified date in the future. The contracts would be subject only to those conditions described in the prospectus supplement. The applicable prospectus supplement will describe the commissions payable for solicitation of those contracts. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We may from time to time engage a firm to act as our agent for one or more offerings of our securities. We sometimes refer to this agent as our &#8220;offering agent.&#8221; If we reach an agreement with an offering agent with respect to a specific offering, including the number of securities and any minimum price below which sales may not be made, then the offering agent will try to sell such securities on the agreed terms. The offering agent could make sales in privately negotiated transactions or any other method permitted by law, including sales deemed to be an &#8220;at the market&#8221; offering as defined in Rule&#160;415 promulgated under the Securities Act, including sales made directly on the NYSE, or sales made to or through a market maker other than on an exchange. The offering agent will be deemed to be an underwriter, as that term is defined in the Securities Act with respect to any sales effected through an &#8220;at the market&#8221; offering. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless indicated in the applicable prospectus supplement, any series of securities issued under this prospectus, other than common stock, will be a new issue of securities with no established trading market. Unless indicated in the applicable prospectus supplement, we do not expect to list the securities on a securities exchange, except for the common stock, which is listed on the NYSE. Underwriters involved in the public offering and sale of these securities may make a market in the securities. They are not obligated to make a market, however, and may discontinue market making activity at any time. We cannot give any assurance as to the liquidity of the trading market for any of these securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In connection with any particular offering pursuant to this shelf registration statement, an underwriter may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Over-allotment involves sales by an underwriter of securities in excess of the number of securities an underwriter is obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of securities over-allotted by an underwriter is not greater than the number of securities that it may purchase pursuant to an over-allotment option. In a naked short position the number of securities involved is greater than the number of securities in an over-allotment option. An underwriter may close out any short position by either exercising its over-allotment option and/or purchasing securities in the open market. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Syndicate covering transactions involve purchases of the securities in the open market after the distribution has been completed in order to cover syndicate short positions where there is an over-allotment option. In determining the source of securities to close out the short position, an underwriter will consider, among other things, the price of securities available for purchase in the open market as compared to the price at which they may purchase securities through the over-allotment option. If an underwriter sells more securities than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying securities in the open market. A naked short position is more likely to be created if an underwriter is concerned that there could be downward pressure on the price of the securities in the open market after pricing that could adversely affect investors who purchase in the offering. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">Penalty bids permit representatives to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our securities or preventing or retarding a decline in the market price of the securities. As a result, the price of our securities may be higher than the price that might otherwise exist in the open market. These transactions may be effected on the NYSE or otherwise and, if commenced, may be discontinued at any time. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">77</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:268pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We, the underwriters or other agents may engage in derivative transactions involving the securities. These derivatives may consist of short sale transactions and other hedging activities. The underwriters or agents may acquire a long or short position in the securities, hold or resell securities acquired and purchase options or futures on the securities and other derivative instruments with returns linked to or related to changes in the price of the securities. In order to facilitate these derivative transactions, we may enter into security lending or repurchase agreements with the underwriters or agents. The underwriters or agents may effect the derivative transactions through sales of the securities to the public, including short sales, or by lending the securities in order to facilitate short sale transactions by others. The underwriters or agents may also use the securities purchased or borrowed from us or others (or, in the case of derivatives, securities received from us in settlement of those derivatives) to directly or indirectly settle sales of the securities or close out any related open borrowings of the securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We may also make sales through the Internet or through other electronic means. Since we may from time to time elect to offer securities directly to the public, with or without the involvement of agents, underwriters or dealers, utilizing the Internet (sometimes referred to as the &#8220;world wide web&#8221;) or other forms of electronic bidding or ordering systems for the pricing and allocation of such securities, you will want to pay particular attention to the description of that system we will provide in a prospectus supplement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Such electronic system may allow bidders to directly participate, through electronic access to an auction site, by submitting conditional offers to buy that are subject to acceptance by us, and which may directly affect the price or other terms and conditions at which such securities are sold. These bidding or ordering systems may present to each bidder, on a so-called &#8220;real-time&#8221; basis, relevant information to assist in making a bid, such as the clearing spread at which the offering would be sold, based on the bids submitted, and whether a bidder&#8217;s individual bids would be accepted, prorated or rejected. For example, in the case of a debt security, the clearing spread could be indicated as a number of &#8220;basis points&#8221; above an index treasury note. Of course, many pricing methods can and may also be used. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Upon completion of such an electronic auction process, securities will be allocated based on prices bid, terms of bid or other factors. The final offering price at which securities would be sold and the allocation of securities among bidders would be based in whole or in part on the results of the Internet or other electronic bidding process or auction. </font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">78</font>
          <br >
        </div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tLEMA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:536pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Certain legal matters will be passed upon for us by Cadwalader, Wickersham &amp; Taft LLP, New York, New York. Certain Maryland law matters in connection with this offering will be passed upon for us by Hogan Lovells US LLP. Cadwalader, Wickersham &amp; Taft LLP will rely on the opinion of Hogan Lovells&#160;US&#160;LLP as to all matters of Maryand law. Certain legal tax matters, including our status as a REIT for U.S. federal income tax purposes, will be passed upon for us by Locke Lord LLP. Certain matters may be passed upon by counsel for the underwriters named in the applicable prospectus supplement. </font>
        </div>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">79</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tEXP">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:512pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The consolidated financial statements as of December&#160;31, 2020 and 2019 and for each of the three&#160;years in the period ended December&#160;31, 2020 and management&#8217;s assessment of the effectiveness of internal control over financial reporting as of December&#160;31, 2020 incorporated by reference in this Prospectus and in the Registration Statement have been so incorporated in reliance on the reports of BDO USA, LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting. The report on the effectiveness of internal control over financial reporting expresses an adverse opinion on the effectiveness of the Company&#8217;s internal control over financial reporting as of December&#160;31, 2020.</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">80</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART II</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INFORMATION NOT REQUIRED IN PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;14.&nbsp;&nbsp;&nbsp;</font><font style="font-style:italic;letter-spacing:-0.2pt;">Other Expenses of Issuance and Distribution.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following table shows the costs and expenses incurred by us in connection with the issuance and registration of the securities being registered. All amounts except the SEC registration fee are estimated. </font>
        </div>
        <table style="width:416pt;height:70pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">SEC registration fee </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">32,730</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Legal fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;"></font>*</font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Accounting fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;"></font>*</font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Printing fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;"></font>*</font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:371.29pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">
              <font style="position:relative;">&#8203;</font><font style="position:absolute;"><font style="font-weight:bold;"></font>*</font>
            </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
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        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">These fees are calculated based on the number of issuances and amount of securities offered and accordingly cannot be estimated at this time. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;15.&nbsp;&nbsp;&nbsp;</font><font style="font-style:italic;letter-spacing:-0.2pt;">Indemnification of Directors and Officers.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our charter and the Amended Partnership Agreement provide for indemnification of our officers and directors against liabilities to the fullest extent permitted by Maryland law, as amended from time to time. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">an act or omission of the director or officer was material to the matter giving rise to the proceeding and: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">was committed in bad faith; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">was the result of active and deliberate dishonesty; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the director or officer actually received an improper personal benefit in money, property or services; or </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation (other than for expenses incurred in a successful defense of such an action) or for a judgment of liability on the basis that personal benefit was improperly received. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation&#8217;s receipt of: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a written undertaking by the director or on the director&#8217;s behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the director did not meet the standard of conduct. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-1</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates such liability to the maximum extent permitted by Maryland law. These limitations of liabilities do not apply to liabilities arising under the federal securities laws and do not generally affect the availability of equitable remedies such as injunctive relief or rescission. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our bylaws obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to: </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any present or former director or officer who is made a party to the proceeding by reason of his or her service in that capacity; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">any individual who, while a director or officer of our company and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or any other enterprise as a director, officer, partner or trustee, and who is made a party to the proceeding by reason of his or her service in that capacity. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We have entered into indemnification agreements with our directors and executive officers that obligate us to indemnify our directors and executive officers, and advance expenses as described above. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our bylaws also obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above. Subject to the approval of our board of directors, we are also obligated, to the fullest extent permitted by Maryland law in effect from time to time, and to such further extent as we shall deem appropriate under the circumstances, to indemnify and advance expenses to any employee or agent of our company or a predecessor of our company. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">We also purchase and maintain insurance on behalf of all of our directors and executive officers against liability asserted against or incurred by them in their official capacities with us, whether or not we are required or have the power to indemnify them against the same liability. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;16.&nbsp;&nbsp;&nbsp;</font><font style="font-style:italic;letter-spacing:-0.2pt;">Exhibits</font><font style="letter-spacing:-0.2pt;">.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">See the Exhibit&#160;Index preceding the signature page. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;17.&nbsp;&nbsp;&nbsp;</font><font style="font-style:italic;letter-spacing:-0.2pt;">Undertakings.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.91pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(a)</font>
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        <div style=" margin-top:7.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">The undersigned registrant hereby undertakes: </font>
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        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">To include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933, as amended; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">(iii)</font>
          <br >
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">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 this registration statement; </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-2</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:60pt; width:396pt; line-height:12pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">provided, however</font><font style="letter-spacing:0.2pt;">, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&#160;13 or Section&#160;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&#160;424(b) that is part of this registration statement. </font>
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        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">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. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
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        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
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        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: </font>
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        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">each prospectus filed by the registrant pursuant to Rule&#160;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
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        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii)&#160;or (x), for the purpose of providing the information required by Section&#160;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&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof; </font><font style="font-style:italic;letter-spacing:0.2pt;">provided, however</font><font style="letter-spacing:0.2pt;">, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">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, that undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&#160;424; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iii)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:304pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:60pt; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iv)</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(b)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section&#160;13(a) or Section&#160;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section&#160;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. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(c)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(d)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">The undersigned registrant hereby further undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a)&#160;of Section&#160;310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section&#160;305(b)(2) of the Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXHIBIT INDEX</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following exhibits are filed as part of, or incorporated by reference into, this registration statement on Form S-3: </font>
        </div>
        <table style="width:456pt;height:599.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:29pt;">
              <font style="letter-spacing:-0.16pt;">Exhibit</font>
              <br >
              <font style="letter-spacing:-0.16pt;">Number </font>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:415pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit&#160;Description </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">1.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Underwriting Agreement</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">2.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000119312513438553/d627603dex21.htm">Separation and Distribution Agreement between Ashford Hospitality Prime, Inc., Ashford Hospitality Trust, Inc. and the other parties thereto (incorporated by reference to Exhibit&#160;2.1 to the Current Report on Form 8-K filed on November&#160;12, 2013) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">2.2&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000119312513478067/d643219dex22.htm">Separation and Distribution Agreement Correction between Ashford Hospitality Prime, Inc., Ashford Hospitality Trust, Inc. and the other parties thereto (incorporated by reference to Exhibit&#160;2.2 of the Registration Statement on Form S-11 filed on December&#160;19, 2013) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">2.3&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000157408516000190/gardere018665334_12ashford.htm">Agreement of Purchase and Sale, dated as of May&#160;20, 2016, by and between Washington Real Estate Holdings, LLC and Ashford Seattle Downtown LP (incorporated by reference to Exhibit&#160;2.1 to the Current Report on Form 8-K filed on July&#160;7, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000119312513408254/d552705dex41.htm">Specimen Common Stock Certificate of Ashford Hospitality Prime, Inc. (incorporated by reference to Exhibit&#160;4.1 to Amendment No. 4 to the Registration Statement on Form 10 filed on October&#160;23, 2013) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.2&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Certificate of Preferred Stock of Ashford Hospitality Prime, Inc.</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.3&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Deposit Agreement and Depositary Receipt with respect to Depositary Shares</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.4&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Common Stock Warrant Agreement</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.5&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Preferred Stock Warrant Agreement</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.6&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex4-6.htm">Form of Senior Indenture</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex4-6.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex4-6.htm"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.7&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex4-7.htm">Form of Subordinated Indenture</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex4-7.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex4-7.htm"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.8&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2110287d2_ex4-6.htm">Form of Senior Note(included in Exhibit&#160;4.6 hereto) </a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.9&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2110287d2_ex4-7.htm">Form of Subordinated Note(included in Exhibit&#160;4.7 hereto) </a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.10</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Rights Agreement</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.11</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Form of Unit Note and Unit Certificate</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(1)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.12</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465915045445/a15-14146_2ex4d3.htm">Preemptive Rights Agreement, dated as of June&#160;9, 2015, by and among Ashford Hospitality Prime, Inc. and certain investors in the Series&#160;A Preferred Stock (incorporated by reference to Exhibit&#160;4.3 to the Current Report on Form 8-K filed on June&#160;15, 2015) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.13</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000157408515000114/exhibit42-registrationrigh.htm">Registration Rights Agreement, dated December&#160;4, 2015, by and among Ashford Hospitality Prime, Inc., the Operating Partnership, Ashford Advisor and certain holders of the Series&#160;B Preferred Stock (Incorporated by reference to Exhibit&#160;4.2 to the Current Report on Form 8-K filed on December&#160;10, 2015) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.14</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000157408515000114/exhibit43-preemptiverights.htm">Preemptive Rights Agreement, dated as of December&#160;4, 2015, by and among Ashford Hospitality Prime, Inc. and the Series&#160;B Investors (incorporated by reference to Exhibit&#160;4.3 to the Current Report on Form 8-K filed on December&#160;10, 2015) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.15</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d1.htm">Articles of Amendment and Restatement of Ashford Hospitality Prime, Inc. (incorporated by reference to Exhibit&#160;3.1 to the Current Report on Form 8-K filed on April&#160;29, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.16</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d2.htm">Articles of Amendment of Ashford Hospitality Prime, Inc. (incorporated by reference to Exhibit&#160;3.2 to the Current Report on Form 8-K filed on April&#160;29, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.17</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000157408515000037/a101930561_2ahp-xartclessu.htm">Articles Supplementary of Ashford Hospitality Prime, Inc. (incorporated by reference to Exhibit&#160;3.2 to the Current Report on Form 8-K filed on May&#160;18, 2015) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.18</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d4.htm">Articles Supplementary for 5.50% Series&#160;A Cumulative Convertible Preferred Stock of Ashford Hospitality Prime, Inc., as amended by a Certificate of Correction, as filed with the State Department of Assessments and Taxation Maryland on June&#160;11, 2015 (incorporated by reference to Exhibit&#160;3.4 to the Current Report on Form 8-K filed on April&#160;29, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:623.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:29pt;">
              <font style="letter-spacing:-0.16pt;">Exhibit</font>
              <br >
              <font style="letter-spacing:-0.16pt;">Number </font>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:415pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Exhibit&#160;Description </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:1.917pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.19</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d5.htm">Articles Supplementary for 5.50% Series&#160;B Cumulative Convertible Preferred Stock of Ashford Hospitality Prime, Inc., accepted for record and certified by the Maryland State Department of Assessments and Taxation on December&#160;4, 2015 (incorporated by reference to Exhibit&#160;3.5 to the Current Report on Form 8-K filed on April&#160;29, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.20</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d6.htm">Articles Supplementary for the Series&#160;C Preferred Stock of Ashford Hospitality Prime, Inc., as filed with the State Department of Assessments and Taxation of Maryland on February&#160;1, 2016 (incorporated by reference to Exhibit&#160;3.6 to the Current Report on Form 8-K filed on April&#160;29, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.21</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d7.htm">Articles Supplementary Establishing Additional Shares of Series&#160;B Preferred Stock of Ashford Hospitality Prime, Inc., accepted for record and certified by the Maryland State Department of Assessments and Taxation on April&#160;27, 2016 (incorporated by reference to Exhibit&#160;3.7 to the Current Report on Form 8-K filed on April&#160;29, 2016) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.22</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465917014758/a17-7774_1ex3d1.htm">Articles Supplementary Establishing Additional Shares of Series&#160;B Preferred Stock of Ashford Hospitality Prime, Inc., accepted for record and certified by the Maryland State Department of Assessments and Taxation on March&#160;3, 2017 (incorporated by reference to Exhibit&#160;3.1 to the Current Report on Form 8-K filed on March&#160;7, 2017) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.23</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465918069201/a18-40298_1ex3d1.htm">Articles Supplementary for the Series D Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on November 19, 2018 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on November&#160;19, 2018) (File No. 001-35972) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.24</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_14.htm">Articles Supplementary Establishing the Series&#160;E Redeemable Preferred Stock of Braemar Hotels&#160;&amp; Resorts Inc., accepted for record and certified by the SDAT on January&#160;23, 2020 (incorporated by reference to Exhibit&#160;3.14 to Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-234663) filed with the SEC on January&#160;24, 2020) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.25</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_15.htm">Articles Supplementary Establishing the Series&#160;M Redeemable Preferred Stock of Braemar Hotels&#160;&amp; Resorts Inc., accepted for record and certified by the SDAT on January&#160;23, 2020 (incorporated by reference to Exhibit&#160;3.15 to Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-234663) filed with the SEC on January&#160;24, 2020) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">4.26</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1574085/000110465918052836/a18-18593_2ex3d1.htm">Fourth Amended and Restated Bylaws of Braemar Hotels &amp; Resorts Inc. (incorporated by reference to Exhibit&#160;3.1 to the Current Report on Form 8-K filed on August&#160;20, 2018) (File No.&#160;001-35972) </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">&#8199;5.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-1.htm">Opinion of Cadwalader, Wickersham &amp; Taft LLP with respect to the legality of the securities being registered</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex5-1.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-1.htm"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">&#8199;5.2&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-2.htm">Opinion of Hogan Lovells US LLP with respect to the legality of the securities being registered</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex5-2.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-2.htm"></a></div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">&#8199;8.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex8-1.htm">Opinion of Locke Lord LLP with respect to tax matters</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex8-1.htm">(3)</a></font></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">23.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-1.htm">Consent of Cadwalader, Wickersham &amp; Taft LLP (included in Exhibit 5.1)</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex5-1.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-1.htm"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">23.2&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-2.htm">Consents of Hogan Lovells US LLP (included in Exhibits&#160;5.2)</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex5-2.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex5-2.htm"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">23.3&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex8-1.htm">Consent of Locke Lord LLP (included in Exhibits&#160;8.1)</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex8-1.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex8-1.htm"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">23.4&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;text-align:left;">
              <a style="-sec-extract:exhibit" href="tm2110287d2_ex23-4.htm">Consent of BDO USA, LLP</a><font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;font-size:7.5pt;"><a style="-sec-extract:exhibit" href="tm2110287d2_ex23-4.htm">(3)</a></font> <a style="-sec-extract:exhibit" href="tm2110287d2_ex23-4.htm"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0.5pt 1.5pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">24.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;text-align:left;">
              <a href="#tSIG">Powers of Attorney (included on signature page</a>) <a href="#tSIG"></a></td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">25.1&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <font style="letter-spacing:0.2pt;">The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Senior Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section&#160;305(b)(2) of the Trust Indenture Act of 1939. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:right;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:2.167pt 0.5pt 0.833pt 0pt; width:29pt;">
              <div style="text-align:right;">
                <font style="letter-spacing:0.2pt;">25.2&#8199;</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;text-align:left;">
              <font style="letter-spacing:0.2pt;">The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Subordinated Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section&#160;305(b)(2) of the Trust Indenture Act of 1939.</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.7pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:4.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:4.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">To be filed as an exhibit to a future filing under the Securities Exchange Act of 1934, as amended, and incorporated by reference herein. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:580pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Previously filed. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Filed herewith. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">To be filed, if necessary, separately under electronic form type &#8220;305B2&#8221; in accordance with Section&#160;305(b)(2) of the Trust Indenture Act of 1939, as amended.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-7</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSIG">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that the registrant meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on March&#160;22, 2021. </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; text-align:justify; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">BRAEMAR HOTELS &amp; RESORTS INC.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:12pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:12pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;">
          <font style="letter-spacing:0.2pt;">/s/ Deric S. Eubanks </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:240pt; margin-top:2pt; width:216pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Name: Deric S. Eubanks</font>
          <br >
          <font style="letter-spacing:0.2pt;">Title: Chief Financial Officer and Treasurer </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">POWER OF ATTORNEY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each person whose signature appears below appoints Deric S. Eubanks as his or her true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or would do in person, hereby ratifying and confirming all that said attorney-in-fact and agents or any of them or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated. </font>
        </div>
        <table style="width:456pt;height:305.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:168pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Signature </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:168pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:96pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
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          <tr style="line-height:12pt;white-space:normal;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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            <td style="padding:13.917pt 0pt 0.833pt 0pt; width:168pt;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:13.917pt 0pt 0.833pt 0pt; width:96pt;white-space:nowrap;">
              <div style="text-align:center;">
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
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            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
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              <div style="margin-top:2.5pt; text-align:justify;">
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              <div style="margin-top:2pt; text-align:center;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ STEFANI D. CARTER </font>
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              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 168pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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              <div style="margin-top:2pt; text-align:center;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
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                <font style="letter-spacing:0.2pt;">/s/ MARY CANDACE EVANS </font>
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                <div style="margin-left: 0pt; width: 168pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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              <div style="margin-top:2pt; text-align:center;">
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;">
              <div style="text-align:center;">
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              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
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                <font style="letter-spacing:0.2pt;">/s/ KENNETH H. FEARN, JR. </font>
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              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 168pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Kenneth H. Fearn, Jr. </font>
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;">
              <div style="text-align:center;">
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            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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        </div>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-8</font>
          <br >
        </div>
      </div>
      <hr >
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    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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          <br >
        </div>
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      <div style="margin-top:6pt;margin-bottom:479.5pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:131.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
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            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:168pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Signature </font>
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            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:168pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:96pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Date </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ CURTIS B. MCWILLIAMS </font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 168pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Curtis B. McWilliams </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:168pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ MATTHEW D. RINALDI </font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 168pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Matthew D. Rinaldi </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021 </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;white-space:normal;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ ABTEEN VAZIRI </font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 168pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Abteen Vaziri </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:168pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:14.167pt 0pt 0.5pt 0pt; width:96pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">March&#160;22, 2021</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
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        </div>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-9</font>
          <br >
        </div>
      </div>
      <hr >
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  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>2
<FILENAME>tm2110287d2_ex4-6.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
4.6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BRAEMAR
HOTELS &amp; RESORTS INC.&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[
]</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATED
AS OF , 20</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SENIOR
DEBT SECURITIES&nbsp;</B></FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BRAEMAR
HOTELS &amp; RESORTS INC.</B><BR>
<B>RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939, AS AMENDED, AND INDENTURE, DATED AS OF , 20 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST
    INDENTURE ACT SECTION</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE
    SECTION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    310(a)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    311</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    312(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1,
    7.2(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    313(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    314(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    315(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(a)(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(c)(2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(c)(3)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    316(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1,
    1.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2,
    5.12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5(f)</FONT></TD></TR>
</TABLE>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST
    INDENTURE ACT SECTION</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE
    SECTION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    317(a)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 25.95pt; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    318(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE:
This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Deemed included pursuant to Section 318(c) of the Trust Indenture Act&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 75%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    by Reference of Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
    Certificates and Opinions</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Documents Delivered to Trustee</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts
    of Holders; Record Dates</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices,
    Etc., to Trustee, Company and Guarantors</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    to Holders; Waiver</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict
    with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Headings and Table of Contents</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors
    and Assigns</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separability
    Clause</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits
    of Indenture</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force
    Majeure</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Jury Trial</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.15.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
    Law</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.16.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Holidays</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.17.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    in a Composite Currency, Currency Unit or Foreign Currency</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.18.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    in Required Currency; Judgment Currency</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.19.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Language
    of Notices, Etc.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.20.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporators,
    Shareholders, Officers and Directors of the Company and the Guarantors Exempt from Individual Liability</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWO SECURITY FORMS</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms
    Generally</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Face of Security</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Reverse of Security</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
    Securities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THREE THE SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    Unlimited; Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution,
    Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary
    Securities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration,
    Registration of Transfer and Exchange</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated,
    Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Interest; Interest Rights Preserved</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
    Deemed Owners</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation
    of Interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
    or CINS Numbers</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOUR SATISFACTION AND DISCHARGE</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    and Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Trust Money</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
</TABLE>






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<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FIVE REMEDIES</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 17%; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 75%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events
    of Default</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration
    of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection
    of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May File Proofs of Claim</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May Enforce Claims Without Possession of Securities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Money Collected</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
    on Suits</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional
    Right of Holders to Receive Principal, Premium and Interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration
    of Rights and Remedies</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
    and Remedies Cumulative</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or Omission Not Waiver</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control
    by Holders</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking
    for Costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.15.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Stay, Extension or Usury Laws</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SIX THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Duties and Responsibilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Defaults</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Rights of Trustee</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Responsible for Recitals or Issuance of Securities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    Hold Securities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    and Reimbursement</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disqualification;
    Conflicting Interests</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Trustee Required; Eligibility</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation
    and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance
    of Appointment by Successor</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger,
    Conversion, Consolidation or Succession to Business</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential
    Collection of Claims Against Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of Authenticating Agent</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SEVEN HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Furnish Trustee Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation
    of Information; Communications to Holders</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    by Trustee</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    by Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    EIGHT CONSOLIDATION, AMALGAMATION, MERGER AND SALE</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    8.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    May Consolidate, Etc., Only on Certain Terms</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    8.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor
    Substituted</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    NINE AMENDMENT, SUPPLEMENT AND WAIVER</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
    Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
    of Amendments and Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Amendments and Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conformity
    with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
    in Securities to Amendments or Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Consents</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
</TABLE>










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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TEN COVENANTS</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 17%; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 75%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Principal, Premium and Interest</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance
    of Office or Agency</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    for Securities Payments to Be Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    by Officers as to Default</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ELEVEN REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election
    to Redeem; Notice to Trustee</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection
    by Trustee of Securities to Be Redeemed</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Redemption</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
    of Redemption Price</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Payable on Redemption Date</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Redeemed in Part</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWELVE SINKING FUNDS</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    12.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    12.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    of Sinking Fund Payments with Securities</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    12.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
    of Securities for Sinking Fund</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THIRTEEN DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option
    to Effect Legal Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Defeasance and Discharge</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant
    Defeasance</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
    to Legal or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposited
    Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOURTEEN GUARANTEE OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    14.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Guarantee</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    14.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
    on Guarantor Liability</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.45in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    14.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
    and Delivery of Securities Guarantee Notation</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE:
This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDENTURE,
dated as of , 20 , among BRAEMAR HOTELS &amp; RESORTS INC., a corporation duly organized and existing under the laws of the State
of Maryland (herein called the &ldquo;Company&rdquo;), the Guarantors (as defined hereinafter) and [ ], a [national banking association],
as trustee (the &ldquo;Trustee&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS
OF THE COMPANY:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
unsecured senior debentures, notes or other evidences of indebtedness (herein called the &ldquo;Securities&rdquo;), which may
be guaranteed by the Guarantors, to be issued in one or more series as provided in this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture is subject to the provisions of the Trust Indenture Act (as defined herein) that are required to be a part of this Indenture
and, to the extent applicable, shall be governed by such provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, THIS INDENTURE WITNESSETH:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
and in consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
ONE</B><BR>
<B><U>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.1. <U>Definitions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the words &ldquo;Article&rdquo; and &ldquo;Section&rdquo; refer to an Article and Section, respectively, of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the word &ldquo;includes&rdquo; and its derivatives means &ldquo;includes, but is not limited to&rdquo; and corresponding derivative
definitions; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
references to any officer of any partnership or limited liability company that does not have officers but is managed or controlled,
directly or indirectly, by an entity that does have officers, shall be deemed to be references to the officers of such managing
or controlling entity.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
terms, used principally in Article Six, are defined in that Article.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Act,&rdquo;
when used with respect to any Holder, has the meaning specified in Section 1.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Additional
Defeasible Provision&rdquo; means a covenant or other provision that is (a) made part of this Indenture pursuant to an indenture
supplemental hereto, a Board Resolution or an Officer&rsquo;s Certificate delivered pursuant to Section 3.1, and (b) pursuant
to the terms set forth in such supplemental indenture, Board Resolution or Officer&rsquo;s Certificate, made subject to the provisions
of Article Thirteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Affiliate&rdquo;
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, &ldquo;control,&rdquo; as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition,
the terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo; have correlative
meanings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Authenticating
Agent&rdquo; means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Banking
Day&rdquo; means, in respect of any city, any date on which commercial banks are open for business in that city.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Bankruptcy
Law&rdquo; means any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board
of Directors&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf
of such board;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
with respect to a partnership, the Board of Directors of the general partner of the partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
with respect to a limited liability company, the managing member or members or any controlling committee of managers or members
thereof or any board or committee serving a similar management function; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
with respect to any other Person, the individual or board or committee of such Person serving a management function similar to
those described in clauses (a), (b) or (c) of this definition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board
Resolution&rdquo; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or a Guarantor,
the principal financial officer of the Company or a Guarantor, any other authorized officer of the Company or a Guarantor, or
a person duly authorized by any of them, in each case as applicable, to have been duly adopted by the Board of Directors and to
be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture
refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Securities and the
forms and terms thereof), such action may be taken by any committee, officer or employee of the Company or a Guarantor, as applicable,
authorized to take such action by the Board of Directors, as evidenced by a Board Resolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Business
Day,&rdquo; when used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, each&nbsp;Monday, Tuesday, Wednesday, Thursday and Friday that is not
a day on which banking institutions and trust companies in that Place of Payment or other location are authorized or obligated
by law, executive order or regulation to close.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;CINS&rdquo;
means CUSIP International Numbering System.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Code&rdquo;
means the United States Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Company&rdquo;
means the Person named as the &ldquo;Company&rdquo; in the first paragraph of this instrument until a successor or resulting Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Company&rdquo; shall mean
such successor or resulting Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Company
Request&rdquo; or &ldquo;Company Order&rdquo; means, in the case of the Company, a written request or order signed in the name
of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its President, any of its
Vice Presidents or any other duly authorized officer of the Company or any person duly authorized by any of them, and delivered
to the Trustee and, in the case of a Guarantor, a written request or order signed in the name of such Guarantor by its Chairman
of the Board, its Chief Executive Officer, its President, any of its Vice Presidents or any other duly authorized officer of such
Guarantor or any person duly authorized by any of them, and delivered to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Corporate
Trust Office&rdquo; means the office of the Trustee at the address specified in Section 3.5 or such other address as to which
the Trustee may give notice to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;corporation,&rdquo;
when used in reference to the Trustee or any prospective Trustee, shall include any corporation, company, association, partnership,
limited partnership, limited liability company, joint-stock company, trust or other entity, in each case, satisfying the requirements
of Section 310(a)(1) of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Covenant
Defeasance&rdquo; has the meaning specified in Section 13.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;CUSIP&rdquo;
means the Committee on Uniform Securities Identification Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Custodian&rdquo;
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Debt&rdquo;
means any obligation created or assumed by any Person for the repayment of money borrowed and any purchase money obligation created
or assumed by such Person and any guarantee of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Default&rdquo;
means, with respect to a series of Securities, any event that is, or after notice or lapse of time or both would be, an Event
of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Defaulted
Interest&rdquo; has the meaning specified in Section 3.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Definitive
Security&rdquo; means a security other than a Global Security or a temporary Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Depositary&rdquo;
means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities,
a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated
by Section 3.1, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter shall mean or include each Person which is a Depositary hereunder, and if at any time there is more than one such Person,
shall be a collective reference to such Persons.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Dollar&rdquo;
or &ldquo;$&rdquo; means the coin or currency of the United States of America, which at the time of payment is legal tender for
the payment of public and private debts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Event
of Default&rdquo; has the meaning specified in Section 5.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange
Act&rdquo; means the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Foreign
Currency&rdquo; means a currency used by the government of a country other than the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;GAAP&rdquo;
means generally accepted accounting principles in the United States of America as in effect from time to time, including those
set forth in (1) the Financial Accounting Standards Board Accounting Standards Codification and any related Accounting Standards
Updates by the Financial Accounting Standards Board, (2) such other statements by such other entity as are approved by a significant
segment of the accounting profession and (3) the rules and regulations of the SEC governing the inclusion of financial statements
in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in
staff accounting bulletins and similar written statements from the accounting staff of the SEC. All computations based on GAAP
contained in the Indenture shall be computed in conformity with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Global
Security&rdquo; means a Security in global form that evidences all or part of a series of Securities and is authenticated and
delivered to, and registered in the name of, the Depositary for the Securities of such series or its nominee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Guaranteed
Securities&rdquo; has the meaning specified in Section 14.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Guarantor&rdquo;
means each Person that becomes a guarantor of any Securities pursuant to the applicable provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Holder&rdquo;
means a Person in whose name a Security is registered in the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Indenture&rdquo;
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more amendments
or indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this
instrument, and any such amendment or supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be
part of and govern this instrument and any such amendment or supplemental indenture, respectively. The term &ldquo;Indenture&rdquo;
also shall include the terms of particular series of Securities established as contemplated by Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;interest,&rdquo;
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Interest
Payment Date,&rdquo; when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Judgment
Currency&rdquo; has the meaning specified in Section 1.18.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Legal
Defeasance&rdquo; has the meaning specified in Section 13.2.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;mandatory
sinking fund payment&rdquo; has the meaning specified in Section 12.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Market
Exchange Rate&rdquo; has the meaning specified in Section 1.17.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Maturity,&rdquo;
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call
for redemption or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notice
of Default&rdquo; means a written notice of the kind specified in Section 5.1(c) or Section 5.1(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Officer&rsquo;s
Certificate&rdquo; means, in the case of the Company, a certificate signed by the Chairman of the Board, the Chief Executive Officer,
the Chief Financial Officer, the President, any Vice President or any other duly authorized officer of the Company, or a person
duly authorized by any of them, and delivered to the Trustee and, in the case of a Guarantor, a certificate signed by the Chairman
of the Board, the Chief Executive Officer, the President, any Vice President or any other duly authorized officer of such Guarantor,
or a person duly authorized by any of them, and delivered to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Opinion
of Counsel&rdquo; means a written opinion of counsel, who may be an employee of or counsel for the Company or a Guarantor, as
the case may be, and who shall be reasonably acceptable to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;optional
sinking fund payment&rdquo; has the meaning specified in Section 12.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Original
Issue Discount Security&rdquo; means any Security which provides for an amount less than the principal amount thereof to be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Outstanding,&rdquo;
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Securities; <I>provided</I>, <I>however</I>, that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee
has been made; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Securities that have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are
valid obligations of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given
any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 5.2, (ii) the
principal amount of a Security denominated in one or more currencies or currency units other than U.S. dollars shall be the U.S.
dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 3.1 on the
date of original issuance of such Security or by Section 1.17, if not otherwise so provided pursuant to Section 3.1, of the principal
amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent (as so determined) on the date of original
issuance of such Security of the amount determined as provided in clause (i) above) of such Security, and (iii) Securities owned
by the Company, any Guarantor or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor
shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to
be so owned shall be so disregarded. Securities so owned as described in clause (iii) of the immediately preceding sentence which
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee&rsquo;s right to act with respect to such Securities and that the pledgee is not the Company, a Guarantor or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Paying
Agent&rdquo; means any Person authorized by the Company to pay the principal of and any premium or interest on any Securities
on behalf of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Periodic
Offering&rdquo; means an offering of Securities of a series from time to time, the specific terms of which Securities, including,
without limitation, the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the
Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with
respect thereto, and any other terms specified as contemplated by Section 3.1 with respect thereto, are to be determined by the
Company upon the issuance of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Person&rdquo;
means any individual, corporation, company, limited liability company, partnership, limited partnership, joint venture, association,
joint-stock company, trust, other entity, unincorporated organization or government or any agency or political subdivision thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Place
of Payment,&rdquo; when used with respect to the Securities of any series, means, unless otherwise specifically provided for with
respect to such series as contemplated by Section 3.1, the office or agency of the Company and such other place or places where,
subject to the provisions of Section 10.2, the principal of and any premium and interest on the Securities of that series are
payable as contemplated by Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Predecessor
Security&rdquo; of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Redemption
Date,&rdquo; when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to
this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Redemption
Price,&rdquo; when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to
this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Regular
Record Date&rdquo; for the interest payable on any Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 3.1.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Required
Currency&rdquo; has the meaning specified in Section 1.18.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Responsible
Officer,&rdquo; when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or
any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity with the particular subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SEC&rdquo;
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities&rdquo;
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities
Guarantee&rdquo; means each guarantee of the obligations of the Company under this Indenture and the Securities by a Guarantor
in accordance with the provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Security
Register&rdquo; and &ldquo;Security Registrar&rdquo; have the respective meanings specified in Section 3.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Special
Record Date&rdquo; for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Stated
Maturity,&rdquo; when used with respect to any Security or any installment of principal thereof or interest thereon, means the
date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or
interest is due and payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trustee&rdquo;
means the Person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include
each Person who is then a Trustee hereunder, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Indenture Act&rdquo; means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument was
executed, except as provided in Section 9.5; <I>provided</I>, <I>however</I>, that if the Trust Indenture Act of 1939 is amended
after such date, &ldquo;Trust Indenture Act&rdquo; means, to the extent required by any such amendment, the Trust Indenture Act
of 1939 as so amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
Person&rdquo; shall have the meaning assigned to such term in Section 7701(a)(30) of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
Government Obligations&rdquo; means securities which are (a) direct obligations of the United States for the payment of which
its full faith and credit is pledged, or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States,
and which are not callable or redeemable at the option of the issuer thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Vice
President,&rdquo; when used with respect to the Company, any Guarantor or the Trustee, means any vice president, regardless of
whether designated by a number or a word or words added before or after the title &ldquo;vice president.&rdquo;&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.2. <U>Incorporation by Reference of Trust Indenture Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part
of this Indenture. The following Trust Indenture Act terms used in this Indenture have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;commission&rdquo;
means the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
securities&rdquo; means the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
security holder&rdquo; means a Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
to be qualified&rdquo; means this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
trustee&rdquo; or &ldquo;institutional trustee&rdquo; means the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;obligor&rdquo;
on the indenture securities means the Company, each Guarantor (if applicable) or any other obligor on the indenture securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other terms used in this Indenture that are defined by the Trust Indenture Act, defined by a Trust Indenture Act reference to
another statute or defined by an SEC rule under the Trust Indenture Act have the meanings so assigned to them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.3. <U>Compliance Certificates and Opinions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any application or request by the Company or a Guarantor to the Trustee to take any action under any provision of this Indenture,
the Company or such Guarantor, as the case may be, shall furnish to the Trustee an Officer&rsquo;s 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 request as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished
except as required under Section 314(c) of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates
provided for in Section 10.5) shall include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether such covenant or condition has been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.4. <U>Form of Documents Delivered to Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
certificate or opinion of an officer of the Company or a Guarantor may be based, insofar as it relates to legal matters, upon
a certificate or opinion of, or representations by, counsel, unless such officer knows or, in the exercise of reasonable care,
should know that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion
is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of the Company or the Guarantor, as the case may be,
stating that the information with respect to such factual matters is in the possession of the Company or the Guarantor, as the
case may be, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.5. <U>Acts of Holders; Record Dates</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either
physically or by means of a facsimile or an electronic transmission, <I>provided</I> that such electronic transmission is transmitted
through the facilities of a Depositary) by such Holders in person or by agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company or the Guarantors. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo; of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Company
and, if applicable, the Guarantors, if made in the manner provided in this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person&rsquo;s
holding of same, shall be proved by the Security Register.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or, if applicable,
the Guarantors in reliance thereon, regardless of whether notation of such action is made upon such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
Without limiting the foregoing, a Holder entitled to give or take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each
of which may do so pursuant to such appointment with regard to all or any different part of such principal amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
The Company may set any day as the record date for the purpose of determining the Holders of Outstanding Securities of any series
entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted
by this Indenture to be given or taken by Holders of Securities of such series, but the Company shall have no obligation to do
so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series
on such record date (or their duly appointed agents), and only such Persons, shall be entitled to give or take the relevant action,
regardless of whether such Holders remain Holders after such record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.6. <U>Notices, Etc., to Trustee, Company and Guarantors</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Any notice, request, demand, authorization, direction, consent, waiver or other communication by the Company, any of the Guarantors
or the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail, postage prepaid,
facsimile or overnight air courier guaranteeing next day delivery, to the others&rsquo; address:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Company and/or any Guarantor:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Braemar
Hotels &amp; Resorts Inc.<BR>
14185 Dallas Parkway, Suite 1200<BR>
Dallas, Texas 75254<BR>
Telephone: (972) 490-9600<BR>
Facsimile: [ ]<BR>
Attention: Robert G. Haiman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cadwalader,
Wickersham &amp; Taft LLP<BR>
200 Liberty Street<BR>
New York, New York 10281<BR>
Telephone: (212) 504-6000<BR>
Facsimile: (212) 504-6666<BR>
Attention: Richard M. Brand and Gregory P. Patti, Jr.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Trustee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
]</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
[ ]<BR>
Facsimile: [ ]<BR>
Attention: [ ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Company, the Guarantors or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; three Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.7. <U>Notice to Holders; Waiver</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at such Holder&rsquo;s
address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such
Holder, regardless of whether such Holder actually receives such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case it shall be impracticable to give such notice by mail by reason of the suspension of regular mail service or by reason of
any other cause, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.8. <U>Conflict with Trust Indenture Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act
to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Indenture
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust
Indenture Act shall be deemed to apply to this Indenture as so modified or excluded, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.9. <U>Effect of Headings and Table of Contents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.10. <U>Successors and Assigns</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
covenants and agreements in this Indenture by each of the Company and the Guarantors shall bind their respective successors and
assigns, whether so expressed or not.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.11. <U>Separability Clause</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case any provision in this Indenture or in the Securities or, if applicable, the Securities Guarantee shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.12. <U>Benefits of Indenture</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in this Indenture or in the Securities or, if applicable, the Securities Guarantee, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy
or claim under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.13. <U>Force Majeure</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under
the circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.14. <U>Waiver of Jury Trial</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.15. <U>Governing Law</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
INDENTURE, THE SECURITIES AND THE SECURITIES GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.16. <U>Legal Holidays</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities or, if applicable, the Securities
Guarantee (other than a provision of the Securities of any series or, if applicable, the Securities Guarantee that specifically
states that such provision shall apply in lieu of this Section 1.16)) payment of interest or principal and any premium need not
be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with
the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, and if payment
is so made, no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity,
as the case may be.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.17. <U>Securities in a Composite Currency, Currency Unit or Foreign Currency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise specified in a Board Resolution, Officer&rsquo;s Certificate or indenture supplemental hereto delivered pursuant to
Section 3.1 of this Indenture with respect to a particular series of Securities, whenever for purposes of this Indenture any action
may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all series or all series
affected by a particular action at the time Outstanding and, at such time, there are Outstanding Securities of any affected series
which are denominated in a coin, currency or currencies other than Dollars (including, but not limited to, any composite currency,
currency units or Foreign Currency), then the principal amount of Securities of such series that shall be deemed to be Outstanding
for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange
Rate. For purposes of this Section 1.17, the term &ldquo;Market Exchange Rate&rdquo; shall mean the noon Dollar buying rate in
The City of New York for cable transfers of such currency or currencies as published by the Federal Reserve Bank of New York,
as of the most recent available date. If such Market Exchange Rate is not so available for any reason with respect to such currency,
such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations or rates of exchange
from one or more major banks in The City of New York or in the country of issue of the currency in question, which for purposes
of Euros shall be Brussels, Belgium, or such other quotations or rates of exchange as appropriate shall be used. The provisions
of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series denominated
in a currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event will the Trustee have any duty or liability regarding the Market Exchange Rate or any alternative determination provided
for in the preceding paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.18. <U>Payment in Required Currency; Judgment Currency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Company and the Guarantors agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if
for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest
on the Securities of any series (the &ldquo;Required Currency&rdquo;) into a currency in which a judgment will be rendered (the
 &ldquo;Judgment Currency&rdquo;), the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Required Currency could be purchased in The City of New York with the Judgment Currency on the day on which final unappealable
judgment is entered, unless such day is not a Banking Day, then, to the extent permitted by applicable law, the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Required Currency could be purchased in The City
of New York with the Judgment Currency on the Banking Day next preceding the day on which final unappealable judgment is entered
and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment (regardless of whether entered in accordance with subclause (a)), in any
currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by
which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall
not be affected by judgment being obtained for any other sum due under this Indenture.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.19. <U>Language of Notices, Etc.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under this Indenture shall be
in the English language, except that any published notice may be in an official language of the country of publication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.20. <U>Incorporators, Shareholders, Officers and Directors of the Company and the Guarantors Exempt from Individual Liability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
recourse under or upon any obligation, covenant or agreement of or contained in this Indenture or of or contained in any Security
or, if applicable, the Securities Guarantee, or for any claim based thereon or otherwise in respect thereof, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, member, officer, manager,
employee, partner or director, as such, past, present or future, of the Company, any Guarantor or any successor Person, either
directly or through the Company, any Guarantor or any successor Person, whether by virtue of any constitution, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise, it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as a part of the consideration for, the execution of this Indenture
and the issue of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
TWO</B><BR>
<B><U>SECURITY FORMS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.1. <U>Forms Generally</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities of each series and, if applicable, the notation thereon relating to the Securities Guarantee, shall be in substantially
the form set forth in this Article Two, or in such other form or forms as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities and, if applicable, any notation of the Securities
Guarantee, as evidenced by their execution thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities
of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by an authorized officer or other authorized person on behalf of the Company and delivered to the Trustee at or prior
to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forms of Global Securities of any series shall have such provisions and legends as are customary for Securities of such series
in global form, including without limitation any legend required by the Depositary for the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.2. <U>Form of Face of Security</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is an Original Issue Discount Security and is not &ldquo;publicly offered&rdquo; within the meaning of Treasury Regulations
Section 1.1275-1(h), insert</I>&mdash;FOR PURPOSES OF SECTION 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED,
THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS [ % OF ITS PRINCIPAL AMOUNT]
[$ PER $1,000 OF PRINCIPAL AMOUNT], THE ISSUE DATE IS , 20 AND, THE YIELD TO MATURITY IS , COMPOUNDED [SEMIANNUALLY OR OTHER PROPER
PERIOD].</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>In
the alternative instead of providing such legend, insert the following legend</I>&mdash;FOR PURPOSES OF SECTION 1275 OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, AND [THE NAME OR TITLE
AND ADDRESS OR TELEPHONE NUMBER OF A REPRESENTATIVE OF THE COMPANY] WILL, BEGINNING NO LATER THAN 10 DAYS AFTER THE ISSUE DATE,
PROMPTLY MAKE AVAILABLE TO HOLDERS THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, THE YIELD TO MATURITY AND ANY OTHER
INFORMATION REQUIRED BY APPLICABLE TREASURY REGULATIONS.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Insert
any other legend required by the Code or the regulations thereunder.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Global Security,&mdash;insert legend required by Section 2.4 of the Indentur</I>e] [<I>If applicable, insert &mdash;</I>UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &amp;
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE &amp; CO., HAS AN INTEREST HEREIN.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR
HOTELS &amp; RESORTS INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TITLE
OF SECURITY]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.
    </FONT></TD>
    <TD STYLE="width: 50%; padding: 0.25pt 0.2in 0.25pt 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    $ </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[CUSIP
No. ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR
HOTELS &amp; RESORTS INC., a corporation duly organized and existing under the laws of the State of Maryland (herein called the
 &ldquo;Company,&rdquo; which term includes any successor or resulting Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to , or registered assigns, the principal sum of United States Dollars on [<I>If the Security
is to bear interest prior to Maturity, insert&mdash;</I>, and to pay interest thereon from or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually on and in each year, commencing , at the rate of % per
annum, until the principal hereof is paid or made available for payment [<I>if applicable, insert&mdash;</I>, and at the rate
of % per annum on any overdue principal and premium and on any installment of interest (to the extent that the payment of such
interest shall be legally enforceable)]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest, which shall be the or (regardless of whether
a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture].</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is not to bear interest prior to Maturity, insert&mdash;</I>The principal of this Security shall not bear interest
except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case
the overdue principal of this Security shall bear interest at the rate of % per annum (to the extent that the payment of such
interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such
principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest
on any overdue principal that is not so paid on demand shall bear interest at the rate of % per annum (to the extent that the
payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date
payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Global Security, insert&mdash;</I>Payment of the principal of (and premium, if any) and [<I>if applicable, insert&mdash;</I>any
such] interest on this Security will be made by transfer of immediately available funds to a bank account in designated by the
Holder in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts [state other currency].]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Definitive Security, insert&mdash;</I>Payment of the principal of (and premium, if any) and [<I>if applicable, insert&mdash;</I>any
such] interest on this Security will be made at the office or agency of the Company maintained for that purpose in , in such coin
or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts]
[state other currency] [or subject to any laws or regulations applicable thereto and to the right of the Company (as provided
in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of in , or at such other offices
or agencies as the Company may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United
States Dollar] account maintained by the payee with, a bank in The City of New York (so long as the applicable Paying Agency has
received proper transfer instructions in writing at least days prior to the payment date)] [<I>if applicable, insert&mdash;</I>;
<I>provided</I>, <I>however</I>, that payment of interest may be made at the option of the Company by [United States Dollar] [state
other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register]
[or by transfer to a [United States Dollar] [state other currency] account maintained by the payee with a bank in The City of
New York [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing
by the record date prior to the applicable Interest Payment Date)].]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
    ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.3. <U>Form of Reverse of Security</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Security is one of a duly authorized issue of senior securities of the Company (herein called the &ldquo;Securities&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of , 20 (herein called the &ldquo;Indenture&rdquo;), between
the Company, the Guarantors, if any, and [ ], as trustee (herein called the &ldquo;Trustee&rdquo;, which term includes any successor
trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, if any, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different
redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different
covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security is one of the
series designated on the face hereof [, limited in aggregate principal amount to $ ].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
security is the general, unsecured, senior obligation of the Company [<I>if applicable, insert&mdash;</I>and is guaranteed pursuant
to a guarantee (the &ldquo;Securities Guarantee&rdquo;) by [<I>insert name of each Guarantor</I>] (the &ldquo;Guarantors&rdquo;).
The Securities Guarantee is the general, unsecured, senior obligation of each Guarantor.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The Securities of this series are subject to redemption upon not less than days&rsquo; notice by
mail (or electronic transmission in the case of Global Securities), [<I>if applicable, insert&mdash;</I>(1) on in any year commencing
with the year and ending with the year through operation of the sinking fund for this series at a Redemption Price equal to 100%
of the principal amount, and (2) ] at any time [on or after , 20 ], as a whole or in part, at the election of the Company, at
the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [on or before , %, and if redeemed]
during the 12-month period beginning of the years indicated,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
thereafter at a Redemption Price equal to % of the principal amount, together in the case of any such redemption [<I>if applicable,
insert&mdash;</I>(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but
interest installments the Stated Maturity of which is on&nbsp; or prior to such Redemption Date will be payable to the Holders
of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates referred
to on the face hereof, all as provided in the Indenture.]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The Securities of this series are subject to redemption upon not less than nor more than days&rsquo;
notice by mail (or electronic transmission in the case of Global Securities), (1) on in any year commencing with the year and
ending with the year through operation of the sinking fund for this series at the Redemption Prices for redemption through operation
of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [on or
after ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through
operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during
the 12-month period beginning of the years indicated,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price For</B><BR>
    <B>Redemption Through</B><BR>
    <B>Operation of the Sinking Fund</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price for</B><BR>
    <B>Redemption Otherwise Than</B><BR>
    <B>Through Operation of the</B><BR>
    <B>Sinking Fund</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
thereafter at a Redemption Price equal to % of the principal amount, together in the case of any such redemption (whether through
operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments the Stated
Maturity of which is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in
the Indenture.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>Notwithstanding the foregoing, the Company may not, prior to , redeem any Securities of this series
as contemplated by [clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the
application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with
generally accepted financial practice) of less than % per annum.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The sinking fund for this series provides for the redemption on in each year beginning with the year
and ending with the year of [not less than] $ [ (&ldquo;mandatory sinking fund&rdquo;) and not more than $ ] aggregate principal
amount of Securities of this series. [Securities of this series acquired or redeemed by the Company otherwise than through [mandatory]
sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made [<I>If
applicable, insert&mdash;</I> in the inverse order in which they become due].]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Securities are subject to redemption in part of any kind, insert&mdash;</I>In the event of redemption of this Security in
part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof.]</FONT></P>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The Securities of this series are not redeemable prior to Stated Maturity.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is not an Original Issue Discount Security</I>,<I>&mdash;</I>If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is an Original Issue Discount Security</I>,<I>&mdash;</I>If an Event of Default with respect to Securities of this
series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture. Such amount shall be equal to <I>&mdash;insert formula for determining
the amount</I>. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal
and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company&rsquo;s
obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] and
the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] with certain provisions of
the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, regardless of whether notation of such
consent or waiver is made upon this Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security
at the times, place(s) and rate, and in the coin or currency, herein prescribed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Global Security, insert&mdash;</I>This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture. The holders of beneficial interests in this Global Security
will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Definitive Security, insert&mdash;</I>As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer
at the office or agency of the Company in [<I>if applicable, insert&mdash;</I>any place where the principal of and any premium
and interest on this Security are payable] [<I>if applicable, insert&mdash;</I>The City of New York [, or, subject to any laws
or regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation
of any such transfer agent, at the [main] offices of in or at such other offices or agencies as the Company may designate]], duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by, the Holder hereof or such Holder&rsquo;s attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities of this series are issuable only in registered form without coupons in denominations of U.S. $ and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to due presentment of this Security for registration of transfer, the Company, [<I>If applicable, insert&mdash;</I>any Guarantor,]
the Trustee and any agent of the Company [<I>If applicable, insert&mdash;</I>, a Guarantor] or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security be overdue,
and none of the Company, [<I>If applicable, insert&mdash;</I>the Guarantors,] the Trustee nor any such agent shall be affected
by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
recourse under or upon any obligation, covenant or agreement of or contained in the Indenture or of or contained in any Security,
[<I>If applicable, insert&mdash;</I>, or the Securities Guarantee endorsed thereon,] or for any claim based thereon or otherwise
in respect thereof, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, member, officer, manager or director, as such, past, present or future, of the Company [<I>If applicable, insert&mdash;</I>or
any Guarantor] or of any successor Person, either directly or through the Company [<I>If applicable, insert&mdash;</I>or any Guarantor]
or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment,
penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released by the acceptance
hereof and as a condition of, and as part of the consideration for, the Securities and the execution of the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indenture provides that the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] (a) will be discharged from any and
all obligations in respect of the Securities (except for certain obligations described in the Indenture), or (b) need not comply
with certain restrictive covenants of the Indenture, in each case if the Company [<I>If applicable, insert&mdash;</I>or a Guarantor]
deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which through the payment
of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all
the principal of and interest on the Securities, but such money need not be segregated from other funds except to the extent required
by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise defined herein, all terms used in this Security that are defined in the Indenture shall have the meanings assigned
to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Definitive Security, insert as a separate page</I>&mdash;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Please
    Print or Type Name and Address of Assignee)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
within instrument of Braemar Hotels &amp; Resorts Inc. and does hereby irrevocably constitute and appoint Attorney to transfer
said instrument on the books of the within-named Company, with full power of substitution in the premises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
Insert Social Security or Other Identifying Number of Assignee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 42%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature)</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatsoever.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Security to which Article Fourteen has been made applicable, insert the following Form of Notation on such Security relating
to the Securities Guarantee</I><B>&mdash;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Guarantors (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally
and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and
punctual payment of the principal of, and premium, if any, and interest on the Securities of this series and all other amounts
due and payable under the Indenture and the Securities of this series by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations of the Guarantors to the Holders of Securities of this series and to the Trustee pursuant to the Securities Guarantee
and the Indenture are expressly set forth in Article Fourteen of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Securities Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantors:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME
    OF EACH GUARANTOR]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.4. <U>Global Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME
OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE
A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.&nbsp;</B></FONT></P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Securities of a series are issuable in whole or in part in the form of one or more Global Securities, as specified as contemplated
by Section 3.1, then, notwithstanding clause (i) of Section 3.1 and the provisions of Section 3.2, any Global Security shall represent
such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate
amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented
thereby may from time to time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security
to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made
in such manner and upon instructions given by such Person or Persons as shall be specified therein or in a Company Order. Subject
to the provisions of Section 3.3, Section 3.4 and Section 3.5, the Trustee shall deliver and redeliver any Global Security in
the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. Any instructions
by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in a Company Order (which need
not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of the last sentence of Section 3.3 shall apply to any Security represented by a Global Security if such Security was
never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order
(which need not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel) with regard to the reduction or
increase, as the case may be, in the principal amount of Securities represented thereby, together with the written statement contemplated
by the last sentence of Section 3.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.5. <U>Form of Trustee&rsquo;s Certificate of Authentication</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee&rsquo;s certificate(s) of authentication shall be in substantially the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
is one of the Securities of the series designated [<I>insert title of applicable series</I>] referred to in the within-mentioned
Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
    ], as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Officer</FONT></TD></TR>
</TABLE>
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
THREE</B><BR>
<B><U>THE SECURITIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.1. <U>Amount Unlimited; Issuable in Series</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth,
or determined in the manner provided, in an Officer&rsquo;s Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities and
which may be part of a series of Securities previously issued);&nbsp;</FONT></P>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6 or Section 11.7 and except for
any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
the Person to whom any interest on a 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the date or dates on which the principal of the Securities of the series is payable or the method of determination thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the rate or rates at which the Securities of the series shall bear interest, if any, or the formula, method or provision pursuant
to which such rate or rates are determined, the date or dates from which such interest shall accrue or the method of determination
thereof, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable
on any Interest Payment Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
the place or places where, subject to the provisions of Section 10.2, the principal of and any premium and interest on Securities
of the series shall be payable, 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
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 redeemed, in whole or in part, at the option of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms
and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall
be issuable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
whether payment of principal of and premium, if any, and interest, if any, on the Securities of the series shall be without deduction
for taxes, assessments or governmental charges paid by Holders of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
if other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
if the amount of payments of principal of and any premium or interest on the Securities of the series may be determined with reference
to an index, the manner in which such amounts shall be determined;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
if and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances
other than those set forth in Section 3.5 in which any such Global Security may be transferred to, and registered and exchanged
for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and
in which any such transfer may be registered;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
any deletions from, modifications of or additions to the Events of Default set forth in Section 5.1 or the covenants of the Company
set forth in Article Ten with respect to the Securities of such series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a Person
who is not a U.S. Person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the
Company will have the option to redeem the Securities of the series rather than pay such additional amounts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)
if the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)
if the Securities of the series are to be convertible into or exchangeable for any other security or property of the Company,
including, without limitation, securities of another Person held by the Company or its Affiliates and, if so, the terms thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)
if other than as provided in Section 13.2 and Section 13.3, the means of Legal Defeasance or Covenant Defeasance as may be specified
for the Securities of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)
if other than the Trustee, the identity of the initial Security Registrar and any initial Paying Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)
whether the Securities of the series will be guaranteed pursuant to the Securities Guarantee set forth in Article Fourteen, any
modifications to the terms of Article Fourteen applicable to the Securities of such series and the applicability of any other
guarantees; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)
any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided
in or pursuant to the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided,
in the Officer&rsquo;s Certificate referred to above or in any such indenture supplemental hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional
Securities of such series or for the establishment of additional terms with respect to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the terms of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by an authorized officer or other authorized person on behalf of the Company and, if
applicable, the Guarantors and delivered to the Trustee at or prior to the delivery of the Officer&rsquo;s Certificate setting
forth, or providing the manner for determining, the terms of the series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officer&rsquo;s Certificate may provide
general terms for Securities of such series and provide either that the specific terms of particular Securities of such series
shall be specified in a Company Order or that such terms shall be determined by the Company and, if applicable, the Guarantors
or one or more agents thereof designated in an Officer&rsquo;s Certificate, in accordance with a Company Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.2. <U>Denominations</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as
contemplated by Section 3.1. In the absence of any such provisions with respect to the Securities of any series, the Securities
of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.3. <U>Execution, Authentication, Delivery and Dating</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President,
its Chief Financial Officer or any of its Vice Presidents and need not be attested. The signature of any of these officers on
the Securities may be manual or facsimile. Any notation of Securities Guarantee endorsed on the Securities shall be executed on
behalf of the applicable Guarantor by its Chairman of the Board, its Chief Executive Officer, its President, its Chief Financial
Officer or any of its Vice Presidents and need not be attested. The signature of any of these officers on any notation of the
Securities Guarantee may be manual or facsimile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and any notation of a Securities Guarantee bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company or a Guarantor, as the case may be, shall bind the Company or such Guarantor, as the case may be,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; <I>provided,
however</I>, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities
from time to time in accordance with such other procedures (including, without limitation, the receipt by the Trustee of written
instructions from the Company) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered to the
Trustee prior to the time of the first authentication of Securities of such series. If the forms or terms of the Securities of
the series have been established in or pursuant to one or more Board Resolutions as permitted by Section 2.1 and Section 3.1,
in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be fully protected in relying on such Board Resolution and shall be entitled to receive such documents as it
may reasonably request. The Trustee shall also be entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon, an Officer&rsquo;s Certificate pursuant to Section 3.1 and complying with Section 1.3 and an Opinion of Counsel
complying with Section 1.3 stating:&nbsp;&nbsp;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
if the form or forms of such Securities has been established in or pursuant to a Board Resolution as permitted by Section 2.1,
that each such form has been established in conformity with the provisions of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
if the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering will be, established
in or pursuant to a Board Resolution as permitted by Section 3.1, that such terms have been, or in the case of Securities of a
series offered in a Periodic Offering will be, established in conformity with the provisions of this Indenture, subject, in the
case of Securities of a series offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions and assumptions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the
Company and, if applicable, the Securities Guarantees thereof will constitute valid and legally binding obligations of the Guarantors,
enforceable in accordance with their respective terms, subject to the following limitations: (i) bankruptcy, insolvency, moratorium,
reorganization, liquidation, fraudulent conveyance or transfer and other similar laws of general applicability relating to or
affecting the enforcement of creditors&rsquo; rights, or to general equity principles, (ii) the availability of equitable remedies
being subject to the discretion of the court to which application therefor is made; and (iii) such other usual and customary matters
as shall be specified in such Opinion of Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee&rsquo;s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at
one time, it shall not be necessary to deliver the Officer&rsquo;s Certificate otherwise required pursuant to Section 3.1 or the
Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the time of authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, on the form or forms and terms thereof and the legality, validity, binding effect and enforceability
thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 2.1 and Section 3.1 and this Section,
as applicable, in connection with the first authentication of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Security shall be dated the date of its authentication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Security nor any related Securities Guarantee 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 or an Authenticating Agent by manual signature of an authorized officer, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. 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 3.9, 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.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.4. <U>Temporary Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
the preparation of Definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the Definitive Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced
by their execution of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 in a Place of Payment for that 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 deliver
in exchange therefor a like principal amount of Definitive Securities of the same series and tenor of authorized denominations.
Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as Definitive Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.5. <U>Registration, Registration of Transfer and Exchange</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall cause to be kept at the office or agency of the Company in a Place of Payment required by Section 10.2 a register
(the register maintained in such office being herein sometimes referred to as the &ldquo;Security Register&rdquo;) in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed as the initial &ldquo;Security Registrar&rdquo; for the purpose of registering
Securities and transfers of Securities as herein provided, and its Corporate Trust Office, which, at the date hereof, is located
at [ ], is the initial office or agency where the Securities Register will be maintained. The Company may at any time replace
such Security Registrar, change such office or agency or act as its own Security Registrar. The Company will give prompt written
notice to the Trustee of any change of the Security Registrar or of the location of such office or agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
surrender for registration of transfer of any Security of any series at the office or agency maintained pursuant to Section 10.2
for such purpose, the Company and, if applicable, the Guarantors shall execute, and the Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Securities, with a notation of the Securities Guarantee,
if applicable, executed by the Guarantors, of the same series and tenor, of any authorized denominations and of a like aggregate
principal amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the option of the Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same
series and tenor, of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company and, if applicable,
the Guarantors shall execute and the Trustee shall authenticate and deliver, the Securities, with a notation of the Securities
Guarantee, if applicable, executed by the Guarantors, which the Holder making the exchange is entitled to receive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company and,
if applicable, the Guarantors evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed, by the Holder thereof or such Holder&rsquo;s attorney duly authorized in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
service charge shall be made for any registration of transfer or exchange 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 with any registration of transfer
or exchange of Securities, other than exchanges pursuant to Section 3.4, Section 9.6 or Section 11.7 not involving any transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not be required (a) to issue, register the transfer of or exchange Securities of any series during a period beginning
at the opening of business 15 days before the notice of redemption of Securities of that series selected for redemption under
Section 11.3 is sent and ending at the close of business on the day of the delivery thereof, or (b) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provisions of this Indenture and except as otherwise specified with respect to any particular series of Securities as
contemplated by Section 3.1, a Global Security representing all or a portion of the Securities of a series may not be transferred,
except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such
series or a nominee of such successor Depositary. Every Security authenticated and delivered upon registration of, transfer of,
or in exchange for or in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs immediately
following.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at any time the Depositary for any Securities of a series represented by one or more Global Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such Securities or if at any time the Depositary for such Securities shall
no longer be eligible to continue as Depositary under Section 3.1 or ceases to be a clearing agency registered under the Exchange
Act, the Company shall appoint a successor Depositary with respect to such Securities. If a successor Depositary for such Securities
is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility,
the Company&rsquo;s election pursuant to Section 3.1 that such Securities be represented by one or more Global Securities shall
no longer be effective and the Company and, if applicable, the Guarantors will execute and the Trustee, upon receipt of a Company
Order for the authentication and delivery of Definitive Securities of such series, will authenticate and deliver, Securities,
with a notation of the Securities Guarantee, if applicable, executed by the Guarantors, of such series in definitive registered
form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global
Security or Securities representing such Securities in exchange for such Global Security or Securities registered in the names
of such Persons as the Depositary shall direct.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
specified by the Company pursuant to Section 3.1 with respect to Securities represented by a Global Security, the Depositary for
such Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series and
tenor in definitive registered form on such terms as are acceptable to the Company, the Trustee and such Depositary. Thereupon,
the Company and, if applicable, the Guarantors shall execute, and the Trustee, upon receipt of a Company Order for the authentication
and delivery of Securities in definitive registered form, shall authenticate and deliver, without service charge:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to the Person specified by such Depositary a new Security or Securities, with a notation of the Securities Guarantee, if applicable,
executed by the Guarantors, of the same series and tenor, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person&rsquo;s beneficial interest in the Global Security; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
to such Depositary a new Global Security, with a notation of the Securities Guarantee, if applicable, executed by the Guarantors,
in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate
principal amount of Securities authenticated and delivered pursuant to clause (a) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
Person who takes or holds any beneficial interest in a Global Security agrees that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Company, the Guarantors (if applicable) and the Trustee may deal with the Depositary as sole owner of the Global Security
and as the authorized representative of such Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
such Person&rsquo;s rights in the Global Security shall be exercised only through the Depositary and shall be limited to those
rights established by law and agreement between such Person and the Depositary and/or direct and indirect participants of the
Depositary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
the Depositary and its participants make book-entry transfers of beneficial ownership among, and receive and transmit distributions
of the principal of (and premium, if any) and interest on the Global Securities to, such Persons in accordance with their own
procedures; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
none of the Company, the Guarantors (if applicable), the Trustee, nor any agent of any of them will have any responsibility or
liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global
Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.6. <U>Mutilated, Destroyed, Lost and Stolen Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any mutilated Security is surrendered to the Trustee, together with such security or indemnity as may be required by the Company,
the Guarantors (if applicable) or the Trustee to save each of them and any agent of any of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company and, if applicable,
the Guarantors shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security, with a notation
of the Securities Guarantee, if applicable, executed by the Guarantors, of the same series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
there shall be delivered to the Company, the Guarantors (if applicable) 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 any of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a protected purchaser, the Company and, if applicable, the Guarantors shall execute and the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security, with a notation of the Securities Guarantee,
if applicable, executed by the Guarantors, of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and, if applicable, the Guarantors, regardless of whether the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of that series duly issued hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.7. <U>Payment of Interest; Interest Rights Preserved</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security that is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
interest on any Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date (herein called &ldquo;Defaulted Interest&rdquo;) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (a) or (b) below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in
this clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest that shall
be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record
Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid (or sent by electronic transmission in the case
of Global Securities), to each Holder of Securities of such series at such Holder&rsquo;s address as it appears in the Security
Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been so mailed or sent, such Defaulted Interest shall be paid to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (b).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.8. <U>Persons Deemed Owners</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, prior to due presentment of a Security
for registration of transfer, the Company, the Trustee and, if applicable, the Guarantors and any agent thereof may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 3.5 and Section 3.7) any interest on such Security and for all other purposes whatsoever,
regardless of whether such Security be overdue, and none of the Company, the Trustee nor, if applicable, the Guarantors nor any
agent of any of them shall be affected by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture
with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee, and, if applicable, the
Guarantors and any agent of any thereof as the owner of such Global Security for all purposes whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.9. <U>Cancellation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it.
