<SEC-DOCUMENT>0000917225-14-000025.txt : 20140326
<SEC-HEADER>0000917225-14-000025.hdr.sgml : 20140326
<ACCEPTANCE-DATETIME>20140326163925
ACCESSION NUMBER:		0000917225-14-000025
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20140326
DATE AS OF CHANGE:		20140326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO EXPLORATION & ROYALTY CORP.
		CENTRAL INDEX KEY:			0000917225
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841285791
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-194827
		FILM NUMBER:		14719048

	BUSINESS ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
		BUSINESS PHONE:		3035341030

	MAIL ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>mar14s3.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>As
</B></FONT><B><FONT STYLE="font-size: 8pt">filed with the Securities and Exchange Commission on March&nbsp;____, 2014. </FONT></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: right"><B>Registration Statement No. 333-________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></P>

<P STYLE="font: 2.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-3 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>UNDER </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933 </I></B></P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOLITARIO EXPLORATION &amp; ROYALTY CORP.
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact Name of Registrant as Specified in
Its Charter) </B></P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <td style="width: 50%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 3%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="width: 47%; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Colorado</b></font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>84-1285791</b></font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center; font-size: 7.5pt; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>(State or Other Jurisdiction of Incorporation or Organization)</b></font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; text-align: center; font-size: 7.5pt; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>(I.R.S. Employer Identification Number)</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4251 Kipling Street, Suite 390</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wheat Ridge, Colorado 80033 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(303) 534-1030 </B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices) </B></P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Christopher E. Herald </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>President and Chief Executive Officer </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4251 Kipling Street, Suite 390 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wheat Ridge, Colorado 80033 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(303) 534-1030 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, Address, Including Zip Code, and Telephone
Number, Including Area Code, of Agent for Service) </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>With copies to: </I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="width: 89%; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Clifford R. Pearl, Esq.</b></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Peter F. Waltz, Esq.</b></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Polsinelli PC</b></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>1515 Wynkoop Street, Suite 600</b></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Denver, Colorado 8002</b></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(303) 572-9300</b></P></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Approximate date of
commencement of proposed sale to the public</I>: From time to time after this registration statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the only securities
being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;&#61608;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any of the securities
being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933, as amended, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box.&nbsp;&nbsp;[x]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If this form is filed
to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#61608;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If this form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#61608;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If this Form is a registration
statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&#61608;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If this Form is a post-effective
amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional
classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&#61608;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo;
in Rule 12b- 2 of the Exchange Act.</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 70%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="width: 28%; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;&#61608;</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Accelerated&nbsp;filer&nbsp;&nbsp;&#61608;</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;&#61608; (Do not check if a smaller reporting company) </font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Smaller reporting company&nbsp;&nbsp;[x]</font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE </B></P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="9" style="border-top: black 2.25pt double; font-size: 1pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>Title of Each Class of</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Securities to be</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Registered</b></font></td>
    <td style="border-left: black 1pt solid; border-bottom: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>Amount to be</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Registered (1) (2)</b></font></td>
    <td style="border-left: black 1pt solid; border-bottom: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>Proposed Maximum</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Offering Price Per</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Unit (3)</b></font></td>
    <td style="border-left: black 1pt solid; border-bottom: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>Proposed Maximum</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Aggregate</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Offering Price (4)</b></font></td>
    <td style="border-left: black 1pt solid; border-bottom: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>Amount of</b></font><br>
<font style="font: 7.5pt Times New Roman, Times, Serif"><b>Registration Fee </b></font></td></tr>
<tr>
    <td style="vertical-align: top; border-top: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Debt Securities (5)</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; border-top: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Preferred Stock (6)</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; border-top: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Common Stock (7)</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; border-top: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Warrants (8)</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; border-top: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Units (9)</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; border-top: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Total</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; border-top: black 1pt solid; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$75,000,000 </font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; border-top: black 1pt solid; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">N.A.</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; border-top: black 1pt solid; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$75,000,000</font></td>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; border-top: black 1pt solid; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$1,407 (10)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="9" style="border-top: black 2.25pt double; font-size: 1pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td>
    <td style="width: 97%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount to be registered consists
        of up to $75,000,000 of an indeterminate amount of debt securities, preferred stock, common stock, warrants and/or units. There
        is also being registered hereunder such currently indeterminate amount of debt securities as may be issued upon exercise of warrants
        registered hereby and such currently indeterminate number of (i)&nbsp;shares of preferred stock, common stock and warrants as may
        be issued upon conversion of, or in exchange for, convertible or exchangeable debt securities and/or preferred stock registered
        hereby, or (ii)&nbsp;shares of preferred stock and common stock as may be issued upon exercise of warrants registered hereby, as
        the case may be. Any securities registered hereunder may be sold separately or as units with the other securities registered hereunder.</P>
        <P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Of the total amount of  debt securities, shares of common stock,
shares of preferred stock, warrants and units registered hereunder for sale by the Registrant, $65,352,999 of such amount (collectively,
the &ldquo;Unsold Securities&rdquo;) were registered under Registration Statement No. 333-172929</FONT><FONT STYLE="font-size: 10pt">,
initially filed by the Registrant on March 18, 2011 and declared effective on March 29, 2011 (the &ldquo;Prior Registration Statement&rdquo;).
As of the date hereof the Unsold Securities represent securities that remain unsold pursuant to the Prior Registration Statement.