The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
that 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 that the Company has not issued and sold, and
all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities
held by the Trustee shall be disposed of in accordance with its customary practices, and the Trustee shall thereafter deliver
to the Company a certificate with respect to such disposition from time to time upon written request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.10. <U>Computation of Interest</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year comprised of twelve 30-day months.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.11. <U>CUSIP or CINS Numbers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company in issuing the Securities may use CUSIP or CINS numbers (if then generally in use, and in addition to the other identification
numbers printed on the Securities), and, if so, the Trustee shall use CUSIP or CINS numbers in notices of redemption as a convenience
to Holders; <I>provided</I>, <I>however</I>, that any such notice may state that no representation is made as to the correctness
of such CUSIP or CINS numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such CUSIP or CINS numbers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
FOUR</B><BR>
<B><U>SATISFACTION AND DISCHARGE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.1. <U>Satisfaction and Discharge of Indenture</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture shall cease to be of further effect and will be discharged with respect to the Securities of any series (except as to
any surviving rights of registration of transfer or exchange of Securities and certain rights of the Trustee, in each case, herein
expressly provided for), and the Trustee, upon Company Request and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
all such Securities theretofore authenticated and delivered (other than (A) such Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.6, and (B) such Securities for the payment of which 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 10.3) have been delivered to the Trustee for cancellation; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
all such Securities not theretofore delivered to the Trustee for cancellation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)
have become due and payable; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
will become due and payable at their Stated Maturity within one year; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Company, in the case of (ii)(A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds
in trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, together
with instructions from the Company irrevocably directing the Trustee to apply such funds to the payment thereof at maturity or
redemption, as the case may be;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such Securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, which, taken together, state
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to
such Securities have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the satisfaction and discharge of this Indenture with respect to the Securities of any series, (x) the obligations of the Company
to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the right
of the Trustee to resign under Section 6.10 shall survive, and (y) if money shall have been deposited with the Trustee pursuant
to clause (a) of this Section, the obligations of the Company and the Trustee under Section 3.5, Section 3.6, Section 4.2, Section
6.6, Section 10.2, the last paragraph of Section 10.3 and Section 13.6 shall survive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.2. <U>Application of Trust Money</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be
held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal and any premium and interest for the payment of which such money has been deposited
with the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
FIVE</B><BR>
<B><U>REMEDIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.1. <U>Events of Default</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Event
of Default,&rdquo; wherever used herein with respect to Securities of any series, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such
default for a period of 30 days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
default in the performance, or breach, of any covenant set forth in Article Ten in this Indenture (other than a covenant a default
in the performance of which or the breach of which is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such
default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of
that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is
a &ldquo;Notice of Default&rdquo; hereunder; or&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
default in the performance, or breach, of any covenant in this Indenture (other than a covenant in Article Ten or any other covenant
a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance
of such default or breach for a period of 180 days after there has been given, by registered or certified mail, to the Company
by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding
Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a &ldquo;Notice of Default&rdquo; hereunder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of any order for relief against the Company in an involuntary case, (iii) consents to the appointment of a Custodian of the Company
or for all or substantially all of the property of the Company, or (iv) makes a general assignment for the benefit of the creditors
of the Company; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company
in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of the property of the Company,
or (iii) orders the liquidation of the Company; and the order or decree remains unstayed and in effect for 60 consecutive days;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
default in the deposit of any sinking fund payment when due; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
any other Event of Default provided with respect to Securities of that series in accordance with Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.2. <U>Acceleration of Maturity; Rescission and Annulment</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such
case the Trustee or the Holders of 25% in aggregate principal amount of the Outstanding Securities of that series may declare
the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) and all accrued and unpaid interest of all of the Securities of that series
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any
such declaration such principal amount (or specified amount) shall become immediately due and payable. Notwithstanding the foregoing,
if an Event of Default specified in clause (e) or (f) of Section 5.1 occurs, the Securities of any series at the time Outstanding
shall be due and payable immediately without further action or notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article Five provided, the Holders
of a majority in aggregate principal amount of the Outstanding Securities of that series, by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Company or, if applicable, one or more of the Guarantors has paid or deposited with the Trustee a sum sufficient to pay:&nbsp;&nbsp;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
all overdue interest on all Securities of that series;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the principal of (and premium, if any, on) any Securities of that series that has become due otherwise than by such declaration
of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of
that series that has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
such rescission shall affect any subsequent default or impair any right consequent thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.3. <U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company covenants that if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
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 30 days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then
due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest
shall be legally enforceable, interest on any overdue principal and any premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment
or final decree and may enforce the same against the Company or, if applicable, the Guarantors or any other obligor upon such
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, if applicable, the Guarantors or any other obligor upon such Securities, wherever situated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.4. <U>Trustee May File Proofs of Claim</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or, if applicable, any Guarantor or any other obligor upon the Securities,
their property 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 or, if applicable, the Guarantors for the payment of overdue principal or interest) shall be entitled and empowered,
by intervention in such proceeding or otherwise:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of
the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, compromise, arrangement, adjustment or composition affecting the Securities or, if applicable,
the Securities Guarantee or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding; <I>provided</I>, <I>however</I>, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and be a member of a creditors&rsquo; or other similar committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.5. <U>Trustee May Enforce Claims Without Possession of Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for
the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for
the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.6. <U>Application of Money Collected</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
money collected by the Trustee pursuant to this Article Five 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 any premium or interest, upon presentation
of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:&nbsp;&nbsp;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST:
To the payment of all amounts due the Trustee under Section 6.7;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECOND:
To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIRD:
The balance, if any, to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.7. <U>Limitation on Suits</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to
this Indenture (including, if applicable, the Securities Guarantee), or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to the Trustee against the costs, expenses
and liabilities to be incurred in compliance with such request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of
a majority in aggregate principal amount of the Outstanding Securities of that series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by virtue of,
or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of the same
series of Security, or to obtain or to seek to obtain priority or preference over any other Holder of the same series of Security
or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
Holders of the same series of Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.8. <U>Unconditional Right of Holders to Receive Principal, Premium and Interest</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 any premium and interest on such Security on the Stated Maturity or Maturities expressed
in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such Holder.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.9. <U>Restoration of Rights and Remedies</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case, subject to any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been instituted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.10. <U>Rights and Remedies Cumulative</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.11. <U>Delay or Omission Not Waiver</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the fullest extent permitted by applicable law, no delay or omission of the Trustee or of any Holder of any Securities to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article Five or by law to the Trustee or to
the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.12. <U>Control by Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Securities of such series; <I>provided</I>, <I>however</I>, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
such direction shall not be in conflict with any rule of law or with this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall determine that the direction would expose the Trustee to personal liability.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.13. <U>Waiver of Past Defaults</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
written notice to the Company and the Trustee, the Holders of a majority in aggregate principal amount of the Outstanding Securities
of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect
to such series and its consequences, except:&nbsp;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
a continuing default in the payment of the principal of or any premium, if any, or interest on any Security of such series; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
a default in respect of a covenant or provision hereof that under Article Nine cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.14. <U>Undertaking for Costs</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
parties to this Indenture agree, and each Holder of any Security by such Holder&rsquo;s acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant,
other than the Trustee, 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 5.14 shall
not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder,
or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Securities of any
series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or
interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption,
on or after the Redemption Date).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.15. <U>Waiver of Stay, Extension or Usury Laws</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Company and the Guarantors 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, extension or usury law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company
and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
SIX</B><BR>
<B><U>THE TRUSTEE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.1. <U>Certain Duties and Responsibilities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Except during the continuance of an Event of Default with respect to the Securities of a particular series:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and as are
provided by the Trust Indenture Act with respect to the Securities of such series, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether they conform to the requirements
of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
In case an Event of Default has occurred and is continuing with respect to the Securities of a particular series, the Trustee
shall exercise with respect to the Securities of 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 man would exercise or use under the circumstances in the
conduct of his own affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or willful misconduct, except that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
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 a majority in aggregate principal amount of the Outstanding Securities of any series, given pursuant
to Section 5.12, 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 with respect to the Securities of such series;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Regardless of whether therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.2. <U>Notice of Defaults</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
90 days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit
by mail (or electronic transmission in the case of Global Securities) to all Holders of Securities of such series, as their names
and addresses appear in the Security Register, notice of such Default hereunder known to the Trustee, unless such Default shall
have been cured or waived; <I>provided</I>, <I>however</I>, that, except in the case of a Default in the payment of the principal
of or any premium or interest on any Security of such series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee may withhold from Holders of Securities notice of any continuing Default or Event of Default
if a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interest of the
Holders of Securities of such series; and, <I>provided</I>, <I>further</I>, that in the case of any Default of the character specified
in Section 5.1(c) with respect to Securities of such series, no such notice to Holders shall be given until at least 60 days after
the occurrence thereof and that in the case of any Default of the character specified in Section 5.1(d) with respect to Securities
of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.3. <U>Certain Rights of Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of Section 6.1:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
any request or direction of the Company or a Guarantor mentioned herein shall be sufficiently evidenced by a Company Request or
Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
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) shall
be entitled to receive and may, in the absence of bad faith on its part, rely upon an Officer&rsquo;s Certificate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
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 and shall not be responsible for the supervision of officers and employees of such agents
or attorneys;&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
the Trustee may request that the Company and, if applicable, the Guarantors deliver an Officer&rsquo;s Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Officer&rsquo;s Certificate may be signed by any person authorized to sign an Officer&rsquo;s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Trustee shall be entitled to the rights and protections afforded to the Trustee pursuant to this Article Six in acting as
a Paying Agent or Security Registrar hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event that is in fact such a Default is received by the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
the Trustee shall not be liable for any action it takes or omits to take that it believes in good faith to be authorized or within
its powers conferred upon it by this Indenture or pursuant to applicable law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
the Trustee shall not be required to provide any bond or surety in respect of the execution of the trusts and powers in respect
of this Indenture or otherwise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
under no circumstances shall the Trustee be liable in its individual or any other capacity for the obligations evidenced by any
Securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
anything in this Indenture notwithstanding, in no event shall the Trustee be liable for any special, indirect, punitive, incidental
or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Company has
been advised as to the likelihood of such loss or damage and regardless of the form of action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.4. <U>Not Responsible for Recitals or Issuance of Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recitals contained herein and in the Securities, except the Trustee&rsquo;s certificates of authentication, shall be taken as
the statements of the Company or, if applicable, the Guarantors, and neither the Trustee nor any Authenticating Agent assumes
any responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to the
validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable
for the use or application by the Company of Securities or the proceeds thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.5. <U>May Hold Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or, if applicable,
any Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections
310(b) and 311 of the Trust Indenture Act and Section 6.8, Section 6.9 and Section 6.13, may otherwise deal with the Company or,
if applicable, the Guarantors with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.6. <U>Money Held in Trust</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the
Company or, if applicable, one or more of the Guarantors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.7. <U>Compensation and Reimbursement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as has been adjudicated
to have resulted from its own negligence or willful misconduct; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
to indemnify each of the Trustee and its officers, directors, agents and employees for, and to hold it and them harmless against,
any loss, liability or expense arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself or themselves against any claim or liability in connection with the exercise
or performance of any of its or their powers or duties hereunder, except any such loss, liability or expense as has been adjudicated
to have resulted from any of its or their own negligence or willful misconduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the
Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of
the principal of (and premium, if any) or interest on particular Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.1(e) or Section 5.1(f), the expenses (including the reasonable charges and expenses
of its counsel) and the compensation for the services of the Trustee are intended to constitute expenses of administration under
any applicable Bankruptcy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Section 6.7 shall survive the resignation or removal of the Trustee and the termination or satisfaction and
discharge of this Indenture and the Legal Defeasance of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.8. <U>Disqualification; Conflicting Interests</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to Section 310(b) of the Trust Indenture Act. There shall be excluded from the operation of Section 310(b)(1) of the Trust
Indenture Act this Indenture with respect to the Securities of more than one series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.9. <U>Corporate Trustee Required; Eligibility</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
shall at all times be a Trustee hereunder that shall be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus required by the Trust Indenture Act, subject to supervision or examination by Federal or
State authority. If such corporation 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 corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee
shall not be an obligor upon the Securities or an Affiliate thereof. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, then it shall resign immediately in the manner and with the effect hereinafter
specified in this Article Six.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.10. <U>Resignation and Removal; Appointment of Successor</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance of appointment by a successor Trustee required by Section 6.11 shall not have been delivered
to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
If at any time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by the Company
or by any Holder who has been a bona fide Holder of a Security for at least six months; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company
or by any such Holder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a Custodian 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,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">then,
in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject
to Section 5.14, any Holder who has been a bona fide Holder of a Security 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 with respect to all
Securities and the appointment of a successor Trustee or Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall
be only one Trustee with respect to the Securities of any particular series), and the Company and the successor Trustee shall
comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act
of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and
to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section
6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series
and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such
series in the manner provided in Section 1.7. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.11. <U>Acceptance of Appointment by Successor</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
In case of the appointment hereunder of a successor Trustee with respect to all Securities, the successor Trustee so appointed
shall execute, acknowledge and deliver to the Company, the Guarantors (if applicable) and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on the request of the Company, any Guarantor (if applicable) or the successor Trustee, such retiring Trustee
shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers
and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder, subject nevertheless to its lien under Section 6.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
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 Guarantors (if applicable), the retiring Trustee and each successor Trustee with respect to the Securities of
one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring
with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust 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; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company, any Guarantor (if applicable) or any successor Trustee, such retiring Trustee, upon payment
of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts
of the retiring Trustee with respect to the Securities of the series to which the appointment of such successor relates and shall
duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of such series, subject nevertheless to its lien under Section 6.7.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Upon request of any such successor Trustee, the Company and, if applicable, the Guarantors shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to
in paragraph (a) or (b) of this Section, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article and the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.12. <U>Merger, Conversion, Consolidation or Succession to Business</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall
be otherwise qualified and eligible under this Article Six, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. As soon as practicable, the successor Trustee shall mail (or send by electronic transmission
in the case of Global Securities) a notice of its succession to the Company and the Holders of the Securities then Outstanding.
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.13. <U>Preferential Collection of Claims Against Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to Section 311 of the Trust Indenture Act. For purposes of Section 311(b) of the Trust Indenture Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the term &ldquo;cash transaction&rdquo; means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and
payable upon demand;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the term &ldquo;self-liquidating paper&rdquo; means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or incurred by the Company or, if applicable, any Guarantor for the purpose of financing the purchase, processing,
manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to,
possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods,
wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with
the creation of the creditor relationship with the Company or, if applicable, such Guarantor arising from the making, drawing,
negotiating or incurring of the draft, bill of exchange, acceptance or obligation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.14. <U>Appointment of Authenticating Agent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee may appoint an Authenticating Agent or Agents 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 exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.6, 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, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having
a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority.
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 all or substantially all of the corporate agency or corporate trust business of an 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 the Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company and, if applicable,
the Guarantors. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and to the Company and, if applicable, the Guarantors. 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 qualified
and eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating
Agent that shall be acceptable to the Company and, if applicable, the Guarantors and shall mail (or send by electronic transmission
in the case of Global Securities) written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities
of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security
Register. 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.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
with respect to an Authenticating Agent appointed at the request of the Company or, if applicable, the Guarantors, the Trustee
agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.14,
and the Trustee shall be entitled to be reimbursed by the Company or, if applicable, the Guarantors for such payments, subject
to the provisions of Section 6.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an appointment with respect to one or more series is made pursuant to this Section 6.14, the Securities of such series may have
endorsed thereon, in addition to the Trustee&rsquo;s certificate of authentication, an alternate certificate of authentication
in the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
    ], as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    Authenticating Agent</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Officer</FONT></TD></TR>
</TABLE>
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
SEVEN</B><BR>
<B><U>HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.1. <U>Company to Furnish Trustee Names and Addresses of Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will furnish or cause to be furnished to the Trustee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
semi-annually, not more than 5 days after each Regular Record Date for a series of Securities, a list for such series of Securities,
in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as
of such Regular Record Date; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that if and so long as the Trustee shall be the Security Registrar, no such list need be furnished with respect
to such series of Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.2. <U>Preservation of Information; Communications to Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Trustee shall preserve, with respect to each series of Securities, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names
and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished
to it as provided in Section 7.1 upon receipt of a new list so furnished.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
If three or more Holders (herein referred to as &ldquo;applicants&rdquo;) apply in writing to the Trustee, and furnish to the
Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date
of such application, and such application states that the applicants desire to communicate with other Holders with respect to
their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication
which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application,
at its election, either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.2(a); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
inform such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at
the time by the Trustee in accordance with Section 7.2(a), and as to the approximate cost of mailing to such Holders the form
of proxy or other communication, if any, specified in such application.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request
of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee
in accordance with Section 7.2(a) a copy of the form of proxy or other communication that is specified in such request, with reasonable
promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable
expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the SEC,
together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the SEC, after opportunity for a hearing upon the objections specified in the written
statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining
one or more of such objections, the SEC shall find, after notice and opportunity for hearing, that all the objections so sustained
have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation
or duty to such applicants respecting their application.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Every Holder of Securities, by receiving and holding the same, agrees with the Company, the Guarantors (if applicable) and the
Trustee that none of the Company, the Guarantors (if applicable) nor the Trustee nor any agent of any of them shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 7.2(b),
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under Section 7.2(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.3. <U>Reports by Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Trustee&rsquo;s report required pursuant to Section 313(a) of the Trust Indenture Act shall be dated as of May 15, and shall be
transmitted within 60 days after May 15 of each year (but in all events at intervals of not more than 12 months), commencing with
the year 20 , by mail (or electronic transmission in the case of Global Securities) to all Holders, as their names and addresses
appear in the Security Register. A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, and with the SEC. The Company will notify the Trustee when
any Securities are listed on any stock exchange.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.4. <U>Reports by Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
file with the Trustee, within 15 days after the Company files the same with the SEC, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and
regulations prescribe) which the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it
shall file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such
of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange
Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in
such rules and regulations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such additional
information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
transmit by mail (or electronic transmission in the case of Global Securities) to all Holders, as their names and addresses appear
in the Security Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents
and reports required to be filed by the Company pursuant to clauses (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
EIGHT</B><BR>
<B><U>CONSOLIDATION, AMALGAMATION, MERGER AND SALE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.1. <U>Company May Consolidate, Etc., Only on Certain Terms</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not convert into, or consolidate, amalgamate or merge with or into any other Person or sell, convey, assign, transfer,
lease or otherwise dispose of all or substantially all of the properties and assets of the Company on a consolidated basis to
any other Person unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
either: (i) the Company is the surviving Person; or (ii) the Person formed by or surviving any such consolidation, amalgamation
or merger or resulting from such conversion (if other than the Company) or to which such sale, conveyance, assignment, transfer,
lease or other disposition has been made is a corporation, limited liability company or limited partnership organized or existing
under the laws of the United States, any State thereof or the District of Columbia;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Person formed by or surviving any such conversion, consolidation, amalgamation or merger (if other than the Company) or the
Person to which such sale, conveyance, assignment, transfer, lease or other disposition has been made assumes by an indenture
supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of (and premium, if
any) and interest on all the Securities and the performance of every covenant of this Indenture on the part of the Company to
be performed or observed;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have occurred and be continuing; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that such conversion,
consolidation, amalgamation, merger, sale, conveyance, assignment, transfer, lease or other disposition and such supplemental
indenture comply with this Article Eight and that all conditions precedent herein provided for relating to such transaction have
been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.2. <U>Successor Substituted</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any consolidation, amalgamation or merger of the Company with or into any other Person or any sale, conveyance, assignment, transfer,
lease or other disposition of all or substantially all of the properties and assets of the Company and, if applicable, the Guarantors
on a consolidated basis in accordance with Section 8.1, the successor or resulting Person formed by or resulting upon such consolidation,
amalgamation or merger (if other than the Company) or to which such sale, conveyance, assignment, transfer, lease or other disposition
is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor Company and, if applicable, each of the Guarantors shall be relieved of all obligations and covenants under
this Indenture and the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
NINE</B><BR>
<B><U>AMENDMENT, SUPPLEMENT AND WAIVER</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.1. <U>Without Consent of Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, the Guarantors (if any) and the Trustee may amend or supplement this Indenture, the Securities Guarantee or the Securities
without the consent of any holder of a Security:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to cure any ambiguity or defect or to correct or supplement any provision herein that may be inconsistent with any other provision
herein; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and, to the extent applicable, of the Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
to provide for uncertificated Securities in addition to or in place of certificated Securities; <I>provided</I> that the uncertificated
Securities are issued in registered form for purposes of Section 163(f) of the Code, or in the manner such that the uncertificated
Securities are described in Section 163(f)(2)(B) of the Code; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
to add a Securities Guarantee and cause any Person to become a Guarantor, and/or to evidence the succession of another Person
to a Guarantor and the assumption by any such successor of the Securities Guarantee of such Guarantor herein and, to the extent
applicable, endorsed upon any Securities of any series[, and/or to cause any corporate subsidiary of the Company to become a co-issuer
of the Securities of any series]; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
to secure the Securities of any series; or&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company shall consider
to be appropriate for the benefit of the Holders of all or any series of Securities (and if such covenants, restrictions, conditions
or provisions are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company, and to make
the occurrence, or the occurrence and continuance, of a Default in any 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; <I>provided</I>, that in respect of any such additional covenant, restriction, condition or provision such amendment
or supplemental indenture may provide for a particular period of grace after Default (which period may be shorter or longer than
that allowed in the case of other Defaults), may provide for an immediate enforcement upon such an Event of Default, may limit
the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate
principal amount of the Securities of such series to waive such an Event of Default; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
to make any change to any provision of this Indenture that does not adversely affect the rights or interests of any Holder of
Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
to provide for the issuance of additional Securities in accordance with the provisions set forth in this Indenture; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
to add any additional Defaults or Events of Default in respect of all or any series of Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
to add to, change or eliminate any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
to change or eliminate any of the provisions of this Indenture; <I>provided</I> that any such change or elimination shall become
effective only when there is no Security Outstanding of any series created prior to the execution of such amendment or supplemental
indenture that is entitled to the benefit of such provision; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
to establish the form or terms of Securities of any series as permitted by Section 2.1 and Section 3.1, including to reopen any
series of any Securities as permitted under Section 3.1; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
to conform the text of this Indenture (and/or any supplemental indenture) or any Securities issued hereunder to any provision
of a description of such text or Securities appearing in a prospectus, prospectus supplement, offering memorandum or offering
circular pursuant to which such Securities were offered to the extent that such provision was intended by the Company to be a
verbatim recitation of a provision of this Indenture (and/or any supplemental indenture) or any Securities or Securities Guarantee
issued hereunder, with such intention being evidenced by an Officer&rsquo;s Certificate; or&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
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 subsequently enacted, and to add to this
Indenture such other provisions as may be expressly required under the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.2. <U>With Consent of Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, the Guarantors (if any) and the Trustee may amend or supplement this Indenture, the Securities Guarantee and the Securities
with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series of Securities
affected by such amendment or supplemental indenture, with each such series voting as a separate class (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities) and, subject to Section
5.8 and Section 5.13 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture, the
Securities Guarantee or the Securities may be waived with respect to each series of Securities with the consent of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of such series voting as a separate class (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance of the proposed amendment, supplement
or waiver.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company will mail to the Holders of Securities
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice,
or any defect therein, will not, however, in any way impair or affect the validity of any such amendment, supplemental indenture
or waiver. Notwithstanding anything contained herein to the contrary, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.2 may not (with respect to any Securities held by a non-consenting Holder):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount
of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2, or change the coin or currency in which any Security or any premium or the interest
thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date therefor); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
reduce the percentage in aggregate principal amount of the Outstanding Securities of any series, the consent of whose Holders
is required for any such amendment or supplemental indenture, or the consent of whose Holders is required for any waiver of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
modify any of the provisions of Section 5.8 or Section 5.13; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
waive a redemption payment with respect to any Security; <I>provided, however</I>, that any purchase or repurchase of Securities
shall not be deemed a redemption of the Securities; or&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
release any Guarantor from any of its obligations under its Securities Guarantee or this Indenture, except in accordance with
the terms of this Indenture (as amended or supplemented); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
make any change in the foregoing amendment and waiver provisions, except to increase any percentage provided for therein or to
provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
amendment or supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly
been included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders
of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.3. <U>Execution of Amendments and Supplemental Indentures</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
executing, or accepting the additional trusts created by, any amendment or supplemental indenture permitted by this Article Nine
or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or supplemental
indenture is authorized or permitted by this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the request of the Company accompanied by a Board Resolution authorizing the execution of any such amendment or supplemental indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid,
and upon receipt by the Trustee of the documents described in Section 6.3 hereof, the Trustee will join with the Company and the
Guarantors in the execution of such amendment or supplemental indenture unless such amendment or supplemental indenture directly
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 will not be obligated to, enter into such amendment or supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.4. <U>Effect of Amendments and Supplemental Indentures</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the execution of any amendment or supplemental indenture under this Article Nine, this Indenture shall be modified in accordance
therewith, and such amendment or supplemental indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.5. <U>Conformity with Trust Indenture Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
amendment or supplemental indenture executed pursuant to this Article Nine shall conform to the requirements of the Trust Indenture
Act as then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.6. <U>Reference in Securities to Amendments or Supplemental Indentures</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
of any series authenticated and delivered after the execution of any amendment or supplemental indenture pursuant to this Article
Nine may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for
in such amendment or supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Trustee and the Company, to any such amendment or supplemental indenture may be prepared and executed
by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.7. <U>Effect of Consents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Security of a series is a continuing consent
by the Holder of a Security of such series and every subsequent Holder of a Security of such series or portion of a Security of
such series that evidences the same debt as the consenting Holder&rsquo;s Security of such series, even if the notation of the
consent is not made on any Security. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder of the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
TEN</B><BR>
<B><U>COVENANTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.1. <U>Payment of Principal, Premium and Interest</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of
and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.2. <U>Maintenance of Office or Agency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will maintain in the United States an office or agency (which may be an office of the Trustee or Security Registrar or
agent of the Trustee or Security Registrar) where Securities of each series may be presented or surrendered for payment and 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. The Company will give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any
such other office or agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise specified with respect to a series of Securities as contemplated by Section 3.1, the Company hereby initially designates
the Corporate Trust Office of the Trustee as the Company&rsquo;s office or agency for each such purpose for each series of Securities.
The Trustee shall initially serve as Paying Agent. In the event the Company makes any payment in any currency in which the Trustee
is unable to pay, and notwithstanding anything herein to the contrary, the Company will appoint a Paying Agent other than the
Trustee to make such payment and the Trustee will have no obligations with respect to such payment and will incur no liability
with respect to the failure by the Company or such other Paying Agent to make, or cause to be made, such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.3. <U>Money for Securities Payments to Be Held in Trust</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company shall at any time act as its own Paying Agent, with respect to any series of Securities, it will, on or before each
due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee
of its action or failure so to act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal
of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal
and any premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act. For purposes of this Section 10.3, should a due date for principal of or any premium or interest on, or
sinking fund payment with respect to, any series of Securities not be on a Business Day, such payment shall be due on the next
Business Day without any interest for the period from the due date until such Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying
Agent will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
hold all sums held by it for the payment of the principal of or any premium or interest on Securities of that 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
give the Trustee notice of any Default by the Company (or any other obligor upon the Securities of that series) in the making
of any payment of principal or any premium or interest on the Securities of that series; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and, if applicable, the Guarantors may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust
by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were
held by the Company or such Paying Agent; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any applicable escheat or abandoned property laws, any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining
unclaimed for one year after such principal, premium or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; <I>provided</I>,
<I>however</I>, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in <I>The New York Times</I> and <I>The Wall Street Journal</I> (national edition), notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date
of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.4. <U>Existence</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Article Eight, the Company and, if any Securities of a series to which Article Fourteen has been made applicable are Outstanding,
each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights
(charter and statutory) and franchises; <I>provided</I>, <I>however</I>, that the Company and, if applicable, each Guarantor shall
not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company or such Guarantor, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.5. <U>Statement by Officers as to Default</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annually,
within 120 days after the close of each fiscal year beginning with the first fiscal year during which one or more series of Securities
are Outstanding, the Company and, if any Securities of a series to which Article Fourteen has been made applicable are Outstanding,
each Guarantor will deliver to the Trustee a brief certificate (which need not include the statements set forth in Section 1.3)
from the principal executive officer, principal financial officer or principal accounting officer of the Company and, if applicable,
such Guarantor, stating that a review of the activities of the Company during such year and of performance under this Indenture
has been made, and as to his or her knowledge of the Company&rsquo;s or such Guarantor&rsquo;s, as the case may be, compliance
(without regard to any period of grace or requirement of notice provided herein) with all conditions and covenants under this
Indenture and, if the Company or such Guarantor, as the case may be, shall be in Default, specifying all such Defaults and the
nature and status thereof of which such officer has knowledge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
ELEVEN</B><BR>
<B><U>REDEMPTION OF SECURITIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.1. <U>Applicability of Article</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 3.1 for Securities of any series) in accordance with this Article Eleven.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.2. <U>Election to Redeem; Notice to Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election
of the Company of less than all the Securities of any series, the Company shall, at least 15 days prior to the last date for the
giving of notice of such redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the
Securities to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company
that is subject to a condition specified in the terms of the Securities of the series to be redeemed, the Company shall furnish
the Trustee with an Officer&rsquo;s Certificate evidencing compliance with such restriction or condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.3. <U>Selection by Trustee of Securities to Be Redeemed</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
less than all the Securities of any series are to be redeemed (unless all of the Securities of such series and of a specified
tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the
Trustee shall deem fair and appropriate (and in accordance with the applicable procedures of the Depositary in the case of Global
Securities) and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of that series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed. If the Securities of any series to be redeemed consist
of Securities having different dates on which the principal is payable or different rates of interest, or different methods by
which interest may be determined or have any other different tenor or terms, then the Company may, by written notice to the Trustee,
direct that the Securities of such series to be redeemed shall be selected from among the groups of such Securities having specified
tenor or terms and the Trustee shall thereafter select the particular Securities to be redeemed in the manner set forth in the
preceding paragraph from among the group of such Securities so specified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of
such Securities which has been or is to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.4. <U>Notice of Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
of redemption shall be given by first-class mail, postage prepaid, or sent electronically in the case of Global Securities, in
each case, not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at
such Holder&rsquo;s address appearing in the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices of redemption shall state:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Redemption Price, or if not then ascertainable, the manner of calculation thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the place or places where such Securities are to be surrendered for payment of the Redemption Price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
that the redemption is for a sinking fund, if such is the case; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
the conditions, if any, to which such redemption shall be subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
request, by the Trustee in the name and at the expense of the Company.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.5. <U>Deposit of Redemption Price</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.6. <U>Securities Payable on Redemption Date</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest, or fail to pay the Redemption Price and accrued interest as a result of any failure of
any condition to which such redemption is subject to be satisfied or waived) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date; <I>provided</I>, <I>however</I>, that unless otherwise
specified with respect to Securities of any series as contemplated in Section 3.1, installments of interest the Stated Maturity
of which is on or prior to the Redemption Date shall be payable to the Holders of such 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 3.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if
any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.7. <U>Securities Redeemed in Part</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Security which 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 the Company shall execute,
and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities
of the same series and tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal
to and in exchange for the unredeemed portion of the principal of the Security so surrendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
TWELVE</B><BR>
<B><U>SINKING FUNDS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12.1. <U>Applicability of Article</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Article Twelve shall be applicable to any sinking fund for the retirement of Securities of a series except
as otherwise specified as contemplated by Section 3.1 for Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a &ldquo;mandatory
sinking fund payment,&rdquo; and any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an &ldquo;optional sinking fund payment.&rdquo; If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12.2. <U>Satisfaction of Sinking Fund Payments with Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company (a) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (b) may apply
as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required
to be made pursuant to the terms of such Securities as provided for by the terms of such series; <I>provided</I> that such Securities
have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12.3. <U>Redemption of Securities for Sinking Fund</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officer&rsquo;s Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied
by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 12.2 and stating the basis for such credit and that such Securities have not been previously so credited,
and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section
11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 11.6 and Section 11.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
THIRTEEN</B><BR>
<B><U>DEFEASANCE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.1. <U>Option to Effect Legal Defeasance or Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may, at the option of its Board of Directors evidenced by a Board Resolution, and at any time, elect to have either Section
13.2 or Section 13.3 hereof be applied to all Outstanding Securities of any series upon compliance with the conditions set forth
below in this Article Thirteen.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.2. <U>Legal Defeasance and Discharge</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the Company&rsquo;s exercise under Section 13.1 hereof of the option applicable to this Section 13.2, the Company and each of
the Guarantors will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, be deemed to have been discharged
from their obligations with respect to all Outstanding Securities of such series (including the Securities Guarantee) on the date
the conditions set forth below are satisfied (hereinafter, &ldquo;Legal Defeasance&rdquo;). For this purpose, Legal Defeasance
means that the Company and the Guarantors will be deemed to have paid and discharged the entire Debt represented by the Outstanding
Securities of such series (including the Securities Guarantee), which will thereafter be deemed to be &ldquo;outstanding&rdquo;
only for the purposes of Section 13.5 hereof and the other sections of this Indenture referred to in clauses (a) and (b) below,
and to have satisfied all their other obligations under such Securities, the Securities Guarantee and this Indenture (and the
Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for
the following provisions, which will survive until otherwise terminated or discharged hereunder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the rights of Holders of Outstanding Securities of such series to receive payments in respect of the principal of, or interest
or premium, if any, on, such Securities when such payments are due from the trust referred to in Section 13.4 hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Company&rsquo;s obligations with respect to such Securities under Section 3.4, Section 3.5, Section 3.6, Section 10.2 and
Section 10.3 hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company&rsquo;s and the Guarantors&rsquo; obligations
in connection therewith; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
this Article Thirteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to compliance with this Article Thirteen, the Company may exercise its option under this Section 13.2 notwithstanding the prior
exercise of its option under Section 13.3 hereof with respect to the same series of Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.3. <U>Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the Company&rsquo;s exercise under Section 13.1 hereof of the option applicable to this Section 13.3, the Company and each of
the Guarantors will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, be released from each of
their obligations with respect to the Securities of such series under the covenants contained in Section 7.4, Section 8.1 and
Section 10.4 hereof as well as any Additional Defeasible Provisions (such release and termination hereinafter referred to as &ldquo;Covenant
Defeasance&rdquo;), and the Securities of such series will thereafter be deemed not &ldquo;outstanding&rdquo; for the purposes
of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but will continue to be deemed &ldquo;outstanding&rdquo; for all other purposes hereunder (it being understood that
such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the Outstanding Securities of such series and the Securities Guarantee, the Company and the Guarantors may fail to
comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
such covenant to any other provision herein or in any other document and such failure to comply will not constitute a Default
or an Event of Default under Section 5.1 hereof, but, except as specified above, the remainder of this Indenture and such Securities
and Securities Guarantees will be unaffected thereby. In addition, upon the Company&rsquo;s exercise under Section 13.1 hereof
of the option applicable to this Section 13.3 hereof, subject to the satisfaction of the conditions set forth in Section 13.4
hereof, any Event of Default that constitutes an Additional Defeasible Provision will no longer constitute an Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.4. <U>Conditions to Legal or Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to exercise either Legal Defeasance or Covenant Defeasance with respect to any series of Securities under either Section
13.2 or Section 13.3 hereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Securities of such series,
cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination of cash in U.S. dollars and non-callable U.S.
Government Obligations, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal
firm, or firm of independent public accountants, to pay the principal of, and interest and premium, if any, on, the Outstanding
Securities of such series on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and
the Company must specify whether the Securities are being defeased to such stated date for payment or to a particular Redemption
Date;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
in the case of an election under Section 13.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel stating that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
since the Issue Date, there has been a change in the applicable U.S. federal income tax law,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
either case to the effect that, and based thereon such Opinion of Counsel will state that, the Holders of the Outstanding Securities
of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
in the case of an election under Section 13.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel stating that
the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such Covenant Defeasance and will be subject to U.S. 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
no Default or Event of Default with respect to such series of Securities shall have occurred and be continuing on the date of
such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the deposit must not result in a breach or violation of, or constitute a default under, any other instrument to which the Company
or any Guarantor is a party or by which the Company or any Guarantor is bound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
such Legal Defeasance or Covenant Defeasance must not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
the Company must deliver to the Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders of such Securities over the other creditors of the Company with the intent of defeating,
hindering, delaying or defrauding any creditors of the Company or others;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
the Company must deliver to the Trustee an Officer&rsquo;s Certificate stating that all conditions precedent set forth in clauses
(a) through (f) of this Section 13.4 have been complied with; and&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Company must deliver to the Trustee an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions,
qualifications and exclusions) stating that all conditions precedent set forth in clauses (b), (c) and (f) of this Section 13.4
have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.5. <U>Deposited Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the last paragraph of Section 10.3 hereof, all money and non-callable U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 13.5, the &ldquo;Trustee&rdquo;)
pursuant to Section 13.4 hereof in respect of the Outstanding Securities of any series will 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 (including the Company acting as 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, premium, if any, and interest, but such money need not be segregated
from other funds except to the extent required by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to Section 13.4 hereof or the principal and interest received in respect thereof
other than any such tax, fee or other charge that by law is for the account of the Holders of the Outstanding Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything in this Article Thirteen to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request
of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 13.4 hereof which, in the
opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section 13.4(a) hereof), are in excess
of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.6. <U>Reinstatement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S. Government Obligations in accordance
with Section 4.1, Section 13.2 or Section 13.3 hereof with respect to the Securities of any series, as the case may be, by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company&rsquo;s and the Guarantors&rsquo; obligations under this Indenture and such Securities and the Securities Guarantee
will be revived and reinstated as though no deposit had occurred pursuant to Section 4.1, Section 13.2 or Section 13.3 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money or non-callable U.S. Government Obligations
in accordance with Section 4.1, Section 13.2 or Section 13.3 hereof, as the case may be; <I>provided, however</I>, that, if the
Company makes any payment of principal of or premium, if any, or interest on any such Security following the reinstatement of
its obligations, the Company will be subrogated to the rights of the Holders of such Securities to receive such payment from the
money or non-callable U.S. Government Obligations held by the Trustee or Paying Agent.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
FOURTEEN</B><BR>
<B><U>GUARANTEE OF SECURITIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14.1. <U>Securities Guarantee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Subject to the other provisions of this Article Fourteen, each of the Guarantors hereby fully and unconditionally and jointly
and severally guarantees to each Holder of a Security of each series to which this Article Fourteen has been made applicable as
provided in Section 3.1(t) (the Securities of such series being referred to herein as the &ldquo;Guaranteed Securities&rdquo;)
(which Security has been authenticated and delivered by the Trustee), and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Guaranteed Securities, or the obligations of the Company hereunder or
thereunder, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the principal of and premium, if any, and interest on the Guaranteed Securities will be promptly paid in full when due, whether
at Stated Maturity, or by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the
Guaranteed Securities, if any, if lawful, and all other obligations of the Company to the Holders of Guaranteed Securities, or
the Trustee hereunder or thereunder, will be promptly paid in full or performed, all in accordance with the terms hereof and thereof;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
in case of any extension of time of payment or renewal of any Guaranteed Securities or any of such other obligations, that same
will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated
Maturity, by acceleration or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failing
payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly
and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee
of collection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
To the extent permissible under applicable law, the obligations of the Guarantors under this Securities Guarantee are unconditional,
irrespective of the validity, regularity or enforceability of the Guaranteed Securities or this Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Guaranteed Securities with respect to any provisions hereof
or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a guarantor. To the extent permitted by applicable law, each
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that this Securities Guarantee will not be discharged except by complete performance of the obligations contained
in the Guaranteed Securities and this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either
to the Trustee or such Holder, then this Securities Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, to the extent
permitted by applicable law, as between the Guarantors, on the one hand, and the Holders of Guaranteed Securities and the Trustee,
on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five hereof
for the purposes of this Securities Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations
as provided in Article Five hereof, such obligations (regardless of whether due and payable) will forthwith become due and payable
by the Guarantors for the purpose of this Securities Guarantee. The Guarantors will have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Securities Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14.2. <U>Limitation on Guarantor Liability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Guarantor and, by its acceptance of Guaranteed Securities, each Holder thereof, hereby confirms that it is the intention of all
such parties that the Securities Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or State law
to the extent applicable to any Securities Guarantee. To effectuate the foregoing intention, to the extent permitted under applicable
law, the Holders and each Guarantor hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum
amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor
that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments
made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Fourteen,
result in the obligations of such Guarantor under its Securities Guarantee not constituting a fraudulent transfer or conveyance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14.3. <U>Execution and Delivery of Securities Guarantee Notation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
evidence its Securities Guarantee set forth in Section 14.1 hereof, each Guarantor hereby agrees that a notation of such Securities
Guarantee substantially in the form set forth in Section 2.3 or established in or pursuant to a Board Resolution or in an indenture
supplemental hereto, in accordance with the provisions of Section 2.1, will be endorsed by an officer of such Guarantor on each
Guaranteed Security authenticated and delivered by the Trustee and that this Indenture or a supplement to this Indenture will
be executed on behalf of such Guarantor by one of its officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Guarantor hereby agrees that its Securities Guarantee set forth in Section 14.1 hereof will remain in full force and effect notwithstanding
any failure to endorse on each Guaranteed Security a notation of such Securities Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an officer whose signature is on this Indenture or on the Securities Guarantee no longer holds that office at the time the Trustee
authenticates the Guaranteed Security on which a notation of Securities Guarantee is endorsed, the Securities Guarantee will be
valid nevertheless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
delivery of any Guaranteed Security by the Trustee, after the authentication thereof hereunder, will constitute due delivery of
the Securities Guarantee of such Guaranteed Security set forth in this Indenture on behalf of the Guarantors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
* *&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the day and year first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR
    HOTELS &amp; RESORTS INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
    ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>3
<FILENAME>tm2110287d2_ex4-7.htm
<DESCRIPTION>EXHIBIT 4.7
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
4.7</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BRAEMAR
HOTELS &amp; RESORTS INC.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[
]</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATED
AS OF , 20</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBORDINATED
DEBT SECURITIES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BRAEMAR
HOTELS &amp; RESORTS INC.</B><BR>
<B>RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939, AS AMENDED,</B><BR>
<B>AND INDENTURE, DATED AS OF , 20</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST
    INDENTURE ACT SECTION</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE
    SECTION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    310(a)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    311</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    312(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1,
    7.2(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    313(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    314(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    315(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(a)(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(c)(2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1(c)(3)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    316(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1,
    1.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2,
    5.12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5(f)</FONT></TD></TR>
</TABLE>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRUST
    INDENTURE ACT SECTION</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDENTURE
    SECTION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    317(a)(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.35in; font-size: 10pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    318(a)</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE:
This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Deemed included pursuant to Section 318(c) of the Trust Indenture Act&nbsp;</FONT></P>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 13%; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    by Reference of Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
    Certificates and Opinions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Documents Delivered to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts
    of Holders; Record Dates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices,
    Etc., to Trustee, Company and Guarantors</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    to Holders; Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict
    with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Headings and Table of Contents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors
    and Assigns</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Separability
    Clause</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits
    of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force
    Majeure</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Jury Trial</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.15.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
    Law</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.16.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Holidays</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.17.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    in a Composite Currency, Currency Unit or Foreign Currency</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.18.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    in Required Currency; Judgment Currency</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.19.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Language
    of Notices, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.20.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporators,
    Shareholders, Officers and Directors of the Company and the Guarantors Exempt from Individual Liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWO SECURITY FORMS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms
    Generally</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Face of Security</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Reverse of Security</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
    Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THREE THE SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    Unlimited; Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution,
    Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary
    Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration,
    Registration of Transfer and Exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated,
    Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Interest; Interest Rights Preserved</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
    Deemed Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computation
    of Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
    or CINS Numbers</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOUR SATISFACTION AND DISCHARGE</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    and Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Trust Money</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FIVE REMEDIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 13%; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events
    of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration
    of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection
    of Indebtedness and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May File Proofs of Claim</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
    May Enforce Claims Without Possession of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
    of Money Collected</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
    on Suits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unconditional
    Right of Holders to Receive Principal, Premium and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration
    of Rights and Remedies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
    and Remedies Cumulative</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or Omission Not Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control
    by Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking
    for Costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.15.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    of Stay, Extension or Usury Laws</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SIX THE TRUSTEE</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Duties and Responsibilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Rights of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Responsible for Recitals or Issuance of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    Hold Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    and Reimbursement</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disqualification;
    Conflicting Interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    Trustee Required; Eligibility</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation
    and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance
    of Appointment by Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger,
    Conversion, Consolidation or Succession to Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential
    Collection of Claims Against Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of Authenticating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SEVEN HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    to Furnish Trustee Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation
    of Information; Communications to Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
    by Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    EIGHT CONSOLIDATION, AMALGAMATION, MERGER AND SALE</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    8.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    May Consolidate, Etc., Only on Certain Terms</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    8.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor
    Substituted</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    NINE AMENDMENT, SUPPLEMENT AND WAIVER</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
    Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
    Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
    of Amendments and Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Amendments and Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conformity
    with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
    in Securities to Amendments or Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    9.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of Consents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
</TABLE>






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    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TEN COVENANTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 13%; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Principal, Premium and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance
    of Office or Agency</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
    for Securities Payments to Be Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    10.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    by Officers as to Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    ELEVEN REDEMPTION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election
    to Redeem; Notice to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection
    by Trustee of Securities to Be Redeemed</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    of Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
    of Redemption Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Payable on Redemption Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    11.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Redeemed in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    TWELVE SINKING FUNDS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    12.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
    of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    12.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction
    of Sinking Fund Payments with Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    12.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
    of Securities for Sinking Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    THIRTEEN DEFEASANCE</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option
    to Effect Legal Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Defeasance and Discharge</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant
    Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
    to Legal or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    13.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FOURTEEN GUARANTEE OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    14.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Guarantee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    14.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
    on Guarantor Liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    14.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
    and Delivery of Securities Guarantee Notation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    FIFTEEN SUBORDINATION OF SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Subordinated to Senior Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Payment on Securities in Certain Circumstances</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    over of Proceeds upon Dissolution, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subrogation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    of Company Unconditional</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance
    on Judicial Order or Certificate of Liquidating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s
    Relation to Senior Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordination
    Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
    Authorize Trustee to Effectuate Subordination of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    to Prevent Events of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s
    Compensation Not Prejudiced</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Waiver of Subordination Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    May Be Paid Prior to Dissolution</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
</TABLE>






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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 13%; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    15.15.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
    Moneys Not Subordinated</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    SIXTEEN SUBORDINATION OF SECURITIES GUARANTEES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Guarantees Subordinated to Guarantor Senior Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Payment on Securities Guarantees in Certain Circumstances</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    over of Proceeds upon Dissolution, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subrogation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations
    of Guarantor Unconditional</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
    to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance
    on Judicial Order or Certificate of Liquidating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s
    Relation to Guarantor Senior Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordination
    Rights Not Impaired by Acts or Omissions of a Guarantor or Holders of Guarantor Senior Debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
    Authorize Trustee to Effectuate Subordination of Securities Guarantees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    to Prevent Events of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.12.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s
    Compensation Not Prejudiced</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.13.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Waiver of Subordination Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    16.14.</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    May Be Paid Prior to Dissolution</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE:
This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.&nbsp;</FONT></P>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDENTURE,
dated as of , 20 , among BRAEMAR HOTELS &amp; RESORTS INC., a corporation duly organized and existing under the laws of the State
of Maryland (herein called the &ldquo;Company&rdquo;), the Guarantors (as defined hereinafter) and [ ], a [national banking association],
as trustee (the &ldquo;Trustee&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS
OF THE COMPANY:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
unsecured subordinated debentures, notes or other evidences of indebtedness (herein called the &ldquo;Securities&rdquo;), which
may be guaranteed by the Guarantors, to be issued in one or more series as provided in this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture is subject to the provisions of the Trust Indenture Act (as defined herein) that are required to be a part of this Indenture
and, to the extent applicable, shall be governed by such provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, THIS INDENTURE WITNESSETH:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
and in consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
ONE</B><BR>
<B><U>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.1. <U>Definitions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the words &ldquo;Article&rdquo; and &ldquo;Section&rdquo; refer to an Article and Section, respectively, of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the word &ldquo;includes&rdquo; and its derivatives means &ldquo;includes, but is not limited to&rdquo; and corresponding derivative
definitions; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
references to any officer of any partnership or limited liability company that does not have officers but is managed or controlled,
directly or indirectly, by an entity that does have officers, shall be deemed to be references to the officers of such managing
or controlling entity.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
terms, used principally in Article Six, are defined in that Article.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Act,&rdquo;
when used with respect to any Holder, has the meaning specified in Section 1.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Additional
Defeasible Provision&rdquo; means a covenant or other provision that is (a) made part of this Indenture pursuant to an indenture
supplemental hereto, a Board Resolution or an Officer&rsquo;s Certificate delivered pursuant to Section 3.1, and (b) pursuant
to the terms set forth in such supplemental indenture, Board Resolution or Officer&rsquo;s Certificate, made subject to the provisions
of Article Thirteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Affiliate&rdquo;
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, &ldquo;control,&rdquo; as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition,
the terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo; have correlative
meanings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Authenticating
Agent&rdquo; means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Banking
Day&rdquo; means, in respect of any city, any date on which commercial banks are open for business in that city.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Bankruptcy
Law&rdquo; means any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board
of Directors&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf
of such board;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
with respect to a partnership, the Board of Directors of the general partner of the partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
with respect to a limited liability company, the managing member or members or any controlling committee of managers or members
thereof or any board or committee serving a similar management function; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
with respect to any other Person, the individual or board or committee of such Person serving a management function similar to
those described in clauses (a), (b) or (c) of this definition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board
Resolution&rdquo; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or a Guarantor,
the principal financial officer of the Company or a Guarantor, any other authorized officer of the Company or a Guarantor, or
a person duly authorized by any of them, in each case as applicable, to have been duly adopted by the Board of Directors and to
be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture
refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Securities and the
forms and terms thereof), such action may be taken by any committee, officer or employee of the Company or a Guarantor, as applicable,
authorized to take such action by the Board of Directors, as evidenced by a Board Resolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Business
Day,&rdquo; when used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day
on which banking institutions and trust companies in that Place of Payment or other location are authorized or obligated by law,
executive order or regulation to close.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;CINS&rdquo;
means CUSIP International Numbering System.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Code&rdquo;
means the United States Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Company&rdquo;
means the Person named as the &ldquo;Company&rdquo; in the first paragraph of this instrument until a successor or resulting Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Company&rdquo; shall mean
such successor or resulting Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Company
Request&rdquo; or &ldquo;Company Order&rdquo; means, in the case of the Company, a written request or order signed in the name
of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its President, any of its
Vice Presidents or any other duly authorized officer of the Company or any person duly authorized by any of them, and delivered
to the Trustee and, in the case of a Guarantor, a written request or order signed in the name of such Guarantor by its Chairman
of the Board, its Chief Executive Officer, its President, any of its Vice Presidents or any other duly authorized officer of such
Guarantor or any person duly authorized by any of them, and delivered to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Corporate
Trust Office&rdquo; means the office of the Trustee at the address specified in Section 3.5 or such other address as to which
the Trustee may give notice to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;corporation,&rdquo;
when used in reference to the Trustee or any prospective Trustee, shall include any corporation, company, association, partnership,
limited partnership, limited liability company, joint-stock company, trust or other entity, in each case, satisfying the requirements
of Section 310(a)(1) of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Covenant
Defeasance&rdquo; has the meaning specified in Section 13.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;CUSIP&rdquo;
means the Committee on Uniform Securities Identification Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Custodian&rdquo;
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Debt&rdquo;
means any obligation created or assumed by any Person for the repayment of money borrowed and any purchase money obligation created
or assumed by such Person and any guarantee of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Default&rdquo;
means, with respect to a series of Securities, any event that is, or after notice or lapse of time or both would be, an Event
of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Defaulted
Interest&rdquo; has the meaning specified in Section 3.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Definitive
Security&rdquo; means a security other than a Global Security or a temporary Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Depositary&rdquo;
means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities,
a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated
by Section 3.1, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter shall mean or include each Person which is a Depositary hereunder, and if at any time there is more than one such Person,
shall be a collective reference to such Persons.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Designated
Guarantor Senior Debt&rdquo; shall have the meaning given to such term in a Board Resolution, Officer&rsquo;s Certificate or indenture
supplemental hereto delivered pursuant to Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Designated
Senior Debt&rdquo; shall have the meaning given to such term in a Board Resolution, Officer&rsquo;s Certificate or indenture supplemental
hereto delivered pursuant to Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Dollar&rdquo;
or &ldquo;$&rdquo; means the coin or currency of the United States of America, which at the time of payment is legal tender for
the payment of public and private debts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Event
of Default&rdquo; has the meaning specified in Section 5.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange
Act&rdquo; means the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Foreign
Currency&rdquo; means a currency used by the government of a country other than the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;GAAP&rdquo;
means generally accepted accounting principles in the United States of America as in effect from time to time, including those
set forth in (1) the Financial Accounting Standards Board Accounting Standards Codification and any related Accounting Standards
Updates by the Financial Accounting Standards Board, (2) such other statements by such other entity as are approved by a significant
segment of the accounting profession and (3) the rules and regulations of the SEC governing the inclusion of financial statements
in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in
staff accounting bulletins and similar written statements from the accounting staff of the SEC. All computations based on GAAP
contained in the Indenture shall be computed in conformity with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Global
Security&rdquo; means a Security in global form that evidences all or part of a series of Securities and is authenticated and
delivered to, and registered in the name of, the Depositary for the Securities of such series or its nominee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Guaranteed
Securities&rdquo; has the meaning specified in Section 14.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Guarantor&rdquo;
means each Person that becomes a guarantor of any Securities pursuant to the applicable provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Guarantor
Senior Debt&rdquo; means, unless otherwise provided with respect to the Securities of a series as contemplated by Section 3.1,
(a) all Debt of a Guarantor, whether currently outstanding or hereafter issued, unless, by the terms of the instrument creating
or evidencing such Debt, it is provided that such Debt is not superior in right of payment to the Securities Guarantee or to other
Debt which is <I>pari passu</I> with or subordinated to the Securities Guarantee, and (b) any modifications, refunding, deferrals,
renewals or extensions of any such Debt or securities, notes or other evidence of Debt issued in exchange for such Debt; <I>provided
</I>that in no event shall &ldquo;Guarantor Senior Debt&rdquo; include (i) Debt of a Guarantor owed or owing to any Subsidiary
of such Guarantor or any officer, director or employee of such Guarantor or any Subsidiary of such Guarantor, (ii) Debt to trade
creditors or (iii) any liability for taxes owed or owing by a Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Holder&rdquo;
means a Person in whose name a Security is registered in the Security Register.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Indenture&rdquo;
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more amendments
or indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this
instrument, and any such amendment or supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be
part of and govern this instrument and any such amendment or supplemental indenture, respectively. The term &ldquo;Indenture&rdquo;
also shall include the terms of particular series of Securities established as contemplated by Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;interest,&rdquo;
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Interest
Payment Date,&rdquo; when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Judgment
Currency&rdquo; has the meaning specified in Section 1.18.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Legal
Defeasance&rdquo; has the meaning specified in Section 13.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;mandatory
sinking fund payment&rdquo; has the meaning specified in Section 12.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Market
Exchange Rate&rdquo; has the meaning specified in Section 1.17.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Maturity,&rdquo;
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call
for redemption or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notice
of Default&rdquo; means a written notice of the kind specified in Section 5.1(c) or Section 5.1(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Officer&rsquo;s
Certificate&rdquo; means, in the case of the Company, a certificate signed by the Chairman of the Board, the Chief Executive Officer,
the Chief Financial Officer, the President, any Vice President or any other duly authorized officer of the Company, or a person
duly authorized by any of them, and delivered to the Trustee and, in the case of a Guarantor, a certificate signed by the Chairman
of the Board, the Chief Executive Officer, the President, any Vice President or any other duly authorized officer of such Guarantor,
or a person duly authorized by any of them, and delivered to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Opinion
of Counsel&rdquo; means a written opinion of counsel, who may be an employee of or counsel for the Company or a Guarantor, as
the case may be, and who shall be reasonably acceptable to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;optional
sinking fund payment&rdquo; has the meaning specified in Section 12.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Original
Issue Discount Security&rdquo; means any Security which provides for an amount less than the principal amount thereof to be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Outstanding,&rdquo;
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Securities; <I>provided</I>, <I>however</I>, that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee
has been made; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Securities that have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are
valid obligations of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given
any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 5.2, (ii) the
principal amount of a Security denominated in one or more currencies or currency units other than U.S. dollars shall be the U.S.
dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 3.1 on the
date of original issuance of such Security or by Section 1.17, if not otherwise so provided pursuant to Section 3.1, of the principal
amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent (as so determined) on the date of original
issuance of such Security of the amount determined as provided in clause (i) above) of such Security, and (iii) Securities owned
by the Company, any Guarantor or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor
shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to
be so owned shall be so disregarded. Securities so owned as described in clause (iii) of the immediately preceding sentence which
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee&rsquo;s right to act with respect to such Securities and that the pledgee is not the Company, a Guarantor or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Paying
Agent&rdquo; means any Person authorized by the Company to pay the principal of and any premium or interest on any Securities
on behalf of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Payment
Blockage Period&rdquo; has the meaning specified in Section 15.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Periodic
Offering&rdquo; means an offering of Securities of a series from time to time, the specific terms of which Securities, including,
without limitation, the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the
Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with
respect thereto, and any other terms specified as contemplated by Section 3.1 with respect thereto, are to be determined by the
Company upon the issuance of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Person&rdquo;
means any individual, corporation, company, limited liability company, partnership, limited partnership, joint venture, association,
joint-stock company, trust, other entity, unincorporated organization or government or any agency or political subdivision thereof.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Place
of Payment,&rdquo; when used with respect to the Securities of any series, means, unless otherwise specifically provided for with
respect to such series as contemplated by Section 3.1, the office or agency of the Company and such other place or places where,
subject to the provisions of Section 10.2, the principal of and any premium and interest on the Securities of that series are
payable as contemplated by Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Predecessor
Security&rdquo; of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Redemption
Date,&rdquo; when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to
this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Redemption
Price,&rdquo; when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to
this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Regular
Record Date&rdquo; for the interest payable on any Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Required
Currency&rdquo; has the meaning specified in Section 1.18.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Responsible
Officer,&rdquo; when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or
any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity with the particular subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SEC&rdquo;
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities&rdquo;
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities
Guarantee&rdquo; means each guarantee of the obligations of the Company under this Indenture and the Securities by a Guarantor
in accordance with the provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities
Guarantee Payment Blockage Period&rdquo; has the meaning specified in Section 16.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Security
Register&rdquo; and &ldquo;Security Registrar&rdquo; have the respective meanings specified in Section 3.5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Senior
Debt&rdquo; means, unless otherwise provided with respect to the Securities of a series as contemplated by Section 3.1, (a) all
Debt of the Company, whether currently outstanding or hereafter issued, unless, by the terms of the instrument creating or evidencing
such Debt, it is provided that such Debt is not superior in right of payment to the Securities or to other Debt which is <I>pari
passu</I> with or subordinated to the Securities, and (b) any modifications, refunding, deferrals, renewals or extensions of any
such Debt or securities, notes or other evidence of Debt issued in exchange for such Debt; <I>provided </I>that in no event shall
 &ldquo;Senior Debt&rdquo; include (i) Debt of the Company owed or owing to any Subsidiary of the Company or any officer, director
or employee of the Company or any Subsidiary of the Company, (ii) Debt to trade creditors or (iii) any liability for taxes owed
or owing by the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Special
Record Date&rdquo; for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Stated
Maturity,&rdquo; when used with respect to any Security or any installment of principal thereof or interest thereon, means the
date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or
interest is due and payable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Subsidiary&rdquo;
means (a) a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company
or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or (b) any partnership or other business
organization more than 50% of the ownership interests having ordinary voting power of which is so owned. For the purposes of this
definition, &ldquo;voting stock&rdquo; means capital stock or equity interests which ordinarily have voting power for the election
of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trustee&rdquo;
means the Person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include
each Person who is then a Trustee hereunder, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Indenture Act&rdquo; means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument was
executed, except as provided in Section 9.5; <I>provided</I>, <I>however</I>, that if the Trust Indenture Act of 1939 is amended
after such date, &ldquo;Trust Indenture Act&rdquo; means, to the extent required by any such amendment, the Trust Indenture Act
of 1939 as so amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
Person&rdquo; shall have the meaning assigned to such term in Section 7701(a)(30) of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
Government Obligations&rdquo; means securities which are (a) direct obligations of the United States for the payment of which
its full faith and credit is pledged, or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States,
and which are not callable or redeemable at the option of the issuer thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Vice
President,&rdquo; when used with respect to the Company, any Guarantor or the Trustee, means any vice president, regardless of
whether designated by a number or a word or words added before or after the title &ldquo;vice president.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.2. <U>Incorporation by Reference of Trust Indenture Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part
of this Indenture. The following Trust Indenture Act terms used in this Indenture have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;commission&rdquo;
means the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
securities&rdquo; means the Securities.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
security holder&rdquo; means a Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
to be qualified&rdquo; means this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;indenture
trustee&rdquo; or &ldquo;institutional trustee&rdquo; means the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;obligor&rdquo;
on the indenture securities means the Company, each Guarantor (if applicable) or any other obligor on the indenture securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other terms used in this Indenture that are defined by the Trust Indenture Act, defined by a Trust Indenture Act reference to
another statute or defined by an SEC rule under the Trust Indenture Act have the meanings so assigned to them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.3. <U>Compliance Certificates and Opinions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any application or request by the Company or a Guarantor to the Trustee to take any action under any provision of this Indenture,
the Company or such Guarantor, as the case may be, shall furnish to the Trustee an Officer&rsquo;s 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 request as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished
except as required under Section 314(c) of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates
provided for in Section 10.5) shall include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether such covenant or condition has been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.4. <U>Form of Documents Delivered to Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
certificate or opinion of an officer of the Company or a Guarantor may be based, insofar as it relates to legal matters, upon
a certificate or opinion of, or representations by, counsel, unless such officer knows or, in the exercise of reasonable care,
should know that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion
is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of the Company or the Guarantor, as the case may be,
stating that the information with respect to such factual matters is in the possession of the Company or the Guarantor, as the
case may be, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.5. <U>Acts of Holders; Record Dates</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either
physically or by means of a facsimile or an electronic transmission, <I>provided</I> that such electronic transmission is transmitted
through the facilities of a Depositary) by such Holders in person or by agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company or the Guarantors. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the &ldquo;Act&rdquo; of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Company
and, if applicable, the Guarantors, if made in the manner provided in this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person&rsquo;s
holding of same, shall be proved by the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or, if applicable,
the Guarantors in reliance thereon, regardless of whether notation of such action is made upon such Security.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
Without limiting the foregoing, a Holder entitled to give or take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each
of which may do so pursuant to such appointment with regard to all or any different part of such principal amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
The Company may set any day as the record date for the purpose of determining the Holders of Outstanding Securities of any series
entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted
by this Indenture to be given or taken by Holders of Securities of such series, but the Company shall have no obligation to do
so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series
on such record date (or their duly appointed agents), and only such Persons, shall be entitled to give or take the relevant action,
regardless of whether such Holders remain Holders after such record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.6. <U>Notices, Etc., to Trustee, Company and Guarantors</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Any notice, request, demand, authorization, direction, consent, waiver or other communication by the Company, any of the Guarantors
or the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail, postage prepaid,
facsimile or overnight air courier guaranteeing next day delivery, to the others&rsquo; address:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Company and/or any Guarantor:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Braemar
Hotels &amp; Resorts Inc.<BR>
14185 Dallas Parkway, Suite 1200<BR>
Dallas, Texas 75254<BR>
Telephone: (972) 490-9600<BR>
Facsimile: [ ]<BR>
Attention: Robert G. Haiman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cadwalader,
Wickersham &amp; Taft LLP<BR>
200 Liberty Street<BR>
New York, New York 10281<BR>
Telephone: (212) 504-6000<BR>
Facsimile: (212) 504-6666<BR>
Attention: Richard M. Brand and Gregory P. Patti, Jr.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Trustee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[
]<BR>
[ ]<BR>
[ ]<BR>
Telephone: [ ]<BR>
Facsimile: [ ]<BR>
Attention: [ ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Company, the Guarantors or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; three Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.7. <U>Notice to Holders; Waiver</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at such Holder&rsquo;s
address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such
Holder, regardless of whether such Holder actually receives such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case it shall be impracticable to give such notice by mail by reason of the suspension of regular mail service or by reason of
any other cause, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.8. <U>Conflict with Trust Indenture Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act
to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Indenture
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust
Indenture Act shall be deemed to apply to this Indenture as so modified or excluded, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.9. <U>Effect of Headings and Table of Contents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.10. <U>Successors and Assigns</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
covenants and agreements in this Indenture by each of the Company and the Guarantors shall bind their respective successors and
assigns, whether so expressed or not.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.11. <U>Separability Clause</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case any provision in this Indenture or in the Securities or, if applicable, the Securities Guarantee 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.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.12. <U>Benefits of Indenture</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in this Indenture or in the Securities or, if applicable, the Securities Guarantee, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the holders of Senior Debt and the Holders any benefit or any legal
or equitable right, remedy or claim under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.13. <U>Force Majeure</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under
the circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.14. <U>Waiver of Jury Trial</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.15. <U>Governing Law</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
INDENTURE, THE SECURITIES AND THE SECURITIES GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.16. <U>Legal Holidays</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities or, if applicable, the Securities
Guarantee (other than a provision of the Securities of any series or, if applicable, the Securities Guarantee that specifically
states that such provision shall apply in lieu of this Section 1.16)) payment of interest or principal and any premium need not
be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with
the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, and if payment
is so made, no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity,
as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.17. <U>Securities in a Composite Currency, Currency Unit or Foreign Currency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise specified in a Board Resolution, Officer&rsquo;s Certificate or indenture supplemental hereto delivered pursuant to
Section 3.1 of this Indenture with respect to a particular series of Securities, whenever for purposes of this Indenture any action
may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all series or all series
affected by a particular action at the time Outstanding and, at such time, there are Outstanding Securities of any affected series
which are denominated in a coin, currency or currencies other than Dollars (including, but not limited to, any composite currency,
currency units or Foreign Currency), then the principal amount of Securities of such series that shall be deemed to be Outstanding
for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange
Rate. For purposes of this Section 1.17, the term &ldquo;Market Exchange Rate&rdquo; shall mean the noon Dollar buying rate in
The City of New York for cable transfers of such currency or currencies as published by the Federal Reserve Bank of New York,
as of the most recent available date. If such Market Exchange Rate is not so available for any reason with respect to such currency,
such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations or rates of exchange
from one or more major banks in The City of New York or in the country of issue of the currency in question, which for purposes
of Euros shall be Brussels, Belgium, or such other quotations or rates of exchange as appropriate shall be used. The provisions
of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series denominated
in a currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event will the Trustee have any duty or liability regarding the Market Exchange Rate or any alternative determination provided
for in the preceding paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.18. <U>Payment in Required Currency; Judgment Currency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Company and the Guarantors agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if
for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest
on the Securities of any series (the &ldquo;Required Currency&rdquo;) into a currency in which a judgment will be rendered (the
 &ldquo;Judgment Currency&rdquo;), the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Required Currency could be purchased in The City of New York with the Judgment Currency on the day on which final unappealable
judgment is entered, unless such day is not a Banking Day, then, to the extent permitted by applicable law, the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Required Currency could be purchased in The City
of New York with the Judgment Currency on the Banking Day next preceding the day on which final unappealable judgment is entered
and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment (regardless of whether entered in accordance with subclause (a)), in any
currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by
which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall
not be affected by judgment being obtained for any other sum due under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.19. <U>Language of Notices, Etc.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under this Indenture shall be
in the English language, except that any published notice may be in an official language of the country of publication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.20. <U>Incorporators, Shareholders, Officers and Directors of the Company and the Guarantors Exempt from Individual Liability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
recourse under or upon any obligation, covenant or agreement of or contained in this Indenture or of or contained in any Security
or, if applicable, the Securities Guarantee, or for any claim based thereon or otherwise in respect thereof, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, member, officer, manager,
employee, partner or director, as such, past, present or future, of the Company, any Guarantor or any successor Person, either
directly or through the Company, any Guarantor or any successor Person, whether by virtue of any constitution, statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise, it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as a part of the consideration for, the execution of this Indenture
and the issue of the Securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
TWO</B><BR>
<B><U>SECURITY FORMS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.1. <U>Forms Generally</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities of each series and, if applicable, the notation thereon relating to the Securities Guarantee, shall be in substantially
the form set forth in this Article Two, or in such other form or forms as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities and, if applicable, any notation of the Securities
Guarantee, as evidenced by their execution thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities
of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by an authorized officer or other authorized person on behalf of the Company and delivered to the Trustee at or prior
to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forms of Global Securities of any series shall have such provisions and legends as are customary for Securities of such series
in global form, including without limitation any legend required by the Depositary for the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.2. <U>Form of Face of Security</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is an Original Issue Discount Security and is not &ldquo;publicly offered&rdquo; within the meaning of Treasury Regulations
Section 1.1275-1(h), insert</I>&mdash;FOR PURPOSES OF SECTION 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED,
THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS [ % OF ITS PRINCIPAL AMOUNT]
[$ PER $1,000 OF PRINCIPAL AMOUNT], THE ISSUE DATE IS , 20 AND, THE YIELD TO MATURITY IS , COMPOUNDED [SEMIANNUALLY OR OTHER PROPER
PERIOD].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>In
the alternative instead of providing such legend, insert the following legend</I>&mdash;FOR PURPOSES OF SECTION 1275 OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, AND [THE NAME OR TITLE
AND ADDRESS OR TELEPHONE NUMBER OF A REPRESENTATIVE OF THE COMPANY] WILL, BEGINNING NO LATER THAN 10 DAYS AFTER THE ISSUE DATE,
PROMPTLY MAKE AVAILABLE TO HOLDERS THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, THE YIELD TO MATURITY AND ANY OTHER
INFORMATION REQUIRED BY APPLICABLE TREASURY REGULATIONS.]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Insert
any other legend required by the Code or the regulations thereunder.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Global Security,&mdash;insert legend required by Section 2.4 of the Indentur</I>e] [<I>If applicable, insert &mdash;</I>UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &amp;
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE &amp; CO., HAS AN INTEREST HEREIN.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR
HOTELS &amp; RESORTS INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[TITLE
OF SECURITY]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT></TD>
    <TD STYLE="width: 53%; padding: 0.25pt 0.5in 0.25pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    $</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[CUSIP
No. ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR
HOTELS &amp; RESORTS INC., a corporation duly organized and existing under the laws of the State of Maryland (herein called the
 &ldquo;Company,&rdquo; which term includes any successor or resulting Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to , or registered assigns, the principal sum of United States Dollars on [<I>If the Security
is to bear interest prior to Maturity, insert&mdash;</I>, and to pay interest thereon from or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually on and in each year, commencing , at the rate of % per
annum, until the principal hereof is paid or made available for payment [<I>if applicable, insert&mdash;</I>, and at the rate
of % per annum on any overdue principal and premium and on any installment of interest (to the extent that the payment of such
interest shall be legally enforceable)]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest, which shall be the or (regardless of whether
a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is not to bear interest prior to Maturity, insert&mdash;</I>The principal of this Security shall not bear interest
except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case
the overdue principal of this Security shall bear interest at the rate of % per annum (to the extent that the payment of such
interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such
principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest
on any overdue principal that is not so paid on demand shall bear interest at the rate of % per annum (to the extent that the
payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date
payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Global Security, insert&mdash;</I>Payment of the principal of (and premium, if any) and [<I>if applicable, insert&mdash;</I>any
such] interest on this Security will be made by transfer of immediately available funds to a bank account in designated by the
Holder in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts [state other currency].]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Definitive Security, insert&mdash;</I>Payment of the principal of (and premium, if any) and [<I>if applicable, insert&mdash;</I>any
such] interest on this Security will be made at the office or agency of the Company maintained for that purpose in , in such coin
or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts]
[state other currency] [or subject to any laws or regulations applicable thereto and to the right of the Company (as provided
in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of in , or at such other offices
or agencies as the Company may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United
States Dollar] account maintained by the payee with, a bank in The City of New York (so long as the applicable Paying Agency has
received proper transfer instructions in writing at least days prior to the payment date)] [<I>if applicable, insert&mdash;</I>;
<I>provided</I>, <I>however</I>, that payment of interest may be made at the option of the Company by [United States Dollar] [state
other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register]
[or by transfer to a [United States Dollar] [state other currency] account maintained by the payee with a bank in The City of
New York [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing
by the record date prior to the applicable Interest Payment Date)].]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR
    HOTELS &amp; RESORTS INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.3. <U>Form of Reverse of Security</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Security is one of a duly authorized issue of subordinated securities of the Company (herein called the &ldquo;Securities&rdquo;),
issued and to be issued in one or more series under an Indenture, dated as of , 20 (herein called the &ldquo;Indenture&rdquo;),
between the Company, the Guarantors, if any, and [ ], as trustee (herein called the &ldquo;Trustee&rdquo;, which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors,
if any, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may
be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any,
may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted.