Pursuant to Rule 415(a)(6) under the Securities Act, the registration fee previously paid in connection with the Unsold Securities
will continue to be applied to the Unsold Securities. Pursuant to Rule 415(a)(6) under the Securities Act, the offering of Unsold
Securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration
Statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">The proposed maximum aggregate offering price per unit will be determined from time to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to each class of security pursuant to General Instruction II.D. of Form S-3 under the Securities Act. </font></td></tr>
</table>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(4)</P>
        <P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Estimated solely for purposes of computing the registration fee. No separate consideration will be received for preferred stock, common stock or warrants issued upon conversion or exchange of debt securities and/or preferred stock</font></td></tr>
</table>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(5)</font></td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Including such indeterminate principal amount of debt securities as may be issued from time to time at indeterminate prices. </font></td></tr>
</table>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(6)</font></td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Including such indeterminate amount of preferred stock as may be issued from time to time at indeterminate prices or upon conversion of debt securities and/or preferred stock registered hereby, or upon exercise of warrants registered hereby, as the case may be. </font></td></tr>
</table>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(7)</font></td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Including such indeterminate amount of common stock as may be issued from time to time at indeterminate prices or upon conversion of debt securities and/or preferred stock registered hereby, or upon exercise of warrants registered hereby, as the case may be. </font></td></tr>
</table>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(8)</font></td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Including such indeterminate number of warrants or other rights, including without limitation share purchase or subscription rights, as may be issued from time to time at indeterminate prices. </font></td></tr>
</table>
<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(9)</font></td>
    <td>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Each unit will be issued under a unit
        agreement and will represent an interest in two or more securities, which may be or may not be separable from one another.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(10)</font></td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to Rule 415(a)(6), the registration fee for the Unsold Securities was previously paid with the Prior Registration Statement.&nbsp;&nbsp;The fee of $1,407 being paid hereby relates solely to new securities registered in this Registration Statement that were not previously registered under the Prior Registration Statement.&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="text-align: justify; font-size: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>The registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall
file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance
with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on
such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #DE1A1E"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense. </B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.1pt; color: #DE1A1E">The information in this preliminary 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 preliminary prospectus is not an offer to sell these securities, and we are not soliciting
offers to buy these securities, in any state where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-align: center; color: #DE1A1E"><B>SUBJECT TO COMPLETION,
DATED MARCH ___, 2014 </B></P>




<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Prospectus </B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOLITARIO EXPLORATION &amp; ROYALTY CORP.
</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$75,000,000 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Debt Securities </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Preferred Stock </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Warrants </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Units </B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This prospectus
provides you with a general description of the securities that Solitario Exploration &amp; Royalty Corp. may offer and sell,
from time to time, either individually or in units. Each time we sell securities pursuant to this prospectus we will provide
a prospectus supplement that will contain specific information about the terms of any securities we offer and the specific
manner in which we will offer such securities. The prospectus supplement will also contain information, where appropriate,
about material United States federal income tax consequences relating to, and any listing on a securities exchange of, the
securities covered by the prospectus supplement. The prospectus supplement may also add, update or change information
contained in this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you
invest in our securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may offer these securities
in amounts, at prices and on terms determined at the time of offering. We may sell the securities directly to you, through agents
we select, or through underwriters and dealers we select. If we use agents, underwriters or dealers to sell the securities, we
will name them and describe their compensation in a prospectus supplement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our common stock is
listed on the NYSE MKT under the symbol &ldquo;XPL.&rdquo; On March 24, 2014, the closing price for our common stock as
reported on the NYSE MKT was $1.26 per share. Our principal executive offices are located at 4251 Kipling Street, Suite 390,
Wheat Ridge, Colorado 80033.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-align: justify; text-indent: 0.5in"><B>Investing
in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading
&ldquo;Risk Factors&rdquo; contained in this prospectus beginning on page 2 and the applicable prospectus supplement, and under
similar headings in the other documents that are incorporated by reference into this prospectus. </B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.5pt 0 0; text-align: center"><B>The date of this prospectus is ,
2014</B>.</P>













<HR SIZE="3" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">




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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 95%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 3%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-size: 7.5pt; line-height: 115%"><font style="font: 7.5pt Times New Roman, Times, Serif"><b>Page</b></font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ABOUT THIS PROSPECTUS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ABOUT SOLITARIO EXPLORATION &amp; ROYALTY CORP.</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">RISK FACTORS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">FORWARD-LOOKING STATEMENTS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">RATIOS OF EARNINGS TO FIXED CHARGES</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">HOW WE INTEND TO USE THE PROCEEDS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">DESCRIPTION OF THE SECURITIES</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">DESCRIPTION OF PREFERRED STOCK</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">DESCRIPTION OF COMMON STOCK</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">DESCRIPTION OF WARRANTS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">DESCRIPTION OF UNITS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">17</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">HOW WE PLAN TO SELL THE SECURITIES</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">20</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">CERTAIN PROVISIONS OF COLORADO LAW AND OF OUR AMENDED AND RESTATED ARTICLES OF INCORPORATION, AS AMENDED, AND AMENDED AND RESTATED BY-LAWS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%"></td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">INFORMATION INCORPORATED BY REFERENCE</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">23</FONT></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%"></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">EXPERTS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">24</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">LEGAL MATTERS</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">24</font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Unless the context otherwise requires, all