This Security is one of the series designated on the face hereof [, limited in aggregate principal amount to $ ].</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
security is the general, unsecured, subordinated obligation of the Company [<I>if applicable, insert&mdash;</I>and is guaranteed
pursuant to a guarantee (the &ldquo;Securities Guarantee&rdquo;) by [<I>insert name of each Guarantor</I>] (the &ldquo;Guarantors&rdquo;).
The Securities Guarantee is the general, unsecured, subordinated obligation of each Guarantor.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The Securities of this series are subject to redemption upon not less than ... days&rsquo; notice
by mail (or electronic transmission in the case of Global Securities), [<I>if applicable, insert&mdash;</I>(1) on in any year
commencing with the year and ending with the year through operation of the sinking fund for this series at a Redemption Price
equal to 100% of the principal amount, and (2) ] at any time [on or after , 20 ], as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [on or before , %,
and if redeemed] during the 12-month period beginning of the years indicated,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 29%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
thereafter at a Redemption Price equal to % of the principal amount, together in the case of any such redemption [<I>if applicable,
insert&mdash;</I>(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but
interest installments the Stated Maturity of which is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates referred to
on the face hereof, all as provided in the Indenture.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The Securities of this series are subject to redemption upon not less than nor more than days&rsquo;
notice by mail (or electronic transmission in the case of Global Securities), (1) on in any year commencing with the year and
ending with the year through operation of the sinking fund for this series at the Redemption Prices for redemption through operation
of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [on or
after ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through
operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during
the 12-month period beginning of the years indicated,&nbsp;</FONT></P>





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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price For</B><BR>
    <B>Redemption Through</B><BR>
    <B>Operation of the Sinking Fund</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    Price for</B><BR>
    <B>Redemption Otherwise Than</B><BR>
    <B>Through Operation of the</B><BR>
    <B>Sinking Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
thereafter at a Redemption Price equal to % of the principal amount, together in the case of any such redemption (whether through
operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments the Stated
Maturity of which is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in
the Indenture.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>Notwithstanding the foregoing, the Company may not, prior to , redeem any Securities of this series
as contemplated by [clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the
application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with
generally accepted financial practice) of less than % per annum.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The sinking fund for this series provides for the redemption on in each year beginning with the year
and ending with the year of [not less than] $ [ (&ldquo;mandatory sinking fund&rdquo;) and not more than $ ] aggregate principal
amount of Securities of this series. [Securities of this series acquired or redeemed by the Company otherwise than through [mandatory]
sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made [<I>If
applicable, insert&mdash;</I> in the inverse order in which they become due].]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Securities are subject to redemption in part of any kind, insert&mdash;</I>In the event of redemption of this Security in
part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
applicable, insert&mdash;</I>The Securities of this series are not redeemable prior to Stated Maturity.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is not an Original Issue Discount Security</I>,<I>&mdash;</I>If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
the Security is an Original Issue Discount Security</I>,<I>&mdash;</I>If an Event of Default with respect to Securities of this
series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture. Such amount shall be equal to <I>&mdash;insert formula for determining
the amount</I>. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal
and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company&rsquo;s
obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.]</FONT></P>

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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] and
the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] with certain provisions of
the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, regardless of whether notation of such
consent or waiver is made upon this Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security
at the times, place(s) and rate, and in the coin or currency, herein prescribed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Global Security, insert&mdash;</I>This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture. The holders of beneficial interests in this Global Security
will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Definitive Security, insert&mdash;</I>As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer
at the office or agency of the Company in [<I>if applicable, insert&mdash;</I>any place where the principal of and any premium
and interest on this Security are payable] [<I>if applicable, insert&mdash;</I>The City of New York [, or, subject to any laws
or regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation
of any such transfer agent, at the [main] offices of in or at such other offices or agencies as the Company may designate]], duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by, the Holder hereof or such Holder&rsquo;s attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities of this series are issuable only in registered form without coupons in denominations of U.S. $ and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to due presentment of this Security for registration of transfer, the Company, [<I>If applicable, insert&mdash;</I>any Guarantor,]
the Trustee and any agent of the Company [<I>If applicable, insert&mdash;</I>, a Guarantor] or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security be overdue,
and none of the Company, [<I>If applicable, insert&mdash;</I>the Guarantors,] the Trustee nor any such agent shall be affected
by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Security is subordinated in right of payment to Senior Debt [<I>If applicable, insert-</I>and the Securities Guarantee is subordinated
in right of payment to Guarantor Senior Debt], to the extent and in the manner provided in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
recourse under or upon any obligation, covenant or agreement of or contained in the Indenture or of or contained in any Security,
[<I>If applicable, insert&mdash;</I>, or the Securities Guarantee endorsed thereon,] or for any claim based thereon or otherwise
in respect thereof, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, member, officer, manager or director, as such, past, present or future, of the Company [<I>If applicable, insert&mdash;</I>or
any Guarantor] or of any successor Person, either directly or through the Company [<I>If applicable, insert&mdash;</I>or any Guarantor]
or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment,
penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released by the acceptance
hereof and as a condition of, and as part of the consideration for, the Securities and the execution of the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indenture provides that the Company [<I>If applicable, insert&mdash;</I>and the Guarantors] (a) will be discharged from any and
all obligations in respect of the Securities (except for certain obligations described in the Indenture), or (b) need not comply
with certain restrictive covenants of the Indenture, in each case if the Company [<I>If applicable, insert&mdash;</I>or a Guarantor]
deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which through the payment
of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all
the principal of and interest on the Securities, but such money need not be segregated from other funds except to the extent required
by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise defined herein, all terms used in this Security that are defined in the Indenture shall have the meanings assigned
to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Definitive Security, insert as a separate page</I>&mdash;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR VALUE
    RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Please
    Print or Type Name and Address of Assignee)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
within instrument of Braemar Hotels &amp; Resorts Inc. and does hereby irrevocably constitute and appoint Attorney to transfer
said instrument on the books of the within-named Company, with full power of substitution in the premises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
Insert Social Security or Other Identifying Number of Assignee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 42%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature)</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>







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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatsoever.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>If
a Security to which Article Fourteen has been made applicable, insert the following Form of Notation on such Security relating
to the Securities Guarantee</I><B>&mdash;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Guarantors (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally
and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and
punctual payment of the principal of, and premium, if any, and interest on the Securities of this series and all other amounts
due and payable under the Indenture and the Securities of this series by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations of the Guarantors to the Holders of Securities of this series and to the Trustee pursuant to the Securities Guarantee
and the Indenture are expressly set forth in Article Fourteen of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Securities Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantors:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME OF
    EACH GUARANTOR]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 0.25pt 1.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.4. <U>Global Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME
OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE
A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Securities of a series are issuable in whole or in part in the form of one or more Global Securities, as specified as contemplated
by Section 3.1, then, notwithstanding clause (i) of Section 3.1 and the provisions of Section 3.2, any Global Security shall represent
such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate
amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented
thereby may from time to time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security
to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made
in such manner and upon instructions given by such Person or Persons as shall be specified therein or in a Company Order. Subject
to the provisions of Section 3.3, Section 3.4 and Section 3.5, the Trustee shall deliver and redeliver any Global Security in
the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. Any instructions
by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in a Company Order (which need
not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of the last sentence of Section 3.3 shall apply to any Security represented by a Global Security if such Security was
never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order
(which need not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel) with regard to the reduction or
increase, as the case may be, in the principal amount of Securities represented thereby, together with the written statement contemplated
by the last sentence of Section 3.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.5. <U>Form of Trustee&rsquo;s Certificate of Authentication</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee&rsquo;s certificate(s) of authentication shall be in substantially the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
is one of the Securities of the series designated [<I>insert title of applicable series</I>] referred to in the within-mentioned
Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ], as
    Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 35.3pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0.25in; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer</FONT></TD></TR>
</TABLE>
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
THREE</B><BR>
<B><U>THE SECURITIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.1. <U>Amount Unlimited; Issuable in Series</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth,
or determined in the manner provided, in an Officer&rsquo;s Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities and
which may be part of a series of Securities previously issued);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6 or Section 11.7 and except for
any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder);&nbsp;&nbsp;</FONT></P>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
the Person to whom any interest on a 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the date or dates on which the principal of the Securities of the series is payable or the method of determination thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the rate or rates at which the Securities of the series shall bear interest, if any, or the formula, method or provision pursuant
to which such rate or rates are determined, the date or dates from which such interest shall accrue or the method of determination
thereof, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable
on any Interest Payment Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
the place or places where, subject to the provisions of Section 10.2, the principal of and any premium and interest on Securities
of the series shall be payable, 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
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 redeemed, in whole or in part, at the option of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms
and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall
be issuable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
whether payment of principal of and premium, if any, and interest, if any, on the Securities of the series shall be without deduction
for taxes, assessments or governmental charges paid by Holders of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
if other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
if the amount of payments of principal of and any premium or interest on the Securities of the series may be determined with reference
to an index, the manner in which such amounts shall be determined;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
if and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances
other than those set forth in Section 3.5 in which any such Global Security may be transferred to, and registered and exchanged
for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and
in which any such transfer may be registered;&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
any deletions from, modifications of or additions to the Events of Default set forth in Section 5.1 or the covenants of the Company
set forth in Article Ten with respect to the Securities of such series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a Person
who is not a U.S. Person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the
Company will have the option to redeem the Securities of the series rather than pay such additional amounts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)
if the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)
if the Securities of the series are to be convertible into or exchangeable for any other security or property of the Company,
including, without limitation, securities of another Person held by the Company or its Affiliates and, if so, the terms thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)
if other than as provided in Section 13.2 and Section 13.3, the means of Legal Defeasance or Covenant Defeasance as may be specified
for the Securities of the series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)
if other than the Trustee, the identity of the initial Security Registrar and any initial Paying Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)
whether the Securities of the series will be guaranteed pursuant to the Securities Guarantee set forth in Article Fourteen, any
modifications to the terms of Article Fourteen applicable to the Securities of such series and the applicability of any other
guarantees; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)
any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided
in or pursuant to the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided,
in the Officer&rsquo;s Certificate referred to above or in any such indenture supplemental hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional
Securities of such series or for the establishment of additional terms with respect to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the terms of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by an authorized officer or other authorized person on behalf of the Company and, if
applicable, the Guarantors and delivered to the Trustee at or prior to the delivery of the Officer&rsquo;s Certificate setting
forth, or providing the manner for determining, the terms of the series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officer&rsquo;s Certificate may provide
general terms for Securities of such series and provide either that the specific terms of particular Securities of such series
shall be specified in a Company Order or that such terms shall be determined by the Company and, if applicable, the Guarantors
or one or more agents thereof designated in an Officer&rsquo;s Certificate, in accordance with a Company Order.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.2. <U>Denominations</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as
contemplated by Section 3.1. In the absence of any such provisions with respect to the Securities of any series, the Securities
of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.3. <U>Execution, Authentication, Delivery and Dating</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Securities shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President,
its Chief Financial Officer or any of its Vice Presidents and need not be attested. The signature of any of these officers on
the Securities may be manual or facsimile. Any notation of Securities Guarantee endorsed on the Securities shall be executed on
behalf of the applicable Guarantor by its Chairman of the Board, its Chief Executive Officer, its President, its Chief Financial
Officer or any of its Vice Presidents and need not be attested. The signature of any of these officers on any notation of the
Securities Guarantee may be manual or facsimile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and any notation of a Securities Guarantee bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company or a Guarantor, as the case may be, shall bind the Company or such Guarantor, as the case may be,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; <I>provided</I>,
<I>however</I>, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such
Securities from time to time in accordance with such other procedures (including, without limitation, the receipt by the Trustee
of written instructions from the Company) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered
to the Trustee prior to the time of the first authentication of Securities of such series. If the forms or terms of the Securities
of the series have been established in or pursuant to one or more Board Resolutions as permitted by Section 2.1 and Section 3.1,
in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be fully protected in relying on such Board Resolution and shall be entitled to receive such documents as it
may reasonably request. The Trustee shall also be entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon, an Officer&rsquo;s Certificate pursuant to Section 3.1 and complying with Section 1.3 and an Opinion of Counsel
complying with Section 1.3 stating:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
if the form or forms of such Securities has been established in or pursuant to a Board Resolution as permitted by Section 2.1,
that each such form has been established in conformity with the provisions of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
if the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering will be, established
in or pursuant to a Board Resolution as permitted by Section 3.1, that such terms have been, or in the case of Securities of a
series offered in a Periodic Offering will be, established in conformity with the provisions of this Indenture, subject, in the
case of Securities of a series offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions and assumptions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the
Company and, if applicable, the Securities Guarantees thereof will constitute valid and legally binding obligations of the Guarantors,
enforceable in accordance with their respective terms, subject to the following limitations: (i) bankruptcy, insolvency, moratorium,
reorganization, liquidation, fraudulent conveyance or transfer and other similar laws of general applicability relating to or
affecting the enforcement of creditors&rsquo; rights, or to general equity principles, (ii) the availability of equitable remedies
being subject to the discretion of the court to which application therefor is made; and (iii) such other usual and customary matters
as shall be specified in such Opinion of Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee&rsquo;s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at
one time, it shall not be necessary to deliver the Officer&rsquo;s Certificate otherwise required pursuant to Section 3.1 or the
Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the time of authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, on the form or forms and terms thereof and the legality, validity, binding effect and enforceability
thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 2.1 and Section 3.1 and this Section,
as applicable, in connection with the first authentication of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Security shall be dated the date of its authentication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Security nor any related Securities Guarantee 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 or an Authenticating Agent by manual signature of an authorized officer, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. 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 3.9, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.4. <U>Temporary Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
the preparation of Definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the Definitive Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced
by their execution of such Securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 in a Place of Payment for that 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 deliver
in exchange therefor a like principal amount of Definitive Securities of the same series and tenor of authorized denominations.
Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as Definitive Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.5. <U>Registration, Registration of Transfer and Exchange</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall cause to be kept at the office or agency of the Company in a Place of Payment required by Section 10.2 a register
(the register maintained in such office being herein sometimes referred to as the &ldquo;Security Register&rdquo;) in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed as the initial &ldquo;Security Registrar&rdquo; for the purpose of registering
Securities and transfers of Securities as herein provided, and its Corporate Trust Office, which, at the date hereof, is located
at [ ], is the initial office or agency where the Securities Register will be maintained. The Company may at any time replace
such Security Registrar, change such office or agency or act as its own Security Registrar. The Company will give prompt written
notice to the Trustee of any change of the Security Registrar or of the location of such office or agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
surrender for registration of transfer of any Security of any series at the office or agency maintained pursuant to Section 10.2
for such purpose, the Company and, if applicable, the Guarantors shall execute, and the Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Securities, with a notation of the Securities Guarantee,
if applicable, executed by the Guarantors, of the same series and tenor, of any authorized denominations and of a like aggregate
principal amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the option of the Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same
series and tenor, of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company and, if applicable,
the Guarantors shall execute and the Trustee shall authenticate and deliver, the Securities, with a notation of the Securities
Guarantee, if applicable, executed by the Guarantors, which the Holder making the exchange is entitled to receive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company and,
if applicable, the Guarantors evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed, by the Holder thereof or such Holder&rsquo;s attorney duly authorized in writing.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
service charge shall be made for any registration of transfer or exchange 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 with any registration of transfer
or exchange of Securities, other than exchanges pursuant to Section 3.4, Section 9.6 or Section 11.7 not involving any transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not be required (a) to issue, register the transfer of or exchange Securities of any series during a period beginning
at the opening of business 15 days before the notice of redemption of Securities of that series selected for redemption under
Section 11.3 is sent and ending at the close of business on the day of the delivery thereof, or (b) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provisions of this Indenture and except as otherwise specified with respect to any particular series of Securities as
contemplated by Section 3.1, a Global Security representing all or a portion of the Securities of a series may not be transferred,
except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such
series or a nominee of such successor Depositary. Every Security authenticated and delivered upon registration of, transfer of,
or in exchange for or in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs immediately
following.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at any time the Depositary for any Securities of a series represented by one or more Global Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such Securities or if at any time the Depositary for such Securities shall
no longer be eligible to continue as Depositary under Section 3.1 or ceases to be a clearing agency registered under the Exchange
Act, the Company shall appoint a successor Depositary with respect to such Securities. If a successor Depositary for such Securities
is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility,
the Company&rsquo;s election pursuant to Section 3.1 that such Securities be represented by one or more Global Securities shall
no longer be effective and the Company and, if applicable, the Guarantors will execute and the Trustee, upon receipt of a Company
Order for the authentication and delivery of Definitive Securities of such series, will authenticate and deliver, Securities,
with a notation of the Securities Guarantee, if applicable, executed by the Guarantors, of such series in definitive registered
form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global
Security or Securities representing such Securities in exchange for such Global Security or Securities registered in the names
of such Persons as the Depositary shall direct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
specified by the Company pursuant to Section 3.1 with respect to Securities represented by a Global Security, the Depositary for
such Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series and
tenor in definitive registered form on such terms as are acceptable to the Company, the Trustee and such Depositary. Thereupon,
the Company and, if applicable, the Guarantors shall execute, and the Trustee, upon receipt of a Company Order for the authentication
and delivery of Securities in definitive registered form, shall authenticate and deliver, without service charge:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to the Person specified by such Depositary a new Security or Securities, with a notation of the Securities Guarantee, if applicable,
executed by the Guarantors, of the same series and tenor, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person&rsquo;s beneficial interest in the Global Security; and&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
to such Depositary a new Global Security, with a notation of the Securities Guarantee, if applicable, executed by the Guarantors,
in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate
principal amount of Securities authenticated and delivered pursuant to clause (a) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
Person who takes or holds any beneficial interest in a Global Security agrees that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Company, the Guarantors (if applicable) and the Trustee may deal with the Depositary as sole owner of the Global Security
and as the authorized representative of such Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
such Person&rsquo;s rights in the Global Security shall be exercised only through the Depositary and shall be limited to those
rights established by law and agreement between such Person and the Depositary and/or direct and indirect participants of the
Depositary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
the Depositary and its participants make book-entry transfers of beneficial ownership among, and receive and transmit distributions
of the principal of (and premium, if any) and interest on the Global Securities to, such Persons in accordance with their own
procedures; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
none of the Company, the Guarantors (if applicable), the Trustee, nor any agent of any of them will have any responsibility or
liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global
Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.6. <U>Mutilated, Destroyed, Lost and Stolen Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any mutilated Security is surrendered to the Trustee, together with such security or indemnity as may be required by the Company,
the Guarantors (if applicable) or the Trustee to save each of them and any agent of any of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company and, if applicable,
the Guarantors shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security, with a notation
of the Securities Guarantee, if applicable, executed by the Guarantors, of the same series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
there shall be delivered to the Company, the Guarantors (if applicable) 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 any of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a protected purchaser, the Company and, if applicable, the Guarantors shall execute and the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security, with a notation of the Securities Guarantee,
if applicable, executed by the Guarantors, of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and, if applicable, the Guarantors, regardless of whether the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of that series duly issued hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.7. <U>Payment of Interest; Interest Rights Preserved</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security that is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
interest on any Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date (herein called &ldquo;Defaulted Interest&rdquo;) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (a) or (b) below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in
this clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest that shall
be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record
Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid (or sent by electronic transmission in the case
of Global Securities), to each Holder of Securities of such series at such Holder&rsquo;s address as it appears in the Security
Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been so mailed or sent, such Defaulted Interest shall be paid to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.8. <U>Persons Deemed Owners</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, prior to due presentment of a Security
for registration of transfer, the Company, the Trustee and, if applicable, the Guarantors and any agent thereof may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 3.5 and Section 3.7) any interest on such Security and for all other purposes whatsoever,
regardless of whether such Security be overdue, and none of the Company, the Trustee nor, if applicable, the Guarantors nor any
agent of any of them shall be affected by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture
with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee, and, if applicable, the
Guarantors and any agent of any thereof as the owner of such Global Security for all purposes whatsoever.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.9. <U>Cancellation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it.
The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
that 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 that the Company has not issued and sold, and
all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities
held by the Trustee shall be disposed of in accordance with its customary practices, and the Trustee shall thereafter deliver
to the Company a certificate with respect to such disposition from time to time upon written request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.10. <U>Computation of Interest</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year comprised of twelve 30-day months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.11. <U>CUSIP or CINS Numbers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company in issuing the Securities may use CUSIP or CINS numbers (if then generally in use, and in addition to the other identification
numbers printed on the Securities), and, if so, the Trustee shall use CUSIP or CINS numbers in notices of redemption as a convenience
to Holders; <I>provided</I>, <I>however</I>, that any such notice may state that no representation is made as to the correctness
of such CUSIP or CINS numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such CUSIP or CINS numbers.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
FOUR</B><BR>
<B><U>SATISFACTION AND DISCHARGE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.1. <U>Satisfaction and Discharge of Indenture</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture shall cease to be of further effect and will be discharged with respect to the Securities of any series (except as to
any surviving rights of registration of transfer or exchange of Securities and certain rights of the Trustee, in each case, herein
expressly provided for), and the Trustee, upon Company Request and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
all such Securities theretofore authenticated and delivered (other than (A) such Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.6, and (B) such Securities for the payment of which 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 10.3) have been delivered to the Trustee for cancellation; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
all such Securities not theretofore delivered to the Trustee for cancellation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)
have become due and payable; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
will become due and payable at their Stated Maturity within one year; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Company, in the case of (ii)(A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds
in trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, together
with instructions from the Company irrevocably directing the Trustee to apply such funds to the payment thereof at maturity or
redemption, as the case may be;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such Securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, which, taken together, state
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to
such Securities have been complied with.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the satisfaction and discharge of this Indenture with respect to the Securities of any series, (x) the obligations of the Company
to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the right
of the Trustee to resign under Section 6.10 shall survive, and (y) if money shall have been deposited with the Trustee pursuant
to clause (a) of this Section, the obligations of the Company and the Trustee under Section 3.5, Section 3.6, Section 4.2, Section
6.6, Section 10.2, the last paragraph of Section 10.3 and Section 13.6 shall survive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.2. <U>Application of Trust Money</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be
held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal and any premium and interest for the payment of which such money has been deposited
with the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
FIVE</B><BR>
<B><U>REMEDIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.1. <U>Events of Default</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Event
of Default,&rdquo; wherever used herein with respect to Securities of any series, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such
default for a period of 30 days (regardless of whether such payment is prohibited by the provisions of Article Fifteen hereof);
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity (regardless of
whether such payment is prohibited by the provisions of Article Fifteen hereof); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
default in the performance, or breach, of any covenant set forth in Article Ten in this Indenture (other than a covenant a default
in the performance of which or the breach of which is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such
default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of
that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is
a &ldquo;Notice of Default&rdquo; hereunder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
default in the performance, or breach, of any covenant in this Indenture (other than a covenant in Article Ten or any other covenant
a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance
of such default or breach for a period of 180 days after there has been given, by registered or certified mail, to the Company
by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding
Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a &ldquo;Notice of Default&rdquo; hereunder; or</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of any order for relief against the Company in an involuntary case, (iii) consents to the appointment of a Custodian of the Company
or for all or substantially all of the property of the Company, or (iv) makes a general assignment for the benefit of the creditors
of the Company; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company
in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of the property of the Company,
or (iii) orders the liquidation of the Company; and the order or decree remains unstayed and in effect for 60 consecutive days;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
default in the deposit of any sinking fund payment when due; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
any other Event of Default provided with respect to Securities of that series in accordance with Section 3.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.2. <U>Acceleration of Maturity; Rescission and Annulment</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such
case the Trustee or the Holders of 25% in aggregate principal amount of the Outstanding Securities of that series may declare
the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) and all accrued and unpaid interest of all of the Securities of that series
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any
such declaration such principal amount (or specified amount) shall become immediately due and payable. Notwithstanding the foregoing,
if an Event of Default specified in clause (e) or (f) of Section 5.1 occurs, the Securities of any series at the time Outstanding
shall be due and payable immediately without further action or notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article Five provided, the Holders
of a majority in aggregate principal amount of the Outstanding Securities of that series, by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Company or, if applicable, one or more of the Guarantors has paid or deposited with the Trustee a sum sufficient to pay:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
all overdue interest on all Securities of that series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the principal of (and premium, if any, on) any Securities of that series that has become due otherwise than by such declaration
of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Securities; and&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of
that series that has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
such rescission shall affect any subsequent default or impair any right consequent thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.3. <U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company covenants that if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
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 30 days (regardless of whether such payment is prohibited by the provisions of Article Fifteen
hereof); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof (regardless of
whether such payment is prohibited by the provisions of Article Fifteen hereof);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then
due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest
shall be legally enforceable, interest on any overdue principal and any premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment
or final decree and may enforce the same against the Company or, if applicable, the Guarantors or any other obligor upon such
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, if applicable, the Guarantors or any other obligor upon such Securities, wherever situated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.4. <U>Trustee May File Proofs of Claim</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or, if applicable, any Guarantor or any other obligor upon the Securities,
their property 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 or, if applicable, the Guarantors for the payment of overdue principal or interest) shall be entitled and empowered,
by intervention in such proceeding or otherwise:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of
the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, compromise, arrangement, adjustment or composition affecting the Securities or, if applicable,
the Securities Guarantee or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding; <I>provided</I>, <I>however</I>, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and be a member of a creditors&rsquo; or other similar committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.5. <U>Trustee May Enforce Claims Without Possession of Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for
the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for
the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.6. <U>Application of Money Collected</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
money collected by the Trustee pursuant to this Article Five 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 any premium or interest, upon presentation
of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST:
To the payment of all amounts due the Trustee under Section 6.7;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECOND:
Subject to Article Fifteen, to the payment of the amounts then due and unpaid for principal of and any premium and interest on
the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority
of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively;
and&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIRD:
The balance, if any, to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.7. <U>Limitation on Suits</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to
this Indenture (including, if applicable, the Securities Guarantee), or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
such Holder or Holders have offered to the Trustee reasonable indemnity satisfactory to the Trustee against the costs, expenses
and liabilities to be incurred in compliance with such request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of
a majority in aggregate principal amount of the Outstanding Securities of that series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by virtue of,
or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of the same
series of Security, or to obtain or to seek to obtain priority or preference over any other Holder of the same series of Security
or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
Holders of the same series of Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.8. <U>Unconditional Right of Holders to Receive Principal, Premium and Interest</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional (subject
to Article Fifteen and Article Sixteen), to receive payment of the principal of and any premium and interest on such Security
on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.9. <U>Restoration of Rights and Remedies</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case, subject to any determination in such proceeding, the Company, the Guarantors, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been instituted.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.10. <U>Rights and Remedies Cumulative</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.11. <U>Delay or Omission Not Waiver</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the fullest extent permitted by applicable law, no delay or omission of the Trustee or of any Holder of any Securities to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article Five or by law to the Trustee or to
the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.12. <U>Control by Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Securities of such series; <I>provided</I>, <I>however</I>, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
such direction shall not be in conflict with any rule of law or with this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall determine that the direction would expose the Trustee to personal liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.13. <U>Waiver of Past Defaults</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
written notice to the Company and the Trustee, the Holders of a majority in aggregate principal amount of the Outstanding Securities
of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect
to such series and its consequences, except:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
a continuing default in the payment of the principal of or any premium, if any, or interest on any Security of such series; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
a default in respect of a covenant or provision hereof that under Article Nine cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.14. <U>Undertaking for Costs</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
parties to this Indenture agree, and each Holder of any Security by such Holder&rsquo;s acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant,
other than the Trustee, 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 5.14 shall
not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder,
or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Securities of any
series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or
interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption,
on or after the Redemption Date).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.15. <U>Waiver of Stay, Extension or Usury Laws</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Company and the Guarantors 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, extension or usury law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company
and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
SIX</B><BR>
<B><U>THE TRUSTEE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.1. <U>Certain Duties and Responsibilities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Except during the continuance of an Event of Default with respect to the Securities of a particular series:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and as are
provided by the Trust Indenture Act with respect to the Securities of such series, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether they conform to the requirements
of this Indenture.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
In case an Event of Default has occurred and is continuing with respect to the Securities of a particular series, the Trustee
shall exercise with respect to the Securities of 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 man would exercise or use under the circumstances in the
conduct of his own affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or willful misconduct, except that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
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 a majority in aggregate principal amount of the Outstanding Securities of any series, given pursuant
to Section 5.12, 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 with respect to the Securities of such series;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Regardless of whether therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.2. <U>Notice of Defaults</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
90 days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit
by mail (or electronic transmission in the case of Global Securities) to all Holders of Securities of such series, as their names
and addresses appear in the Security Register, notice of such Default hereunder known to the Trustee, unless such Default shall
have been cured or waived; <I>provided</I>, <I>however</I>, that, except in the case of a Default in the payment of the principal
of or any premium or interest on any Security of such series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee may withhold from Holders of Securities notice of any continuing Default or Event of Default
if a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interest of the
Holders of Securities of such series; and, <I>provided</I>, <I>further</I>, that in the case of any Default of the character specified
in Section 5.1(c) with respect to Securities of such series, no such notice to Holders shall be given until at least 60 days after
the occurrence thereof and that in the case of any Default of the character specified in Section 5.1(d) with respect to Securities
of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.3. <U>Certain Rights of Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of Section 6.1:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
any request or direction of the Company or a Guarantor mentioned herein shall be sufficiently evidenced by a Company Request or
Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
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) shall
be entitled to receive and may, in the absence of bad faith on its part, rely upon an Officer&rsquo;s Certificate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
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 and shall not be responsible for the supervision of officers and employees of such agents
or attorneys;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
the Trustee may request that the Company and, if applicable, the Guarantors deliver an Officer&rsquo;s Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Officer&rsquo;s Certificate may be signed by any person authorized to sign an Officer&rsquo;s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded;&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Trustee shall be entitled to the rights and protections afforded to the Trustee pursuant to this Article Six in acting as
a Paying Agent or Security Registrar hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event that is in fact such a Default is received by the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
the Trustee shall not be liable for any action it takes or omits to take that it believes in good faith to be authorized or within
its powers conferred upon it by this Indenture or pursuant to applicable law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
the Trustee shall not be required to provide any bond or surety in respect of the execution of the trusts and powers in respect
of this Indenture or otherwise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
under no circumstances shall the Trustee be liable in its individual or any other capacity for the obligations evidenced by any
Securities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
anything in this Indenture notwithstanding, in no event shall the Trustee be liable for any special, indirect, punitive, incidental
or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Company has
been advised as to the likelihood of such loss or damage and regardless of the form of action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.4. <U>Not Responsible for Recitals or Issuance of Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recitals contained herein and in the Securities, except the Trustee&rsquo;s certificates of authentication, shall be taken as
the statements of the Company or, if applicable, the Guarantors, and neither the Trustee nor any Authenticating Agent assumes
any responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to the
validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable
for the use or application by the Company of Securities or the proceeds thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.5. <U>May Hold Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or, if applicable,
any Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections
310(b) and 311 of the Trust Indenture Act and Section 6.8, Section 6.9 and Section 6.13, may otherwise deal with the Company or,
if applicable, the Guarantors with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.6. <U>Money Held in Trust</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the
Company or, if applicable, one or more of the Guarantors.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.7. <U>Compensation and Reimbursement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as has been adjudicated
to have resulted from its own negligence or willful misconduct; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
to indemnify each of the Trustee and its officers, directors, agents and employees for, and to hold it and them harmless against,
any loss, liability or expense arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself or themselves against any claim or liability in connection with the exercise
or performance of any of its or their powers or duties hereunder, except any such loss, liability or expense as has been adjudicated
to have resulted from any of its or their own negligence or willful misconduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the
Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of
the principal of (and premium, if any) or interest on particular Securities. Such obligations of the Company under this Section
shall not be subordinated to the payment of Senior Debt pursuant to Article Fifteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.1(e) or Section 5.1(f), the expenses (including the reasonable charges and expenses
of its counsel) and the compensation for the services of the Trustee are intended to constitute expenses of administration under
any applicable Bankruptcy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Section 6.7 shall survive the resignation or removal of the Trustee and the termination or satisfaction and
discharge of this Indenture and the Legal Defeasance of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.8. <U>Disqualification; Conflicting Interests</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to Section 310(b) of the Trust Indenture Act. There shall be excluded from the operation of Section 310(b)(1) of the Trust
Indenture Act this Indenture with respect to the Securities of more than one series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.9. <U>Corporate Trustee Required; Eligibility</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
shall at all times be a Trustee hereunder that shall be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus required by the Trust Indenture Act, subject to supervision or examination by Federal or
State authority. If such corporation 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 corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee
shall not be an obligor upon the Securities or an Affiliate thereof. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, then it shall resign immediately in the manner and with the effect hereinafter
specified in this Article Six.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.10. <U>Resignation and Removal; Appointment of Successor</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance of appointment by a successor Trustee required by Section 6.11 shall not have been delivered
to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
If at any time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by the Company
or by any Holder who has been a bona fide Holder of a Security for at least six months; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company
or by any such Holder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a Custodian 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,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">then,
in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject
to Section 5.14, any Holder who has been a bona fide Holder of a Security 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 with respect to all
Securities and the appointment of a successor Trustee or Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall
be only one Trustee with respect to the Securities of any particular series), and the Company and the successor Trustee shall
comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act
of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and
to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section
6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series
and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such
series in the manner provided in Section 1.7. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.11. <U>Acceptance of Appointment by Successor</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
In case of the appointment hereunder of a successor Trustee with respect to all Securities, the successor Trustee so appointed
shall execute, acknowledge and deliver to the Company, the Guarantors (if applicable) and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on the request of the Company, any Guarantor (if applicable) or the successor Trustee, such retiring Trustee
shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers
and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder, subject nevertheless to its lien under Section 6.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
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 Guarantors (if applicable), the retiring Trustee and each successor Trustee with respect to the Securities of
one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring
with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust 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; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company, any Guarantor (if applicable) or any successor Trustee, such retiring Trustee, upon payment
of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts
of the retiring Trustee with respect to the Securities of the series to which the appointment of such successor relates and shall
duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of such series, subject nevertheless to its lien under Section 6.7.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Upon request of any such successor Trustee, the Company and, if applicable, the Guarantors shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to
in paragraph (a) or (b) of this Section, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article and the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.12. <U>Merger, Conversion, Consolidation or Succession to Business</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall
be otherwise qualified and eligible under this Article Six, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. As soon as practicable, the successor Trustee shall mail (or send by electronic transmission
in the case of Global Securities) a notice of its succession to the Company and the Holders of the Securities then Outstanding.
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.13. <U>Preferential Collection of Claims Against Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to Section 311 of the Trust Indenture Act. For purposes of Section 311(b) of the Trust Indenture Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the term &ldquo;cash transaction&rdquo; means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and
payable upon demand;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the term &ldquo;self-liquidating paper&rdquo; means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or incurred by the Company or, if applicable, any Guarantor for the purpose of financing the purchase, processing,
manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to,
possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods,
wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with
the creation of the creditor relationship with the Company or, if applicable, such Guarantor arising from the making, drawing,
negotiating or incurring of the draft, bill of exchange, acceptance or obligation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.14. <U>Appointment of Authenticating Agent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee may appoint an Authenticating Agent or Agents 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 exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.6, 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, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having
a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority.
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 all or substantially all of the corporate agency or corporate trust business of an 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 the Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company and, if applicable,
the Guarantors. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and to the Company and, if applicable, the Guarantors. 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 qualified
and eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating
Agent that shall be acceptable to the Company and, if applicable, the Guarantors and shall mail (or send by electronic transmission
in the case of Global Securities) written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities
of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security
Register. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
with respect to an Authenticating Agent appointed at the request of the Company or, if applicable, the Guarantors, the Trustee
agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.14,
and the Trustee shall be entitled to be reimbursed by the Company or, if applicable, the Guarantors for such payments, subject
to the provisions of Section 6.7.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an appointment with respect to one or more series is made pursuant to this Section 6.14, the Securities of such series may have
endorsed thereon, in addition to the Trustee&rsquo;s certificate of authentication, an alternate certificate of authentication
in the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ], as
    Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Authenticating Agent</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer</FONT></TD></TR>
</TABLE>
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
SEVEN</B><BR>
<B><U>HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.1. <U>Company to Furnish Trustee Names and Addresses of Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will furnish or cause to be furnished to the Trustee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
semi-annually, not more than 5 days after each Regular Record Date for a series of Securities, a list for such series of Securities,
in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as
of such Regular Record Date; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that if and so long as the Trustee shall be the Security Registrar, no such list need be furnished with respect
to such series of Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.2. <U>Preservation of Information; Communications to Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Trustee shall preserve, with respect to each series of Securities, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names
and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished
to it as provided in Section 7.1 upon receipt of a new list so furnished.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
If three or more Holders (herein referred to as &ldquo;applicants&rdquo;) apply in writing to the Trustee, and furnish to the
Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date
of such application, and such application states that the applicants desire to communicate with other Holders with respect to
their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication
which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application,
at its election, either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.2(a); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
inform such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at
the time by the Trustee in accordance with Section 7.2(a), and as to the approximate cost of mailing to such Holders the form
of proxy or other communication, if any, specified in such application.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request
of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee
in accordance with Section 7.2(a) a copy of the form of proxy or other communication that is specified in such request, with reasonable
promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable
expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the SEC,
together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the SEC, after opportunity for a hearing upon the objections specified in the written
statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining
one or more of such objections, the SEC shall find, after notice and opportunity for hearing, that all the objections so sustained
have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation
or duty to such applicants respecting their application.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Every Holder of Securities, by receiving and holding the same, agrees with the Company, the Guarantors (if applicable) and the
Trustee that none of the Company, the Guarantors (if applicable) nor the Trustee nor any agent of any of them shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 7.2(b),
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under Section 7.2(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.3. <U>Reports by Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Trustee&rsquo;s report required pursuant to Section 313(a) of the Trust Indenture Act shall be dated as of May 15, and shall be
transmitted within 60 days after May 15 of each year (but in all events at intervals of not more than 12 months), commencing with
the year 20 , by mail (or electronic transmission in the case of Global Securities) to all Holders, as their names and addresses
appear in the Security Register. A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, and with the SEC. The Company will notify the Trustee when
any Securities are listed on any stock exchange.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.4. <U>Reports by Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
file with the Trustee, within 15 days after the Company files the same with the SEC, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and
regulations prescribe) which the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it
shall file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such
of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange
Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in
such rules and regulations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such additional
information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
transmit by mail (or electronic transmission in the case of Global Securities) to all Holders, as their names and addresses appear
in the Security Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents
and reports required to be filed by the Company pursuant to clauses (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
EIGHT</B><BR>
<B><U>CONSOLIDATION, AMALGAMATION, MERGER AND SALE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.1. <U>Company May Consolidate, Etc., Only on Certain Terms</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not convert into, or consolidate, amalgamate or merge with or into any other Person or sell, convey, assign, transfer,
lease or otherwise dispose of all or substantially all of the properties and assets of the Company on a consolidated basis to
any other Person unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
either: (i) the Company is the surviving Person; or (ii) the Person formed by or surviving any such consolidation, amalgamation
or merger or resulting from such conversion (if other than the Company) or to which such sale, conveyance, assignment, transfer,
lease or other disposition has been made is a corporation, limited liability company or limited partnership organized or existing
under the laws of the United States, any State thereof or the District of Columbia;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Person formed by or surviving any such conversion, consolidation, amalgamation or merger (if other than the Company) or the
Person to which such sale, conveyance, assignment, transfer, lease or other disposition has been made assumes by an indenture
supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of (and premium, if
any) and interest on all the Securities and the performance of every covenant of this Indenture on the part of the Company to
be performed or observed;&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have occurred and be continuing; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that such conversion,
consolidation, amalgamation, merger, sale, conveyance, assignment, transfer, lease or other disposition and such supplemental
indenture comply with this Article Eight and that all conditions precedent herein provided for relating to such transaction have
been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.2. <U>Successor Substituted</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any consolidation, amalgamation or merger of the Company with or into any other Person or any sale, conveyance, assignment, transfer,
lease or other disposition of all or substantially all of the properties and assets of the Company and, if applicable, the Guarantors
on a consolidated basis in accordance with Section 8.1, the successor or resulting Person formed by or resulting upon such consolidation,
amalgamation or merger (if other than the Company) or to which such sale, conveyance, assignment, transfer, lease or other disposition
is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor Company and, if applicable, each of the Guarantors shall be relieved of all obligations and covenants under
this Indenture and the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
NINE</B><BR>
<B><U>AMENDMENT, SUPPLEMENT AND WAIVER</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.1. <U>Without Consent of Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, the Guarantors (if any) and the Trustee may amend or supplement this Indenture, the Securities Guarantee or the Securities
without the consent of any holder of a Security:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
to cure any ambiguity or defect or to correct or supplement any provision herein that may be inconsistent with any other provision
herein; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and, to the extent applicable, of the Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
to provide for uncertificated Securities in addition to or in place of certificated Securities; <I>provided</I> that the uncertificated
Securities are issued in registered form for purposes of Section 163(f) of the Code, or in the manner such that the uncertificated
Securities are described in Section 163(f)(2)(B) of the Code; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
to add a Securities Guarantee and cause any Person to become a Guarantor, and/or to evidence the succession of another Person
to a Guarantor and the assumption by any such successor of the Securities Guarantee of such Guarantor herein and, to the extent
applicable, endorsed upon any Securities of any series[, and/or to cause any corporate subsidiary of the Company to become a co-issuer
of the Securities of any series]; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
to secure the Securities of any series; or&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company shall consider
to be appropriate for the benefit of the Holders of all or any series of Securities (and if such covenants, restrictions, conditions
or provisions are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company, and to make
the occurrence, or the occurrence and continuance, of a Default in any 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; <I>provided</I>, that in respect of any such additional covenant, restriction, condition or provision such amendment
or supplemental indenture may provide for a particular period of grace after Default (which period may be shorter or longer than
that allowed in the case of other Defaults), may provide for an immediate enforcement upon such an Event of Default, may limit
the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate
principal amount of the Securities of such series to waive such an Event of Default; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
to make any change to any provision of this Indenture that does not adversely affect the rights or interests of any Holder of
Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
to provide for the issuance of additional Securities in accordance with the provisions set forth in this Indenture; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
to add any additional Defaults or Events of Default in respect of all or any series of Securities; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
to add to, change or eliminate any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
to change or eliminate any of the provisions of this Indenture; <I>provided</I> that any such change or elimination shall become
effective only when there is no Security Outstanding of any series created prior to the execution of such amendment or supplemental
indenture that is entitled to the benefit of such provision; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
to establish the form or terms of Securities of any series as permitted by Section 2.1 and Section 3.1, including to reopen any
series of any Securities as permitted under Section 3.1; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
to conform the text of this Indenture (and/or any supplemental indenture) or any Securities issued hereunder to any provision
of a description of such text or Securities appearing in a prospectus, prospectus supplement, offering memorandum or offering
circular pursuant to which such Securities were offered to the extent that such provision was intended by the Company to be a
verbatim recitation of a provision of this Indenture (and/or any supplemental indenture) or any Securities or Securities Guarantee
issued hereunder, with such intention being evidenced by an Officer&rsquo;s Certificate; or&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
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 subsequently enacted, and to add to this
Indenture such other provisions as may be expressly required under the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.2. <U>With Consent of Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, the Guarantors (if any) and the Trustee may amend or supplement this Indenture, the Securities Guarantee and the Securities
with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series of Securities
affected by such amendment or supplemental indenture, with each such series voting as a separate class (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities) and, subject to Section
5.8 and Section 5.13 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture, the
Securities Guarantee or the Securities may be waived with respect to each series of Securities with the consent of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of such series voting as a separate class (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance of the proposed amendment, supplement
or waiver.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company will mail to the Holders of Securities
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice,
or any defect therein, will not, however, in any way impair or affect the validity of any such amendment, supplemental indenture
or waiver. Notwithstanding anything contained herein to the contrary, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.2 may not (with respect to any Securities held by a non-consenting Holder):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount
of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2, or change the coin or currency in which any Security or any premium or the interest
thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date therefor); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
reduce the percentage in aggregate principal amount of the Outstanding Securities of any series, the consent of whose Holders
is required for any such amendment or supplemental indenture, or the consent of whose Holders is required for any waiver of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
modify any of the provisions of Section 5.8 or Section 5.13; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
waive a redemption payment with respect to any Security; <I>provided, however</I>, that any purchase or repurchase of Securities
shall not be deemed a redemption of the Securities; or&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
release any Guarantor from any of its obligations under its Securities Guarantee or this Indenture, except in accordance with
the terms of this Indenture (as amended or supplemented); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
make any change in the foregoing amendment and waiver provisions, except to increase any percentage provided for therein or to
provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
amendment or supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly
been included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders
of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.3. <U>Execution of Amendments and Supplemental Indentures</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
executing, or accepting the additional trusts created by, any amendment or supplemental indenture permitted by this Article Nine
or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or supplemental
indenture is authorized or permitted by this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the request of the Company accompanied by a Board Resolution authorizing the execution of any such amendment or supplemental indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid,
and upon receipt by the Trustee of the documents described in Section 6.3 hereof, the Trustee will join with the Company and the
Guarantors in the execution of such amendment or supplemental indenture unless such amendment or supplemental indenture directly
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 will not be obligated to, enter into such amendment or supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.4. <U>Effect of Amendments and Supplemental Indentures</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the execution of any amendment or supplemental indenture under this Article Nine, this Indenture shall be modified in accordance
therewith, and such amendment or supplemental indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.5. <U>Conformity with Trust Indenture Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
amendment or supplemental indenture executed pursuant to this Article Nine shall conform to the requirements of the Trust Indenture
Act as then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.6. <U>Reference in Securities to Amendments or Supplemental Indentures</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
of any series authenticated and delivered after the execution of any amendment or supplemental indenture pursuant to this Article
Nine may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for
in such amendment or supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Trustee and the Company, to any such amendment or supplemental indenture may be prepared and executed
by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.7. <U>Effect of Consents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Security of a series is a continuing consent
by the Holder of a Security of such series and every subsequent Holder of a Security of such series or portion of a Security of
such series that evidences the same debt as the consenting Holder&rsquo;s Security of such series, even if the notation of the
consent is not made on any Security. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder of the Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
TEN</B><BR>
<B><U>COVENANTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.1. <U>Payment of Principal, Premium and Interest</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of
and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.2. <U>Maintenance of Office or Agency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will maintain in the United States an office or agency (which may be an office of the Trustee or Security Registrar or
agent of the Trustee or Security Registrar) where Securities of each series may be presented or surrendered for payment and 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. The Company will give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any
such other office or agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise specified with respect to a series of Securities as contemplated by Section 3.1, the Company hereby initially designates
the Corporate Trust Office of the Trustee as the Company&rsquo;s office or agency for each such purpose for each series of Securities.
The Trustee shall initially serve as Paying Agent. In the event the Company makes any payment in any currency in which the Trustee
is unable to pay, and notwithstanding anything herein to the contrary, the Company will appoint a Paying Agent other than the
Trustee to make such payment and the Trustee will have no obligations with respect to such payment and will incur no liability
with respect to the failure by the Company or such other Paying Agent to make, or cause to be made, such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.3. <U>Money for Securities Payments to Be Held in Trust</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company shall at any time act as its own Paying Agent, with respect to any series of Securities, it will, on or before each
due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee
of its action or failure so to act.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal
of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal
and any premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act. For purposes of this Section 10.3, should a due date for principal of or any premium or interest on, or
sinking fund payment with respect to, any series of Securities not be on a Business Day, such payment shall be due on the next
Business Day without any interest for the period from the due date until such Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying
Agent will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
hold all sums held by it for the payment of the principal of or any premium or interest on Securities of that 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
give the Trustee notice of any Default by the Company (or any other obligor upon the Securities of that series) in the making
of any payment of principal or any premium or interest on the Securities of that series; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and, if applicable, the Guarantors may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust
by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were
held by the Company or such Paying Agent; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to any applicable escheat or abandoned property laws, any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining
unclaimed for one year after such principal, premium or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; <I>provided</I>,
<I>however</I>, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in <I>The New York Times</I> and <I>The Wall Street Journal</I> (national edition), notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date
of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.4. <U>Existence</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Article Eight, the Company and, if any Securities of a series to which Article Fourteen has been made applicable are Outstanding,
each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights
(charter and statutory) and franchises; <I>provided</I>, <I>however</I>, that the Company and, if applicable, each Guarantor shall
not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company or such Guarantor, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.5. <U>Statement by Officers as to Default</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annually,
within 120 days after the close of each fiscal year beginning with the first fiscal year during which one or more series of Securities
are Outstanding, the Company and, if any Securities of a series to which Article Fourteen has been made applicable are Outstanding,
each Guarantor will deliver to the Trustee a brief certificate (which need not include the statements set forth in Section 1.3)
from the principal executive officer, principal financial officer or principal accounting officer of the Company and, if applicable,
such Guarantor, stating that a review of the activities of the Company during such year and of performance under this Indenture
has been made, and as to his or her knowledge of the Company&rsquo;s or such Guarantor&rsquo;s, as the case may be, compliance
(without regard to any period of grace or requirement of notice provided herein) with all conditions and covenants under this
Indenture and, if the Company or such Guarantor, as the case may be, shall be in Default, specifying all such Defaults and the
nature and status thereof of which such officer has knowledge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
ELEVEN</B><BR>
<B><U>REDEMPTION OF SECURITIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.1. <U>Applicability of Article</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 3.1 for Securities of any series) in accordance with this Article Eleven.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.2. <U>Election to Redeem; Notice to Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election
of the Company of less than all the Securities of any series, the Company shall, at least 15 days prior to the last date for the
giving of notice of such redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the
Securities to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company
that is subject to a condition specified in the terms of the Securities of the series to be redeemed, the Company shall furnish
the Trustee with an Officer&rsquo;s Certificate evidencing compliance with such restriction or condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.3. <U>Selection by Trustee of Securities to Be Redeemed</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
less than all the Securities of any series are to be redeemed (unless all of the Securities of such series and of a specified
tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the
Trustee shall deem fair and appropriate (and in accordance with the applicable procedures of the Depositary in the case of Global
Securities) and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of that series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed. If the Securities of any series to be redeemed consist
of Securities having different dates on which the principal is payable or different rates of interest, or different methods by
which interest may be determined or have any other different tenor or terms, then the Company may, by written notice to the Trustee,
direct that the Securities of such series to be redeemed shall be selected from among the groups of such Securities having specified
tenor or terms and the Trustee shall thereafter select the particular Securities to be redeemed in the manner set forth in the
preceding paragraph from among the group of such Securities so specified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of
such Securities which has been or is to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.4. <U>Notice of Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
of redemption shall be given by first-class mail, postage prepaid, or sent electronically in the case of Global Securities, in
each case, not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at
such Holder&rsquo;s address appearing in the Security Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices of redemption shall state:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Redemption Price, or if not then ascertainable, the manner of calculation thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the place or places where such Securities are to be surrendered for payment of the Redemption Price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
that the redemption is for a sinking fund, if such is the case; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
the conditions, if any, to which such redemption shall be subject.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
request, by the Trustee in the name and at the expense of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.5. <U>Deposit of Redemption Price</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.6. <U>Securities Payable on Redemption Date</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest, or fail to pay the Redemption Price and accrued interest as a result of any failure of
any condition to which such redemption is subject to be satisfied or waived) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date; <I>provided</I>, <I>however</I>, that unless otherwise
specified with respect to Securities of any series as contemplated in Section 3.1, installments of interest the Stated Maturity
of which is on or prior to the Redemption Date shall be payable to the Holders of such 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 3.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if
any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.7. <U>Securities Redeemed in Part</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Security which 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 the Company shall execute,
and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities
of the same series and tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal
to and in exchange for the unredeemed portion of the principal of the Security so surrendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
TWELVE</B><BR>
<B><U>SINKING FUNDS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12.1. <U>Applicability of Article</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Article Twelve shall be applicable to any sinking fund for the retirement of Securities of a series except
as otherwise specified as contemplated by Section 3.1 for Securities of such series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a &ldquo;mandatory
sinking fund payment,&rdquo; and any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an &ldquo;optional sinking fund payment.&rdquo; If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12.2. <U>Satisfaction of Sinking Fund Payments with Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company (a) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (b) may apply
as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required
to be made pursuant to the terms of such Securities as provided for by the terms of such series; <I>provided</I> that such Securities
have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12.3. <U>Redemption of Securities for Sinking Fund</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officer&rsquo;s Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied
by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 12.2 and stating the basis for such credit and that such Securities have not been previously so credited,
and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section
11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 11.6 and Section 11.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
THIRTEEN</B><BR>
<B><U>DEFEASANCE</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.1. <U>Option to Effect Legal Defeasance or Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may, at the option of its Board of Directors evidenced by a Board Resolution, and at any time, elect to have either Section
13.2 or Section 13.3 hereof be applied to all Outstanding Securities of any series upon compliance with the conditions set forth
below in this Article Thirteen.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.2. <U>Legal Defeasance and Discharge</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the Company&rsquo;s exercise under Section 13.1 hereof of the option applicable to this Section 13.2, the Company and each
of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, be deemed to have
been discharged from their obligations with respect to all Outstanding Securities of such series (including the Securities
Guarantee) on the date the conditions set forth below are satisfied (hereinafter, &ldquo;Legal Defeasance&rdquo;). For this
purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire
Debt represented by the Outstanding Securities of such series (including the Securities Guarantee), which will thereafter be
deemed to be &ldquo;outstanding&rdquo; only for the purposes of Section 13.5 hereof and the other sections of this Indenture
referred to in clauses (a) and (b) below, and to have satisfied all their other obligations under such Securities, the
Securities Guarantee and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions, which will survive until otherwise
terminated or discharged hereunder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the rights of Holders of Outstanding Securities of such series to receive payments in respect of the principal of, or interest
or premium, if any, on, such Securities when such payments are due from the trust referred to in Section 13.4 hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
the Company&rsquo;s obligations with respect to such Securities under Section 3.4, Section 3.5, Section 3.6, Section 10.2 and
Section 10.3 hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company&rsquo;s and the Guarantors&rsquo; obligations
in connection therewith; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
this Article Thirteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to compliance with this Article Thirteen, the Company may exercise its option under this Section 13.2 notwithstanding the prior
exercise of its option under Section 13.3 hereof with respect to the same series of Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.3. <U>Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the Company&rsquo;s exercise under Section 13.1 hereof of the option applicable to this Section 13.3, the Company and each of
the Guarantors will, subject to the satisfaction of the conditions set forth in Section 13.4 hereof, be released from each of
their obligations with respect to the Securities of such series under the covenants contained in Section 7.4, Section 8.1 and
Section 10.4 hereof as well as any Additional Defeasible Provisions (such release and termination hereinafter referred to as &ldquo;Covenant
Defeasance&rdquo;), and the Securities of such series will thereafter be deemed not &ldquo;outstanding&rdquo; for the purposes
of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but will continue to be deemed &ldquo;outstanding&rdquo; for all other purposes hereunder (it being understood that
such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the Outstanding Securities of such series and the Securities Guarantee, the Company and the Guarantors may fail to
comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
such covenant to any other provision herein or in any other document and such failure to comply will not constitute a Default
or an Event of Default under Section 5.1 hereof, but, except as specified above, the remainder of this Indenture and such Securities
and Securities Guarantees will be unaffected thereby. In addition, upon the Company&rsquo;s exercise under Section 13.1 hereof
of the option applicable to this Section 13.3 hereof, subject to the satisfaction of the conditions set forth in Section 13.4
hereof, any Event of Default that constitutes an Additional Defeasible Provision will no longer constitute an Event of Default.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.4. <U>Conditions to Legal or Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to exercise either Legal Defeasance or Covenant Defeasance with respect to any series of Securities under either Section
13.2 or Section 13.3 hereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Securities of such series,
cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination of cash in U.S. dollars and non-callable U.S.