references to &ldquo;Solitario,&rdquo; &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; or &ldquo;our
company&rdquo; in this prospectus refer to Solitario Exploration &amp; Royalty Corp., a Colorado corporation. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>ABOUT THIS PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">This prospectus
is part of a registration statement filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), utilizing a shelf
registration process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus,
either individually or in units, in one or more offerings, up to a total dollar amount of $75,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">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 terms of that specific offering. The prospectus supplement may also
add, update or change information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement
together with the additional information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>ABOUT SOLITARIO EXPLORATION &amp;
ROYALTY CORP. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Solitario is a development
stage company (prior to February 22, 2012 we were an exploration stage company) with a focus on developing the Mt. Hamilton gold
project, the acquisition of precious and base metal properties with exploration potential, and the development or purchase of royalty
interests. We acquire and hold a portfolio of exploration properties for future sale, joint venture, or to create a royalty prior
to the establishment of proven and probable reserves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2010 we signed
a Letter of Intent related to the Mt. Hamilton project and in December 2010 we signed a Limited Liability Company Operating Agreement
(&ldquo;MH Agreement&rdquo;) to form Mt. Hamilton LLC (&ldquo;MH-LLC&rdquo;). Furthermore, we announced on February 22, 2012 the
completion of a feasibility study on our Mt. Hamilton project (the &ldquo;Feasibility Study&rdquo;), prepared by SRK Consulting
(US), Inc. of Lakewood, Colorado (&ldquo;SRK&rdquo;). As a result of the completion of the Feasibility Study, we earned an 80%
interest in MH-LLC, the 100% owner of the Mt. Hamilton project, and we intend to develop the Mt. Hamilton project, subject to a
number of factors including obtaining necessary permits and availability of required development financing capital, none of which
is currently in place. The Mt. Hamilton project is located in Nevada. However, we have never developed a mineral property. We are
exploring on other mineral properties that may be developed in the future by us or through a joint venture. We may also evaluate
mineral properties to potentially buy a royalty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have been actively involved
in mineral exploration since 1993. During 2013 and 2012, we have recorded revenues from joint venture delay rental payments of
$200,000 for each of 2013 and 2012 related to our Bongar&aacute; project in Peru and recorded $100,000 of delay rental payment
revenue for each of 2013 and 2012 related to our Mercurio project in Brazil. In June 2012 MH-LLC sold a royalty interest in our
Mt. Hamilton project to Sandstorm Gold Ltd. (&ldquo;Sandstorm&rdquo;) for $10,000,000 of which $6,000,000 was paid in June 2012
and $4,000,000 was paid in January 2013. Previously, our last significant revenues were recorded in 2000 upon the sale of our Yanacocha
property for $6,000,000. Future revenues from the sale of properties, if any, will also occur on an infrequent basis. At December
31, 2013, in addition to our Mt. Hamilton Project, we had six mineral exploration properties in Peru and Mexico and our Yanacocha
royalty property in Peru and our Mercurio royalty property in Brazil. We are conducting limited exploration activities in all of
those countries either on our own using contract geologists, or through joint ventures operated by our partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Corporate Information </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">We were incorporated
in Colorado on November 15, 1984 under the name Solitario Resources Corporation as a wholly-owned subsidiary of Crown Resources
Corporation, or Crown. On June 12, 2008, our shareholders approved an amendment to the Articles of Incorporation to change our
name from Solitario Resources Corporation to Solitario Exploration &amp; Royalty Corp. In July 1994, Solitario became a publicly
traded company on the Toronto Stock Exchange through its Initial Public Offering. On July 26, 2004, Crown completed a spin-off
of its holdings of our shares to its shareholders as part of the acquisition of Crown by Kinross Gold Corporation. Our website
address is www.Solitarioresources.com. The information contained in, or that can be accessed through, our website is not incorporated
by reference into this prospectus and is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Our common stock
is listed on the NYSE MKT under the symbol &ldquo;XPL&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;SLR.&rdquo;
Our principal executive offices are located at 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033. Our telephone number
is (303)&nbsp;534-1030.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Investing in our
securities involves a high degree of risk. Please see the risk factors under the heading &ldquo;Risk Factors&rdquo; in our Annual
Report on Form 10-K for the year ended December&nbsp;31, 2013, on file with the SEC, which are incorporated by reference into this
prospectus. Before you invest in our securities, you should carefully consider these risks as well as other information we include
or incorporate by reference into this prospectus and the applicable prospectus supplement. The risks and uncertainties we have
described are not the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently
deem immaterial may also affect our business operations. The occurrence of any of these risks might cause you to lose all or part
of your investment in the offered securities. The discussion of risks includes or refers to forward-looking statements; you should
read the explanation of the qualifications and limitations on such forward-looking statements discussed elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">This prospectus
contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical
fact are statements that could be deemed forward-looking statements, including any projections of financing needs, revenue, expenses,
earnings or losses from operations, or other financial items; any statements of the plans, strategies and objectives of management
for future operations; any statements concerning exploration and development plans and timelines; any statements of expectation
or belief; and any statements of assumptions underlying any of the foregoing. In addition, forward looking statements may contain
the words &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo;
&ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;will be,&rdquo; &ldquo;will continue,&rdquo; &ldquo;will result,&rdquo; &ldquo;seek,&rdquo;
&ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; or any variations of such words or other words with similar meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The forward-looking
statements included in this prospectus represent our estimates as of the date of this prospectus. We specifically disclaim any
obligation to update these forward-looking statements in the future, except as required by law. These forward-looking statements
should not be relied upon as representing our estimates or views as of any date subsequent to the date of this prospectus.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RATIOS OF EARNINGS TO FIXED CHARGES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If we offer debt
securities and/or preference equity securities under this prospectus, then we will, at that time, and if required by the rules
promulgated by the Securities and Exchange Commission, provide a ratio of earnings to fixed charges and/or ratio of combined fixed
charges and preference dividends to earnings, respectively, in the applicable prospectus supplement for such offering.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>HOW WE INTEND TO</B> <B>USE THE PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
provided in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities under this
prospectus to fund exploration and development of our mineral properties, to repay any outstanding indebtedness and for general
corporate purposes, including capital expenditures and working capital. We may use a portion of our net proceeds to invest in or
acquire additional mineral properties or royalty interests. We will set forth in the prospectus supplement our intended use for
the net proceeds received from the sale of any securities. Pending the application of the net proceeds, we intend to invest the
net proceeds in investment-grade, interest-bearing securities.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF THE SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may offer, from time to time, in one or
more offerings, up to $75,000,000 of the following securities:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">senior debt securities; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">subordinated debt securities; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">preferred stock; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">common stock; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">warrants; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">units; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">any combination of the foregoing securities. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The aggregate initial
offering price of the offered securities that we may issue will not exceed $75,000,000. If we issue debt securities at a discount
from their principal amount, then, for purposes of calculating the aggregate initial offering price of the offered securities issued
under this prospectus, we will include only the initial offering price of the debt securities and not the principal amount of the
debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">This prospectus
contains a summary of the general terms of the various securities that we may offer. The prospectus supplement relating to any
particular securities offered will describe the specific terms of the securities, which may be in addition to or different from
the general terms summarized in this prospectus. Because the summary in this prospectus and in any prospectus supplement does not
contain all of the information that you may find useful, you should read the documents relating to the securities that are described
in this prospectus or in any applicable prospectus supplement. Please read &ldquo;Where You Can Find More Information&rdquo; to
find out how you can obtain a copy of those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will also contain the terms of a given offering, the initial offering price and our net proceeds. Where applicable,
a prospectus supplement will also describe any material United States federal income tax consequences relating to the securities
offered and indicate whether the securities offered are or will be quoted or listed on any quotation system or securities exchange.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF DEBT SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">This prospectus
describes the general terms and provisions of the debt securities we may issue. When we offer to sell a particular series of debt
securities, we will describe the specific terms of the securities in a supplement to this prospectus, including any additional
covenants or changes to existing covenants relating to such series. The prospectus supplement also will indicate whether the general
terms and provisions described in this prospectus apply to a particular series of debt securities. You should read the actual indenture
if you do not fully understand a term or the way we use it in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We may offer senior
or subordinated debt securities. Each series of debt securities may have different terms. The senior debt securities will be issued
under one or more senior indentures, dated as of a date prior to such issuance, between us and the trustee identified in the applicable
prospectus supplement, as amended or supplemented from time to time. We will refer to any such indenture throughout this prospectus
as the &ldquo;senior indenture.&rdquo; Any subordinated debt securities will be issued under one or more separate indentures, dated
as of a date prior to such issuance, between us and the trustee identified in the applicable prospectus supplement, as amended
or supplemented from time to time. We will refer to any such indenture throughout this prospectus as the &ldquo;subordinated indenture&rdquo;
and to the trustee under the senior or subordinated indenture as the &ldquo;trustee.&rdquo; The senior indenture and the subordinated
indenture are sometimes collectively referred to in this prospectus as the &ldquo;indentures.&rdquo; The indentures will be subject
to and governed by the Trust Indenture Act of 1939, as amended. We included copies of the forms of the indentures as exhibits to
our registration statement and they are incorporated into this prospectus by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If we issue debt
securities at a discount from their principal amount, then, for purposes of calculating the aggregate initial offering price of
the offered securities issued under this prospectus, we will include only the initial offering price of the debt securities and
not the principal amount of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We have summarized
below the material provisions of the indentures and the debt securities, or indicated which material provisions will be described
in the related prospectus supplement. The prospectus supplement relating to any particular securities offered will describe the
specific terms of the securities, which may be in addition to or different from the general terms summarized in this prospectus.
Because the summary in this prospectus and in any prospectus supplement does not contain all of the information that you may find
useful, you should read the documents relating to the securities that are described in this prospectus or in any applicable prospectus
supplement. Please read &ldquo;Where You Can Find More Information&rdquo; to find out how you can obtain a copy of those documents.
Except as otherwise indicated, the terms of the indentures are identical. As used under this caption, the term &ldquo;debt securities&rdquo;
includes the debt securities being offered by this prospectus and all other debt securities issued by us under the indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>General </B></P>

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

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">do not limit the amount of debt securities that we may issue; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">allow us to issue debt securities in one or more series; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">do not require us to issue all of the debt securities of a series at the same time; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">allow us to reopen a series to issue additional debt securities without the consent of the holders of the debt securities of such series; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">provide that the debt securities will be unsecured, except as may be set forth in the applicable prospectus supplement. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
set forth in the applicable prospectus supplement, the senior debt securities will be unsubordinated obligations and will rank
equally with all of our other unsecured and unsubordinated indebtedness. Payments on the subordinated debt securities will be subordinated
to the prior payment in full of all of our senior indebtedness, as described under &ldquo;Description of the Debt Securities&mdash;Subordination&rdquo;
and in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Each indenture provides
that we may, but need not, designate more than one trustee under an indenture. Any trustee under an indenture may resign or be
removed and a successor trustee may be appointed to act with respect to the series of debt securities administered by the resigning
or removed trustee. If two or more persons are acting as trustee with respect to different series of debt securities, each trustee
shall be a trustee of a trust under the applicable indenture separate and apart from the trust administered by any other trustee.