Government Obligations, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal
firm, or firm of independent public accountants, to pay the principal of, and interest and premium, if any, on, the Outstanding
Securities of such series on the stated date for payment thereof or on the applicable Redemption Date, as the case may be, and
the Company must specify whether the Securities are being defeased to such stated date for payment or to a particular Redemption
Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
in the case of an election under Section 13.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel stating that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
since the Issue Date, there has been a change in the applicable U.S. federal income tax law,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
either case to the effect that, and based thereon such Opinion of Counsel will state that, the Holders of the Outstanding Securities
of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
in the case of an election under Section 13.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel stating that
the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such Covenant Defeasance and will be subject to U.S. 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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
no Default or Event of Default with respect to such series of Securities shall have occurred and be continuing on the date of
such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
the deposit must not result in a breach or violation of, or constitute a default under, any other instrument to which the Company
or any Guarantor is a party or by which the Company or any Guarantor is bound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
such Legal Defeasance or Covenant Defeasance must not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
the Company must deliver to the Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders of such Securities over the other creditors of the Company with the intent of defeating,
hindering, delaying or defrauding any creditors of the Company or others;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
the Company must deliver to the Trustee an Officer&rsquo;s Certificate stating that all conditions precedent set forth in clauses
(a) through (f) of this Section 13.4 have been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the Company must deliver to the Trustee an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions,
qualifications and exclusions) stating that all conditions precedent set forth in clauses (b), (c) and (f) of this Section 13.4
have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.5. <U>Deposited Money and U.S. Government Obligations to be Held in Trust, Other Miscellaneous Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the last paragraph of Section 10.3 hereof, all money and non-callable U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 13.5, the &ldquo;Trustee&rdquo;)
pursuant to Section 13.4 hereof in respect of the Outstanding Securities of any series will 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 (including the Company acting as 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, premium, if any, and interest, but such money need not be segregated
from other funds except to the extent required by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to Section 13.4 hereof or the principal and interest received in respect thereof
other than any such tax, fee or other charge that by law is for the account of the Holders of the Outstanding Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything in this Article Thirteen to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request
of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 13.4 hereof which, in the
opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section 13.4(a) hereof), are in excess
of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13.6. <U>Reinstatement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S. Government Obligations in accordance
with Section 4.1, Section 13.2 or Section 13.3 hereof with respect to the Securities of any series, as the case may be, by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company&rsquo;s and the Guarantors&rsquo; obligations under this Indenture and such Securities and the Securities Guarantee
will be revived and reinstated as though no deposit had occurred pursuant to Section 4.1, Section 13.2 or Section 13.3 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money or non-callable U.S. Government Obligations
in accordance with Section 4.1, Section 13.2 or Section 13.3 hereof, as the case may be; <I>provided, however</I>, that, if the
Company makes any payment of principal of or premium, if any, or interest on any such Security following the reinstatement of
its obligations, the Company will be subrogated to the rights of the Holders of such Securities to receive such payment from the
money or non-callable U.S. Government Obligations held by the Trustee or Paying Agent.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
FOURTEEN</B><BR>
<B><U>GUARANTEE OF SECURITIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14.1. <U>Securities Guarantee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Subject to the other provisions of this Article Fourteen, each of the Guarantors hereby fully and unconditionally and jointly
and severally guarantees to each Holder of a Security of each series to which this Article Fourteen has been made applicable as
provided in Section 3.1(t) (the Securities of such series being referred to herein as the &ldquo;Guaranteed Securities&rdquo;)
(which Security has been authenticated and delivered by the Trustee), and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Guaranteed Securities, or the obligations of the Company hereunder or
thereunder, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the principal of and premium, if any, and interest on the Guaranteed Securities will be promptly paid in full when due, whether
at Stated Maturity, or by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the
Guaranteed Securities, if any, if lawful, and all other obligations of the Company to the Holders of Guaranteed Securities, or
the Trustee hereunder or thereunder, will be promptly paid in full or performed, all in accordance with the terms hereof and thereof;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
in case of any extension of time of payment or renewal of any Guaranteed Securities or any of such other obligations, that same
will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated
Maturity, by acceleration or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failing
payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly
and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee
of collection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
To the extent permissible under applicable law, the obligations of the Guarantors under this Securities Guarantee are unconditional,
irrespective of the validity, regularity or enforceability of the Guaranteed Securities or this Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Guaranteed Securities with respect to any provisions hereof
or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a guarantor. To the extent permitted by applicable law, each
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that this Securities Guarantee will not be discharged except by complete performance of the obligations contained
in the Guaranteed Securities and this Indenture.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either
to the Trustee or such Holder, then this Securities Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, to the extent
permitted by applicable law, as between the Guarantors, on the one hand, and the Holders of Guaranteed Securities and the Trustee,
on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five hereof
for the purposes of this Securities Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations
as provided in Article Five hereof, such obligations (regardless of whether due and payable) will forthwith become due and payable
by the Guarantors for the purpose of this Securities Guarantee. The Guarantors will have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Securities Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14.2. <U>Limitation on Guarantor Liability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Guarantor and, by its acceptance of Guaranteed Securities, each Holder thereof, hereby confirms that it is the intention of all
such parties that the Securities Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or State law
to the extent applicable to any Securities Guarantee. To effectuate the foregoing intention, to the extent permitted under applicable
law, the Holders and each Guarantor hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum
amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor
that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments
made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Fourteen,
result in the obligations of such Guarantor under its Securities Guarantee not constituting a fraudulent transfer or conveyance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14.3. <U>Execution and Delivery of Securities Guarantee Notation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
evidence its Securities Guarantee set forth in Section 14.1 hereof, each Guarantor hereby agrees that a notation of such Securities
Guarantee substantially in the form set forth in Section 2.3 or established in or pursuant to a Board Resolution or in an indenture
supplemental hereto, in accordance with the provisions of Section 2.1, will be endorsed by an officer of such Guarantor on each
Guaranteed Security authenticated and delivered by the Trustee and that this Indenture or a supplement to this Indenture will
be executed on behalf of such Guarantor by one of its officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Guarantor hereby agrees that its Securities Guarantee set forth in Section 14.1 hereof will remain in full force and effect notwithstanding
any failure to endorse on each Guaranteed Security a notation of such Securities Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an officer whose signature is on this Indenture or on the Securities Guarantee no longer holds that office at the time the Trustee
authenticates the Guaranteed Security on which a notation of Securities Guarantee is endorsed, the Securities Guarantee will be
valid nevertheless.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
delivery of any Guaranteed Security by the Trustee, after the authentication thereof hereunder, will constitute due delivery of
the Securities Guarantee of such Guaranteed Security set forth in this Indenture on behalf of the Guarantors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
FIFTEEN</B><BR>
<B><U>SUBORDINATION OF SECURITIES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.1. <U>Securities Subordinated to Senior Debt</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company covenants and agrees, and each Holder, by its acceptance of a Security, likewise covenants and agrees, that all Securities
shall be issued subject to the provisions of this Article Fifteen; and each Person holding any Security, whether upon original
issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of the principal of and interest and
premium, if any, on each and all of the Securities shall, to the extent and in the manner set forth in this Article Fifteen, be
subordinated in right of payment to the prior payment in full, in cash or cash equivalents, of all existing and future Senior
Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.2. <U>No Payment on Securities in Certain Circumstances</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
No direct or indirect payment by or on behalf of the Company of the principal of or interest or premium, if any, on each and all
of the Securities (other than with the money, securities or proceeds held under any defeasance trust established in accordance
with this Indenture), whether pursuant to the terms of the Securities or upon acceleration or otherwise, shall be made if, at
the time of such payment, there exists a default in the payment of all or any portion of the obligations on any Designated Senior
Debt and such default shall not have been cured or waived or the benefits of this sentence waived by or on behalf of the holders
of such Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
During the continuance of any other event of default with respect to any Designated Senior Debt pursuant to which the maturity
thereof may be accelerated, upon receipt by the Trustee of written notice from the trustee or other representative for the holders
of such Designated Senior Debt (or the holders of at least a majority in principal amount of such Designated Senior Debt then
outstanding), no payment of the principal of or interest or premium, if any, on each and all of the Securities (other than with
the money, securities or proceeds held under any defeasance trust established in accordance with this Indenture) may be made by
or on behalf of the Company upon or in respect of the Securities for a period (a &ldquo;Payment Blockage Period&rdquo;) commencing
on the date of receipt of such notice and ending 179 days thereafter (unless, in each case, such Payment Blockage Period has been
terminated by written notice to the Trustee from such trustee of, or other representatives for, such holders or by payment in
full in cash or cash equivalents of such Designated Senior Debt or such event of default has been cured or waived). Not more than
one Payment Blockage Period may be commenced with respect to the Securities during any period of 360 consecutive days. Notwithstanding
anything in this Indenture to the contrary, there must be 180 consecutive days in any 360-day period in which no Payment Blockage
Period is in effect. No event of default that existed or was continuing (it being acknowledged that any subsequent action that
would give rise to an event of default pursuant to any provision under which an event of default previously existed or was continuing
shall constitute a new event of default for this purpose) on the date of the commencement of any Payment Blockage Period with
respect to the Designated Senior Debt initiating such Payment Blockage Period shall be, or shall be made, the basis for the commencement
of a second Payment Blockage Period by the trustee or other representative for the holders of such Designated Senior Debt, whether
or not within a period of 360 consecutive days, unless such event of default shall have been cured or waived for a period of not
less than 90 consecutive days.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment
is prohibited by clause (a) or (b) above, such payment shall be held in trust for the benefit of, and shall be paid over or delivered
to, the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Persons making payment or distribution
of the assets of the Company for application to the payment of all Senior Debt remaining unpaid, or to the trustee or trustees
under any indenture pursuant to which any of such Senior Debt may have been issued, and any excess above such amounts due and
owing on Senior Debt shall be paid to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.3. <U>Payment over of Proceeds upon Dissolution, Etc</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Upon any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or
securities (other than with the money, securities or proceeds held under any defeasance trust established in accordance with this
Indenture), in connection with any dissolution or winding up or total or partial liquidation or reorganization of the Company,
whether voluntary or involuntary, or in bankruptcy, insolvency, receivership or other proceedings, assignment of assets for the
benefit of creditors or other marshalling of assets and liabilities of the Company, all amounts due or to become due upon all
Senior Debt shall first be paid in full, in cash or cash equivalents, before the Holders or the Trustee on their behalf shall
be entitled to receive any payment by (or on behalf of) the Company on account of the Securities, or any payment to acquire any
of the Securities for cash, property or securities, or any distribution with respect to the Securities of any cash, property or
securities. Before any payment may be made by, or on behalf of, the Company on any Security (other than with the money, securities
or proceeds held under any defeasance trust established in accordance with this Indenture) in connection with any such dissolution,
winding up, liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or character,
whether in cash, property or securities, to which the Holders or the Trustee on their behalf would be entitled, but for the provisions
of this Article Fifteen, shall be made by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or
other similar Person making such payment or distribution, or by the Holders or the Trustee if received by them or it, to the trustee
in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent, or other Persons making payment or distribution of the
assets of the Company for application to the payment of all Senior Debt remaining unpaid, or to the trustee or trustees under
any indenture pursuant to which any such Senior Debt may have been issued, to the extent necessary to pay all such Senior Debt
in full, in cash or cash equivalents, after giving effect to any concurrent payment, distribution or provision therefor to or
for the holders of such Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
To the extent any payment of Senior Debt (whether by or on behalf of the Company, as proceeds of security or enforcement of any
right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to any receiver,
trustee in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent
conveyance or similar law, then if such payment is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating
trustee or other similar Person, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated
and outstanding as if such payment had not occurred. To the extent the obligation to repay any Senior Debt is declared to be fraudulent
or invalid or otherwise set aside under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then the
obligation so declared fraudulent or invalid or otherwise set aside (and all other amounts that would come due with respect thereto
had such obligation not been so affected) shall be deemed to be reinstated and outstanding as Senior Debt for all purposes hereof
as if such declaration or setting aside had not occurred.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
In the event that, notwithstanding the provision in clause (a) above prohibiting such payment or distribution, any payment or
distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities, shall be
received by the Trustee or any Holder at a time when such payment or distribution is prohibited by clause (a) above and before
all obligations in respect of Senior Debt are paid in full, in cash or cash equivalents, such payment or distribution shall be
received and held in trust for the benefit of, and shall be paid over or delivered to, the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee, agent, or other Persons making payment or distribution of the assets of the Company for application
to the payment of all Senior Debt remaining unpaid, or to the trustee or trustees under any indenture pursuant to which any such
Senior Debt may have been issued, after giving effect to any concurrent payment, distribution or provision therefor to or for
the holders of such Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
For purposes of this Section 15.3, the words &ldquo;cash, property or securities&rdquo; shall not be deemed to include, so long
as the effect of this clause is not to cause the Securities to be treated in any case or proceeding or similar event described
in this Section 15.3 as part of the same class of claims as the Senior Debt or any class of claims <I>pari passu</I> with, or
senior to, the Senior Debt for any payment or distribution, securities of the Company or any other Person provided for by a plan
of reorganization or readjustment that are subordinated, at least to the extent that the Securities are subordinated, to the payment
of all Senior Debt then outstanding; <I>provided</I> that (i) if a new Person results from such reorganization or readjustment,
such Person assumes the Senior Debt and (ii) the rights of the holders of the Senior Debt are not, without the consent of such
holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company with
or into, another Person or the liquidation or dissolution of the Company following the sale, conveyance, transfer, lease or other
disposition of all or substantially all of its property and assets to another Person upon the terms and conditions provided in
Section 8.1 of this Indenture shall not be deemed a dissolution, winding up, liquidation or reorganization for the purposes of
this Section 15.3 if such other Person shall, as a part of such consolidation, merger, sale, conveyance, transfer, lease or other
disposition, comply (to the extent required) with the conditions stated in Section 8.1 of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.4. <U>Subrogation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Upon the payment in full of all Senior Debt in cash or cash equivalents, the Holders shall be subrogated to the rights of the
holders of Senior Debt to receive payments or distributions to the holders of Senior Debt of cash, property or securities of the
Company made on such Senior Debt until the principal of and premium, if any, and interest on the Securities shall be paid in full;
and, for the purposes of such subrogation, no payments or distributions of any cash, property or securities to which the Holders
or the Trustee on their behalf would be entitled except for the provisions of this Article Fifteen, and no payment pursuant to
the provisions of this Article Fifteen to the holders of Senior Debt by the Holders or the Trustee on their behalf shall, as between
the Company, its creditors other than holders of Senior Debt, and the Holders, be deemed to be a payment by the Company to or
on account of the Senior Debt. It is understood that the provisions of this Article Fifteen are intended solely for the purpose
of defining the relative rights of the Holders, on the one hand, and the holders of the Senior Debt, on the other hand.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article
Fifteen shall have been applied, pursuant to the provisions of this Article Fifteen, to the payment of all amounts payable under
Senior Debt, then, and in such case, the Holders shall be entitled to receive from the holders of such Senior Debt any payments
or distributions received by such holders of Senior Debt in excess of the amount required to make payment in full, in cash or
cash equivalents, of such Senior Debt of such holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.5. <U>Obligations of Company Unconditional</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Nothing contained in this Article Fifteen or elsewhere in this Indenture or in the Securities is intended to or shall impair,
as among the Company and the Holders, the obligation of the Company, which is absolute and unconditional, to pay to the Holders
the principal of and premium, if any, and interest on the Securities as and when the same shall become due and payable in accordance
with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than
the holders of the Senior Debt, nor shall anything herein or therein prevent the Holders or the Trustee on their behalf from exercising
all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this
Article Fifteen of the holders of the Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Without limiting the generality of the foregoing, nothing contained in this Article Fifteen will restrict the right of the Trustee
or the Holders to take any action to declare the Securities to be due and payable prior to their Stated Maturity pursuant to Section
5.2 of this Indenture or to pursue any rights or remedies hereunder; <I>provided, however</I>, that all Senior Debt then due and
payable or thereafter declared to be due and payable shall first be paid in full, in cash or cash equivalents, before the Holders
or the Trustee are entitled to receive any direct or indirect payment from the Company with respect to any Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.6. <U>Notice to Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Company shall give prompt written notice to the Trustee of any fact known to the Company that would prohibit the making of
any payment to or by the Trustee in respect of the Securities pursuant to the provisions of this Article Fifteen. The Trustee
shall not be charged with the knowledge of the existence of any default or event of default with respect to any Senior Debt or
of any other facts that would prohibit the making of any payment to or by the Trustee unless and until the Trustee shall have
received notice in writing at its Corporate Trust Office to that effect signed by an officer of the Company, or by a holder of
Senior Debt or trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee shall, subject to Article
Six, be entitled to assume that no such facts exist; <I>provided </I>that, if the Trustee shall not have received the notice provided
for in this Section 15.6 at least three Business Days prior to the date upon which, by the terms of this Indenture, any monies
shall become payable for any purpose (including, without limitation, the payment of the principal of or premium, if any, or interest
on any Security), then, notwithstanding anything herein to the contrary, the Trustee shall have full power and authority to receive
any monies from the Company and to apply the same to the purpose for which they were received, and shall not be affected by any
notice to the contrary that may be received by it on or after such three Business Day period except for an acceleration of the
Securities prior to such application. Nothing contained in this Section 15.6 shall limit the right of the holders of Senior Debt
to recover payments as contemplated by this Article Fifteen. The foregoing shall not apply if the Paying Agent is the Company.
The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or itself to
be a holder of any Senior Debt (or a trustee on behalf of, or other representative of, such holder) to establish that such notice
has been given by a holder of such Senior Debt or a trustee or representative on behalf of any such holder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as
a holder of Senior Debt to participate in any payment or distribution pursuant to this Article Fifteen, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person,
the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article Fifteen and, if such evidence is not furnished to the Trustee, the Trustee may defer
any payment to such Person pending judicial determination as to the right of such Person to receive such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.7. <U>Reliance on Judicial Order or Certificate of Liquidating Agent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any payment or distribution of assets or securities referred to in this Article Fifteen, the Trustee and the Holders shall be
entitled to rely upon any order or decree made by any court of competent jurisdiction in which bankruptcy, dissolution, winding
up, liquidation or reorganization proceedings are pending, or upon a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other similar Person making such payment or distribution, delivered to the Trustee or to the Holders for the
purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other Debt
of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article Fifteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.8. <U>Trustee&rsquo;s Relation to Senior Debt</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Each of the Trustee and any Paying Agent shall be entitled to all the rights set forth in this Article Fifteen with respect to
any Senior Debt that may at any time be held by it in its individual or any other capacity to the same extent as any other holder
of Senior Debt and nothing in this Indenture shall deprive the Trustee or any Paying Agent of any of its rights as such holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
With respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article Fifteen, and no implied covenants or obligations with respect to the holders of
Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to
the holders of Senior Debt and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over
or distribute to Holders of Securities or to the Company or to any other person cash, property or securities to which any holders
of Senior Debt shall be entitled by virtue of this Article Fifteen or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.9. <U>Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
right of any present or future holders of any Senior Debt to enforce subordination as provided in this Article Fifteen will at
any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure
to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms of this Indenture, regardless
of any knowledge thereof that any such holder may have or otherwise be charged with. The provisions of this Article Fifteen are
intended to be for the benefit of, and shall be enforceable directly by, the holders of Senior Debt.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.10. <U>Holders Authorize Trustee to Effectuate Subordination of Securities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Holder by such Holder&rsquo;s acceptance of any Securities authorizes and expressly directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate the subordination provided in this Article Fifteen, and appoints
the Trustee such Holder&rsquo;s attorney-in-fact for such purposes, including, in the event of any dissolution, winding up, liquidation
or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon
an assignment for the benefit of creditors or otherwise) tending towards liquidation of the property and assets of the Company,
the filing of a claim for the unpaid balance of its Securities in the form required in those proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.11. <U>Not to Prevent Events of Default</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
failure to make a payment on account of principal of or premium, if any, or interest on the Securities by reason of any provision
of this Article Fifteen will not be construed as preventing the occurrence of an Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.12. <U>Trustee&rsquo;s Compensation Not Prejudiced</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in this Article Fifteen will apply to amounts due to the Trustee pursuant to other sections of this Indenture, including Section
6.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.13. <U>No Waiver of Subordination Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
in any way limiting the generality of Section 15.9, the holders of Senior Debt may, at any time and from time to time, without
the consent of or notice to the Trustee or the Holders, without incurring responsibility to the Holders and without impairing
or releasing the subordination provided in this Article Fifteen or the obligations hereunder of the Holders to the holders of
Senior Debt, do any one or more of the following: (a) change the manner, place or terms of payment or extend the time of payment
of, or renew or alter, Senior Debt or any instrument evidencing the same or any agreement under which Senior Debt is outstanding
or secured; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt;
(c) release any Person liable in any manner for the collection of Senior Debt; and (d) exercise or refrain from exercising any
rights against the Company and any other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.14. <U>Payments May Be Paid Prior to Dissolution</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
contained in this Article Fifteen or elsewhere in this Indenture shall prevent (a) the Company, except under the conditions described
in Section 15.2 or Section 15.3, from making payments of principal of and premium, if any, and interest on the Securities, or
from depositing with the Trustee any money for such payments, or (b) the application by the Trustee of any money deposited with
it for the purpose of making such payments of principal of and premium, if any, and interest on the Securities to the holders
entitled thereto unless, at least two Business Days prior to the date upon which such payment becomes due and payable, the Trustee
shall have received the written notice provided for in Section 15.2(b) of this Indenture (or there shall have been an acceleration
of the Securities prior to such application) or in Section 15.6 of this Indenture. The Company shall give prompt written notice
to the Trustee of any dissolution, winding up, liquidation or reorganization of the Company.&nbsp;&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15.15. <U>Trust Moneys Not Subordinated</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything contained herein to the contrary, payments from money or the proceeds of U.S. Government Obligations held in trust under
Article Four by the Trustee for the payment of principal of and premium, if any, and interest on the Securities shall not be subordinated
to the prior payment of any Senior Debt (provided that, at the time deposited, such deposit did not violate any then outstanding
Senior Debt), and none of the Holders shall be obligated to pay over any such amount to any holder of Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
SIXTEEN</B><BR>
<B><U>SUBORDINATION OF SECURITIES GUARANTEES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.1. <U>Securities Guarantees Subordinated to Guarantor Senior Debt </U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Guarantor covenants and agrees, and each Holder, by its acceptance of a Securities Guarantee, likewise covenants and agrees, that
all Securities Guarantees shall be issued subject to the provisions of this Article Sixteen; and each Person holding any Security,
whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all obligations
on each and all of the Securities Guarantees shall, to the extent and in the manner set forth in this Article Sixteen, be subordinated
in right of payment to the prior payment in full, in cash or cash equivalents, of all existing and future Guarantor Senior Debt
of such Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.2. <U>No Payment on Securities Guarantees in Certain Circumstances</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
No direct or indirect payment by or on behalf of any Guarantor of any obligations on each and all of the Securities Guarantees
(other than with the money, securities or proceeds held under any defeasance trust established in accordance with this Indenture),
whether pursuant to the terms of the Securities Guarantees or upon acceleration or otherwise, shall be made if, at the time of
such payment, there exists a default in the payment of all or any portion of the obligations on any Designated Guarantor Senior
Debt of such Guarantor and such default shall not have been cured or waived or the benefits of this sentence waived by or on behalf
of the holders of such Guarantor Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
During the continuance of any other event of default with respect to any Designated Guarantor Senior Debt pursuant to which the
maturity thereof may be accelerated, upon receipt by the Trustee of written notice from the trustee or other representative for
the holders of such Designated Guarantor Senior Debt (or the holders of at least a majority in principal amount of such Designated
Guarantor Senior Debt then outstanding), no payment of any obligations on each and all of the Securities Guarantees (other than
with the money, securities or proceeds held under any defeasance trust established in accordance with this Indenture) may be made
by or on behalf of any Guarantor upon or in respect of the Securities Guarantees for a period (a &ldquo;Securities Guarantee Payment
Blockage Period&rdquo;) commencing on the date of receipt of such notice and ending 179 days thereafter (unless, in each case,
such Securities Guarantee Payment Blockage Period has been terminated by written notice to the Trustee from such trustee of, or
other representatives for, such holders or by payment in full in cash or cash equivalents of such Designated Guarantor Senior
Debt or such event of default has been cured or waived). Not more than one Securities Guarantee Payment Blockage Period may be
commenced with respect to the Securities Guarantees during any period of 360 consecutive days. Notwithstanding anything in this
Indenture to the contrary, there must be 180 consecutive days in any 360-day period in which no Securities Guarantee Payment Blockage
Period is in effect. No event of default that existed or was continuing (it being acknowledged that any subsequent action that
would give rise to an event of default pursuant to any provision under which an event of default previously existed or was continuing
shall constitute a new event of default for this purpose) on the date of the commencement of any Securities Guarantee Payment
Blockage Period with respect to the Designated Guarantor Senior Debt initiating such Securities Guarantee Payment Blockage Period
shall be, or shall be made, the basis for the commencement of a second Securities Guarantee Payment Blockage Period by the trustee
or other representative for the holders of such Designated Guarantor Senior Debt, whether or not within a period of 360 consecutive
days, unless such event of default shall have been cured or waived for a period of not less than 90 consecutive days.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment
is prohibited by clause (a) or (b) above, such payment shall be held in trust for the benefit of, and shall be paid over or delivered
to, the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Persons making payment or distribution
of the assets of the Company for application to the payment of all Guarantor Senior Debt remaining unpaid, or to the trustee or
trustees under any indenture pursuant to which any of such Guarantor Senior Debt may have been issued, and any excess above such
amounts due and owing on Guarantor Senior Debt shall be paid to such Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.3. <U>Payment over of Proceeds upon Dissolution, Etc</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Upon any payment or distribution of assets or securities of a Guarantor of any kind or character, whether in cash, property or
securities (other than with the money, securities or proceeds held under any defeasance trust established in accordance with this
Indenture), in connection with any dissolution or winding up or total or partial liquidation or reorganization of such Guarantor,
whether voluntary or involuntary, or in bankruptcy, insolvency, receivership or other proceedings, assignment of assets for the
benefit of creditors or other marshalling of assets and liabilities of such Guarantor, all amounts due or to become due upon all
Guarantor Senior Debt shall first be paid in full, in cash or cash equivalents, before the Holders or the Trustee on their behalf
shall be entitled to receive any payment by (or on behalf of) such Guarantor on account of the Securities Guarantees, or any payment
to acquire any of the Securities Guarantees for cash, property or securities, or any distribution with respect to the Securities
Guarantees of any cash, property or securities. Before any payment may be made by, or on behalf of, any Guarantor on any Securities
Guarantee (other than with the money, securities or proceeds held under any defeasance trust established in accordance with this
Indenture) in connection with any such dissolution, winding up, liquidation or reorganization, any payment or distribution of
assets or securities of such Guarantor of any kind or character, whether in cash, property or securities, to which the Holders
or the Trustee on their behalf would be entitled, but for the provisions of this Article Sixteen, shall be made by such Guarantor
or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person making such payment or distribution,
or by the Holders or the Trustee if received by them or it, to the trustee in bankruptcy, receiver, liquidating trustee, custodian,
assignee, agent, or other Persons making payment or distribution of the assets of such Guarantor for application to the payment
of all Guarantor Senior Debt remaining unpaid, or to the trustee or trustees under any indenture pursuant to which any such Guarantor
Senior Debt may have been issued, to the extent necessary to pay all such Guarantor Senior Debt in full, in cash or cash equivalents,
after giving effect to any concurrent payment, distribution or provision therefor to or for the holders of such Guarantor Senior
Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
To the extent any payment of Guarantor Senior Debt (whether by or on behalf of any Guarantor, as proceeds of security or enforcement
of any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to any receiver,
trustee in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent
conveyance or similar law, then if such payment is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating
trustee or other similar Person, the Guarantor Senior Debt or part thereof originally intended to be satisfied shall be deemed
to be reinstated and outstanding as if such payment had not occurred. To the extent the obligation to repay any Guarantor Senior
Debt is declared to be fraudulent or invalid or otherwise set aside under any bankruptcy, insolvency, receivership, fraudulent
conveyance or similar law, then the obligation so declared fraudulent or invalid or otherwise set aside (and all other amounts
that would come due with respect thereto had such obligation not been so affected) shall be deemed to be reinstated and outstanding
as Guarantor Senior Debt for all purposes hereof as if such declaration or setting aside had not occurred.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
In the event that, notwithstanding the provision in clause (a) above prohibiting such payment or distribution, any payment or
distribution of assets or securities of any Guarantor of any kind or character, whether in cash, property or securities, shall
be received by the Trustee or any Holder at a time when such payment or distribution is prohibited by clause (a) above and before
all obligations in respect of Guarantor Senior Debt are paid in full, in cash or cash equivalents, such payment or distribution
shall be received and held in trust for the benefit of, and shall be paid over or delivered to, the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee, agent, or other Persons making payment or distribution of the assets of such Guarantor
for application to the payment of all Guarantor Senior Debt remaining unpaid, or to the trustee or trustees under any indenture
pursuant to which any such Guarantor Senior Debt may have been issued, after giving effect to any concurrent payment, distribution
or provision therefor to or for the holders of such Guarantor Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
For purposes of this Section 16.3, the words &ldquo;cash, property or securities&rdquo; shall not be deemed to include, so long
as the effect of this clause is not to cause the Securities Guarantees to be treated in any case or proceeding or similar event
described in this Section 16.3 as part of the same class of claims as the Guarantor Senior Debt or any class of claims <I>pari
passu</I> with, or senior to, the Guarantor Senior Debt for any payment or distribution, securities of any Guarantor or any other
Person provided for by a plan of reorganization or readjustment that are subordinated, at least to the extent that the Securities
Guarantees are subordinated, to the payment of all Guarantor Senior Debt then outstanding; <I>provided</I> that (i) if a new Person
results from such reorganization or readjustment, such Person assumes the Guarantor Senior Debt and (ii) the rights of the holders
of the Guarantor Senior Debt are not, without the consent of such holders, altered by such reorganization or readjustment. The
consolidation of a Guarantor with, or the merger of a Guarantor with or into, another Person or the liquidation or dissolution
of a Guarantor following the sale, conveyance, transfer, lease or other disposition of all or substantially all of its property
and assets to another Person without violation of the terms and conditions provided in this Indenture shall not be deemed a dissolution,
winding up, liquidation or reorganization for the purposes of this Section 16.3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.4. <U>Subrogation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Upon the payment in full of all Guarantor Senior Debt in cash or cash equivalents, the Holders shall be subrogated to the rights
of the holders of Guarantor Senior Debt to receive payments or distributions of cash, property or securities of the Guarantors
made on such Guarantor Senior Debt until all obligations arising under the Securities Guarantees shall be paid in full; and, for
the purposes of such subrogation, no payments or distributions to the holders of the Guarantor Senior Debt of any cash, property
or securities to which the Holders or the Trustee on their behalf would be entitled except for the provisions of this Article
Sixteen, and no payment pursuant to the provisions of this Article Sixteen to the holders of Guarantor Senior Debt by the Holders
or the Trustee on their behalf shall, as between each Guarantor, its creditors other than holders of Guarantor Senior Debt, and
the Holders, be deemed to be a payment by such Guarantor to or on account of the Guarantor Senior Debt. It is understood that
the provisions of this Article Sixteen are intended solely for the purpose of defining the relative rights of the Holders, on
the one hand, and the holders of the Guarantor Senior Debt, on the other hand.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
If any payment or distribution to which the Holders would otherwise have been entitled but for the provisions of this Article
Sixteen shall have been applied, pursuant to the provisions of this Article Sixteen, to the payment of all amounts payable under
Guarantor Senior Debt, then, and in such case, the Holders shall be entitled to receive from the holders of such Guarantor Senior
Debt any payments or distributions received by such holders of Guarantor Senior Debt in excess of the amount required to make
payment in full, in cash or cash equivalents, of such Guarantor Senior Debt of such holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.5. <U>Obligations of Guarantor Unconditional</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Nothing contained in this Article Sixteen or elsewhere in this Indenture or in the Securities is intended to or shall impair,
as among the Guarantors and the Holders, the obligation of such Guarantors, which is absolute and unconditional, to pay to the
Holders all obligations arising under the Securities Guarantees as and when the same shall become due and payable in accordance
with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Guarantors other than
the holders of the Guarantor Senior Debt, nor shall anything herein or therein prevent the Holders or the Trustee on their behalf
from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article Sixteen of the holders of the Guarantor Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Without limiting the generality of the foregoing, nothing contained in this Article Sixteen will restrict the right of the Trustee
or the Holders to take any action to declare the Securities to be due and payable prior to their Stated Maturity pursuant to Section
5.2 of this Indenture or to pursue any rights or remedies hereunder; <I>provided, however</I>, that all Guarantor Senior Debt
then due and payable or thereafter declared to be due and payable shall first be paid in full, in cash or cash equivalents, before
the Holders or the Trustee are entitled to receive any direct or indirect payment from any Guarantor with respect to its Securities
Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.6. <U>Notice to Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Each Guarantor shall give prompt written notice to the Trustee of any fact known to such Guarantor that would prohibit the making
of any payment to or by the Trustee in respect of the Securities Guarantees pursuant to the provisions of this Article Sixteen.
The Trustee shall not be charged with the knowledge of the existence of any default or event of default with respect to any Guarantor
Senior Debt of any Guarantor or of any other facts that would prohibit the making of any payment to or by the Trustee unless and
until the Trustee shall have received notice in writing at its Corporate Trust Office to that effect signed by an Officer of such
Guarantor, or by a holder of such Guarantor Senior Debt or trustee or agent thereof; and prior to the receipt of any such written
notice, the Trustee shall, subject to Article Six, be entitled to assume that no such facts exist; <I>provided</I> that, if the
Trustee shall not have received the notice provided for in this Section 16.6 at least three Business Days prior to the date upon
which, by the terms of this Indenture, any monies shall become payable for any purpose (including, without limitation, the payment
of all obligations arising under any Securities Guarantee), then, notwithstanding anything herein to the contrary, the Trustee
shall have full power and authority to receive any monies from such Guarantor and to apply the same to the purpose for which they
were received, and shall not be affected by any notice to the contrary that may be received by it on or after such three Business
Day period except for an acceleration of the Securities prior to such application. Nothing contained in this Section 16.6 shall
limit the right of the holders of Guarantor Senior Debt to recover payments as contemplated by this Article Sixteen. The foregoing
shall not apply if the Paying Agent is the Company. The Trustee shall be entitled to rely on the delivery to it of a written notice
by a Person representing himself or itself to be a holder of any Guarantor Senior Debt (or a trustee on behalf of, or other representative
of, such holder) to establish that such notice has been given by a holder of such Guarantor Senior Debt or a trustee or representative
on behalf of any such holder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as
a holder of Guarantor Senior Debt to participate in any payment or distribution pursuant to this Article Sixteen, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Guarantor Senior
Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other
facts pertinent to the rights of such Person under this Article Sixteen and, if such evidence is not furnished to the Trustee,
the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.7. <U>Reliance on Judicial Order or Certificate of Liquidating Agent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any payment or distribution of assets or securities referred to in this Article Sixteen, the Trustee and the Holders shall be
entitled to rely upon any order or decree made by any court of competent jurisdiction in which bankruptcy, dissolution, winding
up, liquidation or reorganization proceedings are pending, or upon a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other similar Person making such payment or distribution, delivered to the Trustee or to the Holders for the
purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Guarantor Senior Debt and
other Debt of a Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article Sixteen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.8. <U>Trustee&rsquo;s Relation to Guarantor Senior Debt</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Each of the Trustee and any Paying Agent shall be entitled to all the rights set forth in this Article Sixteen with respect to
any Guarantor Senior Debt that may at any time be held by it in its individual or any other capacity to the same extent as any
other holder of Guarantor Senior Debt and nothing in this Indenture shall deprive the Trustee or any Paying Agent of any of its
rights as such holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
With respect to the holders of Guarantor Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants
and obligations as are specifically set forth in this Article Sixteen, and no implied covenants or obligations with respect to
the holders of Guarantor Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of Guarantor Senior Debt and shall not be liable to any such holders if the Trustee shall
in good faith mistakenly pay over or distribute to Holders of Securities Guarantees or to a Guarantor or to any other person cash,
property or securities to which any holders of Guarantor Senior Debt shall be entitled by virtue of this Article Sixteen or otherwise.</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.9. <U>Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or Holders of Guarantor Senior Debt</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
right of any present or future holders of any Guarantor Senior Debt to enforce subordination as provided in this Article Sixteen
will at any time in any way be prejudiced or impaired by any act or failure to act on the part of a Guarantor or by any act or
failure to act, in good faith, by any such holder, or by any noncompliance by such Guarantor with the terms of this Indenture,
regardless of any knowledge thereof that any such holder may have or otherwise be charged with. The provisions of this Article
Sixteen are intended to be for the benefit of, and shall be enforceable directly by, the holders of Guarantor Senior Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.10. <U>Holders Authorize Trustee to Effectuate Subordination of Securities Guarantees</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Holder by such Holder&rsquo;s acceptance of any Securities Guarantees authorizes and expressly directs the Trustee on such Holder&rsquo;s
behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article Sixteen,
and appoints the Trustee such Holder&rsquo;s attorney-in-fact for such purposes, including, in the event of any dissolution, winding
up, liquidation or reorganization of a Guarantor (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings
or upon an assignment for the benefit of creditors or otherwise) tending towards liquidation of the property and assets of such
Guarantor, the filing of a claim for the unpaid balance of its Securities Guarantees in the form required in those proceedings.
If the Trustee does not file a proper claim or proof of indebtedness in the form required in such proceeding at least 30 days
before the expiration of the time to file such claim or proof, each holder of Guarantor Senior Debt is hereby authorized to file
an appropriate claim for and on behalf of the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.11. <U>Not to Prevent Events of Default</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
failure to fulfill any obligation arising under the Securities Guarantees by reason of any provision of this Article Sixteen will
not be construed as preventing the occurrence of an Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.12. <U>Trustee&rsquo;s Compensation Not Prejudiced</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in this Article Sixteen will apply to amounts due to the Trustee pursuant to other sections of this Indenture, including Section
6.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.13. <U>No Waiver of Subordination Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
in any way limiting the generality of Section 16.9, the holders of Guarantor Senior Debt may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders, without incurring responsibility to the Holders and without impairing
or releasing the subordination provided in this Article Sixteen or the obligations hereunder of the Holders to the holders of
Guarantor Senior Debt, do any one or more of the following: (a) change the manner, place or terms of payment or extend the time
of payment of, or renew or alter, Guarantor Senior Debt or any instrument evidencing the same or any agreement under which Guarantor
Senior Debt is outstanding or secured; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise
securing Senior Debt; (c) release any Person liable in any manner for the collection of Guarantor Senior Debt; and (d) exercise
or refrain from exercising any rights against the Company and any other Person.&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16.14. <U>Payments May Be Paid Prior to Dissolution</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
contained in this Article Sixteen or elsewhere in this Indenture shall prevent (a) a Guarantor, except under the conditions described
in Section 16.2 or Section 16.3, from fulfilling any obligation arising under the Securities Guarantees, or from depositing with
the Trustee any money for such payments, or (b) the application by the Trustee of any money deposited with it for the purpose
of fulfilling any obligation arising under the Securities Guarantees to the holders entitled thereto unless, at least two Business
Days prior to the date upon which such payment becomes due and payable, the Trustee shall have received the written notice provided
for in Section 16.2(b) of this Indenture (or there shall have been an acceleration of the Securities Guarantees prior to such
application) or in Section 16.6 of this Indenture. The Company shall give prompt written notice to the Trustee of any dissolution,
winding up, liquidation or reorganization of such Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
* *</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the day and year first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR
    HOTELS &amp; RESORTS INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2110287d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></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">March 22, 2021</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">Braemar Hotels &amp; Resorts Inc.<BR>
14185 Dallas Parkway, Suite&nbsp;1200<BR>
Dallas, Texas 75254</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">Ladies and Gentlemen:</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-align: justify; text-indent: 0.25in">We have acted as counsel
for Braemar Hotels &amp; Resorts Inc., a Maryland corporation (the &ldquo;<I>Company</I>&rdquo;), in connection with the preparation
of the Registration Statement on Form&nbsp;S-3 (the &ldquo;<I>Amendment</I>&rdquo;) filed on the date hereof by the Company with
the Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;) under the Securities Act of 1933, as amended (the
 &ldquo;<I>Securities Act</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Registration Statement
relates to, among other things, the issuance and sale, from time to time pursuant to Rule&nbsp;415 promulgated under the Securities
Act, of various debt and equity securities of the Company with an aggregate public offering price of up to $300,000,000. The securities
offered by the Company and sold pursuant to the Registration Statement (collectively, the &ldquo;<I>Securities</I>&rdquo;) may
be all or any combination of: (i)&nbsp;shares of common stock, par value $0.01 per share (the &ldquo;<I>Common Stock</I>&rdquo;);
(ii)&nbsp;shares of preferred stock, par value $0.01 per share, in one or more series (the &ldquo;<I>Preferred Stock</I>&rdquo;);
(iii)&nbsp;depositary receipts evidencing depositary shares representing a fraction of a share of a particular series of Preferred
Stock (the &ldquo;<I>Depositary Shares</I>&rdquo;); (iv)&nbsp;debt securities, in one or more series, any series of which may be
either senior debt securities or subordinated debt securities (collectively, &ldquo;<I>Debt Securities</I>&rdquo;); (v)&nbsp;warrants
to purchase Common Stock, Preferred Stock or Debt Securities (the &ldquo;<I>Warrants</I>&rdquo;); (vi)&nbsp;subscription rights
to purchase Common Stock, Preferred Stock or Debt Securities (the &ldquo;<I>Rights</I>&rdquo;); and (vii)&nbsp;units comprised
of any combination of Common Stock, Preferred Stock, Depositary Shares, Debt Securities, Warrants, or Rights (the &ldquo;<I>Units</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Debt Securities,
if any, will be issued under one or more indentures in substantially the form filed as an exhibit to the Registration Statement
to be entered into between the Company and a trustee (the &ldquo;<I>Trustee</I>&rdquo; and each such indenture, an &ldquo;<I>Indenture</I>&rdquo;).