Except as otherwise indicated in this prospectus, any action described in this prospectus to be taken by each trustee may be taken
by each trustee with respect to, and only with respect to, the one or more series of debt securities for which it is trustee under
the applicable indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The prospectus supplement
for each offering will provide the following terms, where applicable:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the title of the debt securities and whether they are senior or subordinated; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the aggregate principal amount of the debt securities being offered, the aggregate principal amount of the debt securities outstanding as of the most recent practicable date and any limit on their aggregate principal amount, including the aggregate principal amount of debt securities authorized; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the price at which the debt securities will be issued, expressed as a percentage of the principal and, if other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or, if applicable, the portion of the principal amount of such debt securities that is convertible into common stock or preferred stock or the method by which any such portion shall be determined; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">if convertible, the terms on which such debt securities are convertible, including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability of common stock or preferred stock received on conversion; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the date or dates, or the method for determining the date or dates, on which the principal of the debt securities will be payable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the fixed or variable interest rate or rates of the debt securities, or the method by which the interest rate or rates is determined; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the date or dates, or the method for determining the date or dates, from which interest will accrue; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the dates on which interest will be payable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the record dates for interest payment dates, or the method by which we will determine those dates; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the persons to whom interest will be payable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the basis upon which interest will be calculated if other than that of a 360-day year of twelve 30-day months; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any make-whole amount, which is the amount in addition to principal and interest that is required to be paid to the holder of a debt security as a result of any optional redemption or accelerated payment of such debt security, or the method for determining the make-whole amount; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the place or places where the principal of, and any premium, or make-whole amount, and interest on, the debt securities will be payable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">where the debt securities may be surrendered for registration of transfer or conversion or exchange; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">where notices or demands to or upon us in respect of the debt securities and the applicable indenture may be served; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the times, prices and other terms and conditions upon which we may redeem the debt securities;</font></td></tr>
</table>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any obligation we have to redeem, repay or purchase the debt securities pursuant to any sinking fund or analogous provision or at the option of holders of the debt securities, and the times and prices at which we must redeem, repay or purchase the debt securities as a result of such an obligation; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the currency or currencies in which the debt securities are denominated and payable if other than United States dollars, which may be a foreign currency or units of two or more foreign currencies or a composite currency or currencies and the terms and conditions relating thereto, and the manner of determining the equivalent of such foreign currency in United States dollars; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether the principal of, and any premium, or make-whole amount, or interest on, the debt securities of the series are to be payable, at our election or at the election of a holder, in a currency or currencies other than that in which the debt securities are denominated or stated to be payable, and other related terms and conditions; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether the amount of payments of principal of, and any premium, or make-whole amount, or interest on, the debt securities may be determined according to an index, formula or other method and how such amounts will be determined; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether the debt securities will be in registered form, bearer form or both and (1)&nbsp;if in registered form, the person to whom any interest shall be payable, if other than the person in whose name the security is registered at the close of business on the regular record date for such interest, or (2)&nbsp;if in bearer form, the manner in which, or the person to whom, any interest on the security shall be payable if otherwise than upon presentation and surrender upon maturity; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any restrictions applicable to the offer, sale or delivery of securities in bearer form and the terms upon which securities in bearer form of the series may be exchanged for securities in registered form of the series and vice versa if permitted by applicable laws and regulations; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether any debt securities of the series are to be issuable initially in temporary global form and whether any debt securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global security may or shall be required to exchange their interests for other debt securities of the series, and the manner in which interest shall be paid; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the identity of the depositary for securities in registered form, if such series are to be issuable as a global security; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the date as of which any debt securities in bearer form or in temporary global form shall be dated if other than the original issuance date of the first security of the series to be issued; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the applicability, if any, of the defeasance and covenant defeasance provisions described in this prospectus or in the applicable indenture; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether and under what circumstances we will pay any additional amounts on the debt securities in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities in lieu of making such a payment; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether and under what circumstances the debt securities being offered are convertible into common stock or preferred stock, as the case may be, including the conversion price or rate or manner or calculation thereof; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the circumstances, if any, specified in the applicable prospectus supplement, under which beneficial owners of interests in the global security may obtain definitive debt securities and the manner in which payments on a permanent global debt security will be made if any debt securities are issuable in temporary or permanent global form; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any provisions granting special rights to holders of securities upon the occurrence of such events as specified in the applicable prospectus supplement; </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">if the debt securities of such series are to be issuable in definitive form only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the name of the applicable trustee and the nature of any material relationship with us or any of our affiliates, and the percentage of debt securities of the class necessary to require the trustee to take action; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any deletions from, modifications of, or additions to our events of default or covenants and any change in the right of any trustee or any of the holders to declare the principal amount of any of such debt securities due and payable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">applicable CUSIP numbers; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any other terms of such debt securities not inconsistent with the provisions of the applicable indenture. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We may issue debt
securities at a discount below their principal amount and provide for less than the entire principal amount thereof to be payable
upon declaration of acceleration of the maturity of the debt securities. We refer to any such debt securities throughout this
prospectus as &ldquo;original issue discount securities.&rdquo; The applicable prospectus supplement will describe the United
States federal income tax consequences and other relevant considerations applicable to original issue discount securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">We also may issue indexed debt securities.
Payments of principal of and premium and interest on, indexed debt securities are determined with reference to the rate of exchange
between the currency or currency unit in which the debt security is denominated and any other currency or currency unit specified
by us, to the relationship between two or more currencies or currency units or by other similar methods or formulas specified in
the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Except as described
under &ldquo;&mdash;Merger, Consolidation or Sale of Assets&rdquo; or as may be set forth in any prospectus supplement, the debt
securities will not contain any provisions that (1)&nbsp;would limit our ability to incur indebtedness or (2)&nbsp;would afford
holders of debt securities protection in the event of (a)&nbsp;a highly leveraged or similar transaction involving us, or (b)&nbsp;a
change of control or reorganization, restructuring, merger or similar transaction involving us that may adversely affect the holders
of the debt securities. In the future, we may enter into transactions, such as the sale of all or substantially all of our assets
or a merger or consolidation, that may have an adverse effect on our ability to service our indebtedness, including the debt securities,
by, among other things, substantially reducing or eliminating our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Neither the Colorado Business Corporation
Act nor our governing instruments define the term &ldquo;substantially all&rdquo; as it relates to the sale of assets. Additionally,
Colorado cases interpreting the term &ldquo;substantially all&rdquo; rely upon the facts and circumstances of each particular case.
Consequently, to determine whether a sale of &ldquo;substantially all&rdquo; of our assets has occurred, a holder of debt securities
must review the financial and other information that we have disclosed to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">We will provide you with more information
in the applicable prospectus supplement regarding any deletions, modifications, or additions to the events of default or covenants
that are described below, including any addition of a covenant or other provision providing event risk or similar protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Payment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
set forth in the applicable prospectus supplement, the principal of, and any premium, or make-whole amount, and interest on, any
series of the debt securities will be payable at the corporate trust office of the trustee. We will provide you with the address
of the trustee in the applicable prospectus supplement. We may also pay interest by mailing a check to the address of the person
entitled to it as it appears in the applicable register for the debt securities or by wire transfer of funds to that person at
an account maintained within the United States.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All monies that we pay
to a paying agent or a trustee for the payment of the principal of, and any premium, or make-whole amount, or interest on, any
debt security will be repaid to us if unclaimed at the end of two years after the obligation underlying payment becomes due and
payable. After funds have been returned to us, the holder of the debt security may look only to us for payment, without payment
of interest for the period which we hold the funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Denomination, Interest, Registration
and Transfer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
described in the applicable prospectus supplement, the debt securities of any series will be issuable in denominations of $1,000
and integral multiples of $1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Subject to the limitations
imposed upon debt securities that are evidenced by a computerized entry in the records of a depository company rather than by physical
delivery of a note, a holder of debt securities of any series may:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">exchange them for any authorized denomination of other debt securities of the same series and of a like aggregate principal amount and kind upon surrender of such debt securities at the corporate trust office of the applicable trustee or at the office of any transfer agent that we designate for such purpose; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">surrender them for registration of transfer or exchange at the corporate trust office of the applicable trustee or at the office of any transfer agent that we designate for such purpose. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Every debt security
surrendered for registration of transfer or exchange must be duly endorsed or accompanied by a written instrument of transfer satisfactory
to the applicable trustee or transfer agent. Payment of a service charge will not be required for any registration of transfer
or exchange of any debt securities, but we or the trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. If in addition to the applicable trustee, the applicable prospectus <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">supplement refers to
any transfer agent initially designated by us for any series of debt securities, we may at any time rescind the designation of
any such transfer agent or approve a change in the location through which any such transfer agent acts, except that we will be
required to maintain a transfer agent in each place of payment for such series. We may at any time designate additional transfer
agents for any series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Neither we, nor
any trustee, will be required to:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">issue, register the transfer of or exchange debt securities of any series during a period beginning at the opening of business 15 days before the day that the notice of redemption of any debt securities selected for redemption is mailed and ending at the close of business on the day of such mailing; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">register the transfer of or exchange any debt security, or portion thereof, so selected for redemption, in whole or in part, except the unredeemed portion of any debt security being redeemed in part; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">issue, register the transfer of or exchange any debt security that has been surrendered for repayment at the option of the holder, except the portion, if any, of such debt security not to be so repaid. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Merger, Consolidation or Sale of Assets </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">The indentures provide that we may,
without the consent of the holders of any outstanding debt securities, (1)&nbsp;consolidate with, (2)&nbsp;sell, lease or convey
all or substantially all of our assets to, or (3)&nbsp;merge with or into, any other entity provided that:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">either we are the continuing entity, or the successor entity, if other than us, assumes the obligations (A)&nbsp;to pay the principal of, and any premium (or make-whole amount) and interest on, all of the debt securities and (B)&nbsp;to duly perform and observe all of the covenants and conditions contained in each indenture; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">after giving effect to the transaction, there is no event of default under the indentures and no event which, after notice or the lapse of time, or both, would become such an event of default, occurs and continues; and </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">an officers&rsquo; certificate and legal opinion covering such conditions
        are delivered to each applicable trustee.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Covenants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in"><I>Existence</I>.
Except as permitted under &ldquo;&mdash;Merger, Consolidation or Sale of Assets,&rdquo; the indentures require us to do or cause
to be done all things necessary to preserve and keep in full force and effect our existence, rights and franchises. However, the
indentures do not require us to preserve any right or franchise if we determine that any right or franchise is no longer desirable
in the conduct of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"><I>Payment of taxes
and other claims</I>. The indentures require us to pay, discharge or cause to be paid or discharged, before they become delinquent
(1)&nbsp;all taxes, assessments and governmental charges levied or imposed on us, our subsidiaries or our subsidiaries&rsquo; income,
profits or property, and (2)&nbsp;all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien
upon our property or the property of our subsidiaries. However, we will not be required to pay, discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by
appropriate proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"><I>Provision of
financial information</I>. The indentures require us to (1)&nbsp;within 15 days of each of the respective dates by which we are
required to file our annual reports, quarterly reports and other documents with the SEC, file with the trustee copies of the annual
report, quarterly report and other documents that we file with the SEC under Section&nbsp;13 or 15(d) of the Exchange Act, (2)&nbsp;file
with the trustee and the SEC any additional information, documents and reports regarding compliance by us with the conditions and
covenants of the indentures, as required, and (3)&nbsp;within 30 days after the filing with the trustee, mail to all holders of
debt securities, as their names and addresses appear in the applicable register for such debt securities, without cost to such
holders, summaries of any documents and reports required to be filed by us pursuant to (1)&nbsp;and (2)&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"><I>Additional covenants</I>.