The Warrants, if any, may be issued under one or more warrant agreements in customary form to be entered into between the Company
and a bank or trust company as warrant agent (the &ldquo;<I>Warrant Agent</I>&rdquo; and each such warrant agreement, a &ldquo;<I>Warrant
Agreement</I>&rdquo;). The Rights, if any, may be issued under one or more rights agreement in customary form to be entered into
between the Company and a third party, as rights agent (the &ldquo;<I>Rights Agent</I>&rdquo; and each such rights agreement, a
 &ldquo;<I>Rights Agreement</I>&rdquo;). The Units, if any, may be issued under one or more unit agreements in customary form to
be entered into between the Company and a bank or trust company as unit agent (the &ldquo;<I>Unit Agent</I>&rdquo; and each such
unit agreement, a &ldquo;<I>Unit Agreement</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This opinion is being
delivered in accordance with the requirements of Item&nbsp;601(b)(5) of Regulation&nbsp;S-K under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In rendering the opinions
set forth below, we have examined and relied upon the originals, copies or specimens, certified or otherwise identified to our
satisfaction, of the Registration Statement, the prospectus that is a part of the Registration Statement (the &ldquo;<I>Prospectus</I>&rdquo;)
and such certificates, corporate and public records, agreements and instruments and other documents as we have deemed appropriate
as a basis for the opinions expressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In such examination
we have assumed the genuineness of all signatures, the authenticity of all documents, agreements and instruments submitted to us
as originals, the conformity to original documents, agreements and instruments of all documents, agreements and instruments submitted
to us as copies or specimens, the authenticity of the originals of such documents, agreements and instruments submitted to us as
copies or specimens, the conformity of the text of each document filed with the Commission through the Commission&rsquo;s Electronic
Data Gathering, Analysis and Retrieval System to the printed document reviewed by us, and the accuracy of the matters set forth
in the documents, agreements and instruments we reviewed. As to matters of fact relevant to the opinions expressed herein, we have
relied upon certificates and oral or written statements and other information obtained from the Company. Except as expressly set
forth herein, we have not undertaken any independent investigation (including, without limitation, conducting any review, search
or investigation of any public files, records or dockets) to determine the existence or absence of the facts that are material
to our opinions, and no inference as to our knowledge concerning such facts should be drawn from our reliance on the representations
of the Company in connection with the preparation and delivery of this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have also assumed
(x)&nbsp;the legal capacity of all natural persons and (y)&nbsp;(except to the extent expressly opined on herein) that all documents,
agreements and instruments have been duly authorized, executed and delivered by all parties thereto, that all such parties are
validly existing and in good standing under the laws of their respective jurisdictions of organization, that all such parties had
the power and legal right to execute and deliver all such documents, agreements and instruments, and that such documents, agreements
and instruments constitute the legal, valid and binding obligations of such parties (other than the Company), enforceable against
such parties (other than the Company) in accordance with their respective terms.&nbsp;We have also assumed that, at the time of
the issuance of sale of any Debt Securities, Warrants, Rights, or Units, the issuance and delivery of such securities and the compliance
with the Company with the terms of such securities, will not violate any applicable law or result in a violation of any provision
of the Article&nbsp;of Incorporation or the Bylaws then in effect or any instrument or agreement then binding upon the Company
(including, without limitation, the Indenture, Warrant Agreement, Rights Agreement or Unit Agreement, as applicable) or any restriction
imposed by any court or governmental body having jurisdiction over the Company. We express no opinion concerning the laws of any
jurisdiction other than the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based upon the foregoing
and subject to the limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject to the taking of the additional proceedings contemplated by the Prospectus, as the same may be supplemented from
time to time, the Debt Securities, when duly authorized and executed by the Company, authenticated by the Trustee pursuant to the
terms of the Indenture and sold and delivered by the Company, in each case as contemplated by the Prospectus, as the same may be
supplemented from time to time, will be legal, valid and binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium,
receivership or other laws relating to or affecting creditors&rsquo; rights generally, and to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject to the taking of the additional proceedings contemplated by the Prospectus, as the same may be amended or supplemented
from time to time, the Warrants, when duly authorized and executed by the Company, authenticated by the Warrant Agent pursuant
to the terms of the Warrant Agreement and sold and delivered by the Company, in each case as contemplated by the Prospectus, as
the same may be supplemented from time to time, will be legal, valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium, receivership or other laws relating to or affecting creditors&rsquo; rights generally, and to general principles of
equity (regardless of whether enforcement is sought in a proceeding at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject to the taking of the additional proceedings contemplated by the Prospectus, as the same may be supplemented from
time to time, the Rights, when duly authorized and executed by the Company, authenticated by the Rights Agent pursuant to the terms
of the Rights Agreement and sold and delivered by the Company, in each case as contemplated by the Prospectus, as the same may
be supplemented from time to time, will be legal, valid and binding obligations of the Company, enforceable against the Company
in accordance with their respective terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium, receivership or other laws relating to or affecting creditors&rsquo; rights generally, and to general principles of
equity (regardless of whether enforcement is sough in a proceeding at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject to the taking of the additional proceedings contemplated by the Prospectus, as the same may be supplemented from
time to time, the Units, when duly authorized and executed by the Company, authenticated by the Unit Agent pursuant to the terms
of the Unit Agreement and sold and delivered by the Company, in each case as contemplated by the Prospectus, as the same may be
supplemented from time to time, will be legal, valid and binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium,
receivership or other laws relating to or affecting creditors&rsquo; rights generally, and to general principles of equity (regardless
of whether enforcement is sough in a proceeding at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We hereby consent
to the filing of this opinion with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not
thereby admit that we are included in the category of persons whose consent is required under Section&nbsp;7 of the Securities
Act or the rules and regulations of the Commission. This opinion is expressed as of the date hereof unless otherwise expressly
stated, and we disclaim any undertaking to advise you of any subsequent changes of the facts stated or assumed herein or any subsequent
changes in applicable law.</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: 3.5in">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Cadwalader, Wickersham &amp; Taft LLP</TD></TR>
</TABLE>

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<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>tm2110287d2_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>

<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>EXHIBIT 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hogan Lovells US LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Harbor East</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 International Drive</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Suite 2000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Baltimore, MD 21202</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T +1 410 659 2700</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">F +1 410 659 2701</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">www.hoganlovells.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Board
of Directors</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Braemar
Hotels &amp; Resorts Inc. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14185 Dallas Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Suite 1200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, TX 75254</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are acting as counsel
to Braemar Hotels &amp; Resorts Inc. a Maryland corporation (the &#8220;<B>Company</B>&#8221;), in connection with its registration
statement on Form&nbsp;S-3 (the &#8220;<B>Registration Statement</B>&#8221;), filed with the Securities and Exchange Commission
relating to the proposed public offering of $300,000,000 of one or more series of the following securities of the Company: (i)
secured or unsecured debt securities (the &#8220;<B>Debt Securities</B>&#8221;), (ii) shares of preferred stock, $.01 par value
per share (the &#8220;<B>Preferred Shares</B>&#8221;), (iii) shares of common stock, $.01 par value per share (the &#8220;<B>Common
Shares</B>&#8221;), (iv) warrants to purchase Debt Securities (the &#8220;<B>Debt Warrants</B>&#8221;); (v) warrants to purchase
Preferred Shares (the &#8220;<B>Preferred Stock Warrants</B>&#8221;); (vi) warrants to purchase Common Shares (the &#8220;<B>Common
Stock Warrants</B>&#8221;), (vii)&nbsp;Preferred Shares represented by depositary receipts (the &#8220;<B>Depositary </B>Shares&#8221;),
(viii) subscription rights to purchase Debt Securities, Preferred Shares, Common Shares, Debt Warrants, Preferred Stock Warrants,
Common Stock Warrants, or Depositary Shares (the &#8220;<B>Subscription Rights</B>)&#8221; and (ix) units consisting of one or
more Debt Securities, Preferred Shares, Common Shares, Debt Warrants, Preferred Stock Warrants, Common Stock Warrants, Depositary
Shares, and Subscription Rights (the &#8220;<B>Units</B>&#8221; and, together with the Debt Securities, Preferred Shares, Common
Shares, Debt Warrants, Preferred Stock Warrants, Common Stock Warrants, Depositary Shares, and Subscription Rights, the &#8220;<B>Securities</B>&#8221;)
all of which may be sold from time to time and on a delayed or continuous basis, as set forth in the prospectus which forms a part
of the Registration Statement, and as to be set forth in one or more supplements to the prospectus. This opinion letter is furnished
to you at your request to enable you to fulfill the requirements of Item&nbsp;601(b)(5) of Regulation S&#45;K, 17&nbsp;C.F.R. &sect;&nbsp;229.601(b)(5),
in connection with the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">For purposes of this
opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on
which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness
of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the
authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as
copies (including pdfs). As to all matters of fact, we have relied on the representations and statements of fact made in the documents
so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements
herein are made, in the context of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%">
        <P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Board
        of Directors</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar Hotels &amp; Resorts Inc.</P></TD>
    <TD STYLE="width: 24%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    2 -</FONT></TD>
    <TD STYLE="width: 37%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 22, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this opinion letter, we
have assumed that (i) the issuance, sale, amount and terms of any Securities of the Company to be offered from time to time will
have been duly authorized and established by proper action of the board of directors of the Company or a duly authorized committee
of such board (&#8220;<B>Board Action</B>&#8221;) consistent with the procedures and terms described in the Registration Statement
and in accordance with the Company&#8217;s charter and bylaws and applicable Maryland corporate law, in a manner that does not
violate any law, government or court-imposed order or restriction or agreement or instrument then binding on the Company or otherwise
impair the legal or binding nature of the obligations represented by the applicable Securities; (ii) at the time of offer, issuance
and sale of any Securities, the Registration Statement will have been declared effective under the Securities Act of 1933, as amended
(the &#8220;<B>Act</B>&#8221;), and no stop order suspending its effectiveness will have been issued and remain in effect; (iii)
any senior Debt Securities will be issued pursuant to a &#8220;senior indenture&#8221; and any subordinated Debt Securities will
be issued pursuant to a &#8220;subordinated indenture,&#8221; substantially in the forms of such indentures filed as exhibits to
the Registration Statement, with items shown in such exhibits as subject to completion completed in a satisfactory manner; (iv)
the indenture under which any Debt Securities are issued will be qualified under the Trust Indenture Act of 1939, as amended; (v)
any Debt Warrants will be issued under one or more debt warrant agreements, each to be between the Company and a financial institution
identified therein as a warrant agent; (vi) any Preferred Stock Warrants will be issued under one or more equity warrant agreements,
each to be between the Company and a financial institution identified therein as a warrant agent; (vii) any Common Stock Warrants
will be issued under one or more equity warrant agreements, each to be between the Company and a financial institution identified
therein as a warrant agent; (viii) prior to any issuance of Preferred Shares or Depositary Shares, appropriate articles supplementary
shall be filed and accepted for record with the Maryland State Department of Assessments and Taxation; (ix) any Depositary Shares
will be issued under one or more deposit agreements to be between the Company and the financial institution designated therein
as a depositary, (x) any Subscription Rights will be issued under one or more subscription rights agreements to be between the
Company and the financial institution designated therein as subscription rights agent; (xi) any Units will be issued under one
or more unit agreements to be between the Company and the financial institution designated therein as unit agent, (xii) if being
sold by the issuer thereof, the Securities will be delivered against payment of valid consideration therefor and in accordance
with the terms of the applicable Board Action authorizing such sale and any applicable underwriting agreement or purchase agreement
and as contemplated by the Registration Statement and/or the applicable prospectus supplement; (xiii) the Company will remain a
Maryland corporation; and (xiv) the Securities will not be issued in violation of the ownership limit contained in the Company&#8217;s
charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%">
        <P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Board
        of Directors</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar Hotels &amp; Resorts Inc.</P></TD>
    <TD STYLE="width: 24%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    3 -</FONT></TD>
    <TD STYLE="width: 37%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 22, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This opinion letter is
based as to matters of law solely on the applicable provisions of the Maryland General Corporation Law as currently in effect.
We express no opinion herein as to any other statutes, rules or regulations (and in particular, we express no opinion as to any
effect that such other statutes, rules, or regulations may have on the opinions expressed herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Based upon, subject to
and limited by the foregoing, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Debt Securities (including any Debt Securities duly issued upon the exercise of Debt Warrants or Subscription Rights), upon due
execution and delivery of an indenture relating thereto on behalf of the Company and the trustee named therein, and upon authentication
by such trustee and due execution and delivery on behalf of the Company in accordance with the indenture and any supplemental indenture
relating thereto, will have been duly authorized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Preferred Shares (including any Preferred Shares represented by Depositary Shares or that are duly issued upon the exercise of
Preferred Stock Warrants or Subscription Rights and receipt by the Company of any additional consideration payable upon such exercise),
upon due execution and delivery on behalf of the Company of certificates therefor, including global certificates, or the entry
of the issuance thereof in the books and records of the Company, as the case may be, will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Shares (including any Common Shares duly issued upon the exchange or conversion of Debt Securities or Preferred Shares that
are exchangeable for or convertible into Common Shares or upon the exercise of Common Stock Warrants or Subscription Rights and
receipt by the Company of any additional consideration payable upon such conversion, exchange or exercise), upon due execution
and delivery on behalf of the Company of certificates therefor, including global certificates, or the entry of the issuance thereof
in the books and records of the Company, as the case may be, will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Debt Warrants, upon due execution and delivery of a debt warrant agreement relating thereto on behalf of the Company and the warrant
agent named therein and due authentication of the Debt Warrants by such warrant agent, and upon due execution and delivery of the
Debt Warrants on behalf of the Company, will have been duly authorized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Preferred Stock Warrants, upon due execution and delivery of an equity warrant agreement relating thereto on behalf of the Company
and the warrant agent named therein and due authentication of the Preferred Stock Warrants by such warrant agent, and upon due
execution and delivery of the Preferred Stock Warrants on behalf of the Company, will have been duly authorized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%">
        <P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">Board
        of Directors</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar Hotels &amp; Resorts Inc.</P></TD>
    <TD STYLE="width: 24%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    4 -</FONT></TD>
    <TD STYLE="width: 37%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 22, 2021</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock Warrants, upon due execution and delivery of an equity warrant agreement relating thereto on behalf of the Company
and the warrant agent named therein and due authentication of the Common Stock Warrants by such warrant agent, and upon due execution
and delivery of the Common Stock Warrants on behalf of the Company, will have been duly authorized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
depositary receipts evidencing the Depositary Shares, upon due countersignature thereof and issuance against a deposit of duly
authorized and validly issued Preferred Shares in accordance with the deposit agreement relating thereto, will be validly issued</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Subscription Rights, upon due execution and delivery of a subscription rights agreement relating thereto on behalf of the Company,
and upon due execution and delivery of one or more certificates bearing such terms on behalf of the Company, will have been duly
authorized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Units, upon due execution and delivery of a unit agreement relating thereto on behalf of the Company, and upon due execution and
delivery of one or more certificates bearing such terms on behalf of the Company, will have been duly authorized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion letter
has been prepared for use in connection with the Registration Statement. We assume no obligation to advise of any changes in the
foregoing subsequent to the effective date of the Registration Statement. The foregoing notwithstanding, to the extent our opinion
relates to matters of Maryland law, Cadwalader, Wickersham &amp; Taft LLP may rely on our opinion in rendering its opinion to the
addressees of this opinion on the date hereof, provided that the full text of our opinion is made available to each recipient of
the opinion letter of Cadwalader, Wickersham &amp; Taft LLP, and that no such reliance will have any effect on the scope, phrasing or originally
intended use of our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We hereby consent to
the filing of this opinion letter as Exhibit 5.2 to the Registration Statement and to the reference to this firm under the caption
 &#8220;Legal Matters&#8221; in the prospectus constituting a part of the Registration Statement. In giving this consent, we do
not thereby admit that we are an &#8220;expert&#8221; within the meaning of Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>/s/ Hogan Lovells US LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">HOGAN LOVELLS US LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>tm2110287d2_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit
8.1</FONT></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: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Locke
Lord LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2200
Ross Avenue, Suite 2800</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dallas,
TX 75201</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
214-740-8000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
214-740-8800</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.lockelord.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
22, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Braemar
Hotels &amp; Resorts Inc.<BR>
14185 Dallas Parkway, Suite 1200<BR>
Dallas, TX 75254</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as special United States federal income tax counsel to Braemar Hotels &amp; Resorts Inc. (formerly Ashford Hospitality
Prime, Inc.), a Maryland corporation (the &ldquo;Company&rdquo;), in connection with the preparation of a prospectus (the &ldquo;Prospectus&rdquo;)
included in a registration &lrm;statement (the &ldquo;Registration Statement&rdquo;) on Form S-3 filed by the Company with the
Securities &lrm;and Exchange Commission (the &ldquo;SEC&rdquo;), on or about the date hereof with respect to the offer &lrm;and
sale of various debt and equity securities with an aggregate public offering price of &lrm;&lrm;$300,000,000. You have requested
our opinion as to certain United States federal income tax &lrm;matters in connection with the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with our opinion, we have examined and relied upon the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles of Amendment and Restatement, in the form filed with the State Department of Assessments and Taxation
of Maryland on November 8, 2013, as amended by the Company&rsquo;s Articles of Amendment, in the form filed with the State Department
of Assessments and Taxation of Maryland on May 18, 2015, and as amended by Amendment No. 1 to the Articles of Amendment and Restatement
filed with the State Department of Assessments and Taxation of Maryland on December 8, 2017, and as amended by Amendment No. 2
to the Articles of Amendment and Restatement filed with the State Department of Assessments and Taxation of Maryland on April
23, 2018;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary (Series A Preferred Stock), in the form filed with the State Department of Assessments
and Taxation of Maryland on May 18, 2015;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary (Series B Preferred Stock), in the form filed with the State Department of Assessments
and Taxation of Maryland on June 10, 2015, as corrected in a Certificate of Correction filed June 11, 2015;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary (Series C Preferred Stock), in the form filed with the State Department of Assessments
and Taxation of Maryland on December 4, 2015;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary, in the form filed with the State Department of Assessments and Taxation of Maryland on
February 1, 2016;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary, in the form filed with the State Department of Assessments and Taxation of Maryland on
April 27, 2016;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary Establishing Additional Shares of Series B Cumulative Convertible Preferred Stock, in the
form filed with the State Department of Assessments and Taxation of Maryland on March 3, 2017;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary (Series D Preferred Stock), in the form filed with the State Department of Assessments
and Taxation of Maryland on November 19, 2018;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary Establishing Additional Shares of Series B Preferred Stock, in the form filed with the
State Department of Assessments and Taxation of Maryland on December 4, 2019;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary (Series E Preferred Stock), in the form filed with the State Department of Assessments
and Taxation of Maryland on January 24, 2020;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Articles Supplementary (Series M Preferred Stock), in the form filed with the State Department of Assessments
and Taxation of Maryland on January 24, 2020;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Amended and Restated Bylaws, dated November 5, 2013, the Company&rsquo;s Second Amended and Restated Bylaws, dated
August 3, 2016, the Company&rsquo;s Third Amended and Restated Bylaws, dated April 23, 2018, and the Company&rsquo;s Fourth Amended
and Restated Bylaws, dated August 14, 2018;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Certificate of Limited Partnership of the Operating Partnership, effective April 5, 2013, as certified by the Secretary of State
of the State of Delaware, as corrected in a Certificate of Correction filed February 14, 2014;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Amended and Restated Agreement of Limited Partnership of the Operating Partnership between Braemar OP General Partner LLC (formerly
Ashford Prime OP General Partner LLC), as the general partner, and Braemar OP Limited Partner LLC (formerly Ashford Prime OP Limited
Partner LLC), and certain officers, directors and others as the limited partners (the &ldquo;Operating Partnership Agreement&rdquo;),
dated November 19, 2013, as amended through the relevant dates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Officer&rsquo;s Certificate to Counsel for Braemar Hotels &amp; Resorts, Inc. Regarding Certain Income Tax Matters dated the date
hereof and executed by a duly appointed officer of the Company (the &ldquo;Braemar Officer&rsquo;s Certificate&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of leases entered into between any taxable REIT subsidiary of the Company and each partnership, limited liability company
or trust in which the Company directly or indirectly owns an interest, the form of which is attached to the Braemar Officer&rsquo;s
Certificate; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other documents, records and matters of law as we have deemed necessary or appropriate for rendering this opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company&rsquo;s ability to qualify to be taxed as a real estate investment trust (a &ldquo;REIT&rdquo;) under the
Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) for the 2013 taxable year and certain future taxable years
has depended on or will depend upon qualification of Ashford Hospitality Trust, Inc., a Maryland corporation (&ldquo;AHT&rdquo;),
to be taxed as a REIT for its taxable years ended December 31, 2009 through December 31, 2013. As a consequence in connection
with our opinion, we have also examined and relied upon the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Articles of Amendment and Restatement filed July 28, 2003, the Certificate of Correction to Correct an Error, in the form filed
with the State Department of Assessments and Taxation of Maryland on August 7, 2003, and as amended by Amendment No. 1 filed with
the State Department of Assessments and Taxation of Maryland on May 13, 2015;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Articles Supplementary (Series A Preferred Stock), in the form filed with the State Department of Assessments and Taxation of
Maryland on September 21, 2004;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Articles Supplementary (Series B-1 Preferred Stock), in the form filed with the State Department of Assessments and Taxation of
Maryland on December 29, 2004;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Articles Supplementary (Series B-2 Preferred Stock), in the form filed with the State Department of Assessments and Taxation of
Maryland on December 29, 2004;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Articles Supplementary (Series C Preferred Stock), in the form filed with the State Department of Assessments and Taxation of
Maryland on April 10, 2007;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Articles Supplementary (Series D Preferred Stock), in the form filed with the State Department of Assessments and Taxation of
Maryland on July 17, 2007; AHT&rsquo;s Articles Supplementary Establishing Additional Shares of Series D Preferred Stock, in the
form filed with the State Department of Assessments and Taxation of Maryland on September 21, 2010; AHT&rsquo;s Articles Supplementary
Establishing Additional Shares of Series D Preferred Stock, in the form filed with the State Department of Assessments and Taxation
of Maryland on September 30, 2011;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Articles Supplementary (Series E Preferred Stock), in the form filed with the State Department of Assessments and Taxation of
Maryland on April 15, 2011; AHT&rsquo;s Articles Supplementary Establishing Additional Shares of Series E Preferred Stock, in
the form filed with the State Department of Assessments and Taxation of Maryland on October 14, 2011;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT&rsquo;s
Amended and Restated Bylaws, as amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3, and AHT&rsquo;s Second Amended
and Restated Bylaws, as certified by the Secretary of AHT;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Certificate of Amendment to the Certificate of Limited Partnership of Ashford Hospitality Limited Partnership, a Delaware limited
partnership (the &ldquo;AHT Partnership&rdquo;), effective July 25, 2003, as certified by the Secretary of State of the State
of Delaware;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Amended and Restated Agreement of Limited Partnership of the AHT Partnership between Ashford OP General Partner LLC, as the general
partner, and Ashford OP Limited Partner LLC, and certain officers, directors and others as the limited partners (the &ldquo;AHT
Partnership Agreement&rdquo;), as amended through the relevant dates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Officer&rsquo;s Certificate to Counsel for Ashford Hospitality Trust, Inc. Regarding Certain Income Tax Matters dated the date
hereof and executed by a duly appointed officer of AHT (the &ldquo;AHT Officer&rsquo;s Certificate&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Officer&rsquo;s Certificate to Counsel for Ashford, Inc. Regarding Certain Income Tax Matters dated the date hereof and executed
by a duly appointed officer of Ashford, Inc. (the &ldquo;Ashford Inc. Officer&rsquo;s Certificate&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of leases entered into between any taxable REIT subsidiary of AHT and each partnership, limited liability company or trust
in which AHT directly or indirectly owns an interest, the form of which is attached to the AHT Officer&rsquo;s Certificate; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other documents, records and matters of law as we have deemed necessary or appropriate for rendering this opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our examination, we have assumed, without independent investigation or verification, (i) the authenticity and completeness of
all documents reviewed by us in original or copy form, (ii) the conformity to the original documents of all documents reviewed
by us as copies, including electronic copies and conformed copies, (iii) the due authorization, capacity, execution and delivery
on behalf of the respective parties thereto of all documents referred to herein and the legal, valid and binding effect thereof
on such parties, (iv) the genuineness of all signatures on documents examined by us, (v) the truth, accuracy and completeness
of the information, factual matters, representations and warranties contained in the records, documents, instruments and certificates
we have reviewed and (vi) that each unexecuted document submitted to us for our review will be executed in a form materially identical
to the form we reviewed. We have further assumed that each of the parties to each of the documents referred to herein fully complies
with all of its obligations thereunder and that there are no arrangements, understandings or agreements among any of the parties
relating to such documents other than those evidenced by such documents. In connection with the opinion rendered below, we have
also relied upon the correctness of the factual representations contained in the AHT Officer&rsquo;s Certificate, the Braemar
Officer&rsquo;s Certificate and the Ashford Inc. Officer&rsquo;s Certificate, and have assumed that all representations made &ldquo;to
the best knowledge of&rdquo; any person will be true, correct and complete as if made without that qualification. We have also
assumed that:</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has not made and will not make any amendments to its organization documents or allow amendments to the Operating Partnership
Agreement or organization documents of its corporate subsidiaries or partnership, limited liability or trust agreements of its
partnership, limited liability company or trust subsidiaries after the date of this opinion that would adversely affect the Company&rsquo;s
qualification as a REIT under the Code, for any taxable year;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
action has been or will be taken by the Company, the Operating Partnership, partnership, limited liability company and trust subsidiaries
of the Company or corporate subsidiaries of the Company after the date hereof that would have the effect of altering the facts
upon which the opinion set forth below is based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
its taxable years ended December 31, 2003 through December 31, 2013, AHT operated in a manner that makes the representations contained
in the AHT Officer&rsquo;s Certificate true for such years;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AHT
has not made and will not make any amendments to its organization documents or allow amendments to the AHT Partnership Agreement
or organization documents of its corporate subsidiaries or partnership, limited liability or trust agreements of its partnership,
limited liability company or trust subsidiaries after the date of this opinion that would adversely affect its qualification as
a REIT under the Code, for its 2009 through 2013 taxable years; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
action has been or will be taken by AHT, the AHT Partnership, partnership, limited liability company and trust subsidiaries of
AHT or corporate subsidiaries of the Company after the date hereof that would have the effect of altering the facts upon which
the opinion set forth below is based.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have assumed that all facts, information, representations, covenants, agreements and other statements set forth in the documents
referred to above were initially and are currently, and will continue to be, true, correct and complete without regard to any
qualification as to knowledge or belief. We have assumed that none of the documents referred to above has been or will be amended,
modified, supplemented or otherwise altered in any respect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the documents and assumptions set forth above and the representations set forth in the Braemar Officer&rsquo;s Certificate,
the AHT Officer&rsquo;s Certificate and the Ashford Inc. Officer&rsquo;s Certificate and the discussion in the Base Prospectus
under the caption &ldquo;Material Federal Income Tax Considerations&rdquo; (which is incorporated herein by reference), we are
of the opinion that:</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commencing
with the Company&rsquo;s taxable year ended December 31, 2013 through its taxable year ended December 31, 2020, the Company has
been organized and operated in conformity with the requirements for qualification as a REIT under the Code, and the Company&rsquo;s
organization and current and proposed method of operation will enable it to continue to meet the requirements for qualification
and taxation as a REIT under the Code for its taxable year ending December 31, 2021 and thereafter;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Operating Partnership is classified as a partnership for United States federal income tax purposes and not as an association taxable
as a corporation or a &ldquo;publicly traded partnership&rdquo; taxable as a corporation under the Code; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
descriptions of the law and the legal conclusions contained in the Base Prospectus under the caption &ldquo;Material Federal Income
Tax Considerations&rdquo;, subject to the qualifications and assumptions stated therein, and the discussion thereunder expresses
the opinion of Locke Lord LLP insofar as it relates to matters of United States federal income tax law and legal conclusions with
respect to those matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not possible to predict whether the statements, representations, warranties or assumptions on which we have relied to issue
this opinion will continue to be accurate in the future. The Company&rsquo;s qualification and taxation as a REIT under the Code
has depended and will depend on the ability of the Company to meet on a prior and an ongoing basis (through actual quarterly and
annual operating results, distribution levels, diversity of stock ownership and otherwise) the various qualification tests imposed
under the Code, and upon the Company&rsquo;s utilizing any and all appropriate &ldquo;savings provisions&rdquo; (including the
provisions of Sections 856(c)(6), 856(c)(7), and 856(g) of the Code and the provisions included in Section 856(c)(4) of the Code
(flush language) allowing for the disposal of assets within 30 days after the close of a calendar quarter, and all available deficiency
dividend procedures) available to the Company under the Code to correct violations of specified REIT qualification requirements
of Sections 856 and 857 of the Code. Our opinion set forth above does not foreclose the possibility that the Company may have
to utilize one or more of these &ldquo;savings provisions,&rdquo; which could require the Company to pay an excise tax or penalty
tax (which could be significant in amount) in order to maintain its REIT qualification for a taxable year. We will not review
on a continuing basis the Company&rsquo;s compliance with the documents or assumptions set forth above, or the representations
set forth in the Braemar Officer&rsquo;s Certificate, the AHT Officer&rsquo;s Certificate and the Ashford Inc. Officer&rsquo;s
Certificate. Accordingly, no assurance can be given that the Company&rsquo;s operations for any given taxable year will satisfy
the requirements for qualification and taxation as a REIT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing opinion is limited to the United States federal income tax matters addressed herein, and no other opinion is rendered
with respect to other United States federal tax matters or to any issues arising under the tax laws of any other country, or any
state or locality. The foregoing opinion is based on current provisions of the Code and the Treasury regulations thereunder (the
 &ldquo;Regulations&rdquo;), published administrative interpretations thereof, and published court decisions, all of which are
subject to change and new interpretation, both prospectively and retroactively. The Internal Revenue Service has not issued Regulations
or administrative interpretations with respect to various provisions of the Code relating to REIT qualification. No assurance
can be given that the law will not change in a way that will prevent the Company from qualifying as a REIT. Although the conclusions
set forth herein represent our best judgment as to the probable outcome on the merits of such matters, the Internal Revenue Service
and the courts are not bound by, and may disagree with, the conclusions set forth herein. This opinion is rendered only as of
the date hereof, and we assume no obligation to update our opinion to address other facts or any changes in law or interpretation
thereof that may hereafter occur or hereafter come to our attention. If any one of the statements, representations, warranties
or assumptions that we have relied upon to issue this opinion is incorrect in a material respect, our opinion might be adversely
affected and may not be relied upon.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement. We also consent to the references to
Locke Lord LLP under the caption &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; and elsewhere in the Prospectus.
In giving this consent, we do not admit that we are in the category of persons whose consent is required by Section 7 of the Securities
Act of 1933, as amended, or the rules and regulations promulgated thereunder by the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Locke Lord LLP</FONT></P></TD></TR>
</TABLE>




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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>7
<FILENAME>tm2110287d2_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Exhibit
23.4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><U>Consent
of Independent Registered Public Accounting Firm</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Braemar
Hotels &amp; Resorts Inc.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Dallas,
Texas</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement of our reports
dated March 5, 2021, relating to the consolidated financial statements and schedule of Braemar Hotels &amp; Resorts Inc. and the
effectiveness of Braemar Hotels &amp; Resorts Inc.&rsquo;s internal control over financial reporting, appearing in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2020. Our report on the effectiveness of internal control over financial
reporting expresses an adverse opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting as
of December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
also consent to the reference to us under the caption &ldquo;Experts&rdquo; in the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ BDO USA, LLP</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dallas, Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 22, 2021</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>






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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