The applicable prospectus supplement will set forth any additional covenants of Solitario relating to any series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Events of Default, Notice and Waiver
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless the applicable
prospectus supplement states otherwise, when we refer to &ldquo;events of default&rdquo; as defined in the indentures with respect
to any series of debt securities, we mean:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">default in the payment of any installment of interest on any debt security of such series continuing for 30 days; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">default in the payment of principal of, or any premium, or make-whole amount, on any debt security of such series at its stated maturity; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">default in making any sinking fund payment as required for any debt security of such series; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">default in the performance or breach of any covenant or warranty in the debt securities or in the indenture by Solitario continuing for 60 days after written notice specifying such default, but not of a covenant added to the indenture solely for the benefit of a series of debt securities issued thereunder other than such series.&nbsp;&nbsp;Such notice shall be given to us by the trustee, or to us and the trustee by the holders of at least 25% in principal amount of the outstanding debt securities of that series. The written notice specifying such default or breach and requiring it to be remedied and shall state that such notice is a &ldquo;Notice of Default&rdquo; under such indenture; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">a default under any bond, debenture, note, mortgage, indenture or instrument under which there may be issued, secured or evidenced any existing or later created indebtedness for money borrowed by us or our subsidiaries, if we are directly responsible or liable as obligor or guarantor, having an aggregate principal amount of at least $30,000,000, under which there may be issued, secured or evidenced any existing or later created indebtedness for money borrowed by us or our subsidiaries, if we are directly responsible or liable as obligor or guarantor, having an aggregate principal amount of at least $30,000,000, if the default results in the indebtedness becoming or being declared due and payable prior to the date it otherwise would have, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within 30 days after notice to the issuing company specifying such default. Such notice shall be given to us by the trustee, or to us and the trustee by the holders of at least 10% in principal amount of the outstanding debt securities of that series. The written notice specifying such default and requiring us to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and shall state that such notice is a &ldquo;Notice of Default&rdquo; under such indenture;</font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of Solitario or any significant subsidiary of Solitario; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any other event of default provided with respect to a particular series of debt securities. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">When we use the
term &ldquo;significant subsidiary,&rdquo; we refer to the meaning ascribed to such term in Rule 1-02 of Regulation S-X promulgated
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If an event of default
occurs and is continuing with respect to debt securities of any series outstanding, then the applicable trustee or the holders
of 25% or more in principal amount of the debt securities of that series will have the right to declare the principal amount of
all the debt securities of that series to be due and payable. If the debt securities of that series are original issue discount
securities or indexed securities, then the applicable trustee or the holders of 25% or more in principal amount of the debt securities
of that series will have the right to declare the portion of the principal amount as may be specified in the terms thereof to be
due and payable. However, at any time after such a declaration of acceleration has been made, but before a judgment or decree for
payment of the money due has been obtained by the applicable trustee, the holders of at least a majority in principal amount of
outstanding debt securities of such series or of all debt securities then outstanding under the applicable indenture may rescind
and annul such declaration and its consequences if:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">we have deposited with the applicable trustee all required payments of the principal, any premium, or make-whole amount, interest and, to the extent permitted by law, interest on overdue installment of interest, plus applicable fees, expenses, disbursements and advances of the applicable trustee; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">all events of default, other than the non-payment of accelerated principal, or a specified portion thereof, and any premium, or make-whole amount, have been cured or waived. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The indentures also
provide that the holders of at least a majority in principal amount of the outstanding debt securities of any series or of all
debt securities then outstanding under the applicable indenture may, on behalf of all holders, waive any past default with respect
to such series and its consequences, except a default:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">in the payment of the principal, any premium, or make-whole amount, or interest; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">in respect of a covenant or provision contained in the applicable indenture that cannot be modified or amended without the consent of the holders of the outstanding debt security that is affected by the default; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">in respect of a covenant or provision for the benefit or protection of the trustee, without its express written consent. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The indentures require
each trustee to give notice to the holders of debt securities within 90 days of a default unless such default has been cured or
waived. However, the trustee may withhold notice if specified persons of such trustee consider such withholding to be in the interest
of the holders of debt securities. The trustee may not withhold notice of a default in the payment of principal, any premium or
interest on any debt security of such series or in the payment of any sinking fund installment in respect of any debt security
of such series.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
indentures provide that holders of debt securities of any series may not institute any proceedings, judicial or otherwise, with
respect to such indenture or for any remedy under the indenture, unless the trustee fails to act for a period of 60 days after
the trustee has received a written request to institute proceedings in </FONT> <FONT STYLE="font-size: 10pt">respect of an event
of default from the holders of 25% or more in principal amount of the outstanding debt securities of such series, as well as an
offer of indemnity reasonably satisfactory to the trustee. However, this provision will not prevent any holder of debt securities
from instituting suit for the enforcement of payment of the principal of, and any premium, or make-whole amount, and interest on,
such debt securities at the respective due dates thereof. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The indentures provide
that, subject to provisions in each indenture relating to its duties in the case of a default, a trustee has no obligation to exercise
any of its rights or powers at the request or direction of any holders of any series of debt securities then outstanding under
the indenture, unless the holders have offered to the trustee reasonable security or indemnity. The holders of at least a majority
in principal amount of the outstanding debt securities of any series or of all debt securities then outstanding under an indenture
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the applicable
trustee, or of exercising any trust or power conferred upon such trustee. However, a trustee may refuse to follow any direction
which:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">is in conflict with any law or the applicable indenture; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">may involve the trustee in personal liability; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">may be unduly prejudicial to the holders of debt securities of the
        series not joining the proceeding.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Within 120 days after
the close of each fiscal year, we will be required to deliver to each trustee a certificate, signed by one of our several specified
officers, stating whether or not that officer has knowledge of any default under the applicable indenture. If the officer has knowledge
of any default, the notice must specify the nature and status of the default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Modification of the Indentures </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The indentures provide
that modifications and amendments may be made only with the consent of the affected holders of at least a majority in principal
amount of all outstanding debt securities issued under that indenture. However, no such modification or amendment may, without
the consent of the holders of the debt securities affected by the modification or amendment:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">change the stated maturity of the principal of, or any premium, or make-whole amount, on, or any installment of principal of or interest on, any such debt security; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">reduce the principal amount of, the rate or amount of interest on or any premium, or make-whole amount, payable on redemption of any such debt security; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">reduce the amount of principal of an original issue discount security that would be due and payable upon declaration of acceleration of the maturity thereof or would be provable in bankruptcy, or adversely affect any right of repayment of the holder of any such debt security; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">change the place of payment or the coin or currency for payment of principal of, or any premium, or make-whole amount, or interest on, any such debt security; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">impair the right to institute suit for the enforcement of any payment on or with respect to any such debt security; </font></td></tr>
<tr>
    <td style="text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">if such debt security is convertible, adversely affect the right of the holder to convert such debt security; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">reduce the percentage in principal amount of any outstanding debt securities necessary to modify or amend the applicable indenture with respect to such debt securities, to waive compliance with particular provisions thereof or defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in the applicable indenture; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">modify any of the foregoing provisions or any of the provisions relating to the waiver of particular past defaults or covenants, except to increase the required percentage to effect such action or to provide that some of the other provisions may not be modified or waived without the consent of the holder of such debt security. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The holders of a majority in aggregate principal
amount of the outstanding debt securities of each series may, on behalf of all holders of debt securities of that series, waive,
insofar as that series is concerned, our compliance with material restrictive covenants of the applicable indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We and our respective
trustee may make modifications and amendments of an indenture without the consent of any holder of debt securities for any of the
following purposes:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to evidence the succession of another person to us as obligor under such indenture; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to add to our covenants for the benefit of the holders of all or any series of debt securities or to surrender any right or power conferred upon us in such indenture; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to add events of default for the benefit of the holders of all or any series of debt securities; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to add or change any provisions of an indenture (1)&nbsp;to change or eliminate restrictions on the payment of principal of, or premium, or make-whole amount, or interest on, debt securities in bearer form, or (2)&nbsp;to permit or facilitate the issuance of debt securities in uncertificated form, provided that such action shall not adversely affect the interests of the holders of the debt securities of any series in any material respect; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to change or eliminate any provisions of an indenture, provided that any such change or elimination shall become effective only when there are no debt securities outstanding of any series created prior thereto which are entitled to the benefit of such provision; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to secure the debt securities; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to establish the form or terms of debt securities of any series; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts under an indenture by more than one trustee; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to cure any ambiguity, defect or inconsistency in an indenture, provided that such action shall not adversely affect the interests of holders of debt securities of any series issued under such indenture;</font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">to supplement any of the provisions of an indenture
        to the extent necessary to permit or facilitate defeasance and discharge of any series of such debt securities, provided that such
        action shall not adversely affect the interests of the holders of the outstanding debt securities of any series; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
<tr>
    <td style="text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to make provisions with respect to holders&rsquo; rights of conversion with respect to the debt securities of any series. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Voting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">The indentures
provide that in determining whether the holders of the requisite principal amount of outstanding debt securities of a series have
given any request, demand, authorization, direction, notice, consent or waiver under the indentures or whether a quorum is present
at a meeting of holders of debt securities:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">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 declaration of acceleration of the maturity thereof; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the principal amount of any debt security denominated in a foreign currency that shall be deemed outstanding shall be the United States dollar equivalent, determined on the issue date for such debt security, of the principal amount or, in the case of an original issue discount security, the United States dollar equivalent on the issue date of such debt security of the amount determined as provided in the preceding bullet point; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the principal amount of an indexed security that shall be deemed outstanding shall be the principal face amount of such indexed security at original issuance, unless otherwise provided for such indexed security under such indenture; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">debt securities owned by us or any other obligor upon the debt securities or by any affiliate of ours or of such other obligor shall be disregarded. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The indentures contain
provisions for convening meetings of the holders of debt securities of a series. A meeting will be permitted to be called at any
time by the applicable trustee, and also, upon request, by us or the holders of at least 25% in principal amount of the outstanding
debt securities of such series, in any such case upon notice given as provided in such indenture. Except for any consent that must
be given by the holder of each debt security affected by the modifications and amendments of an indenture described above, any
resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present may be adopted by the affirmative
vote of the holders of a majority of the aggregate principal amount of the outstanding debt securities of that series represented
at such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Notwithstanding
the preceding paragraph, except as referred to above, any resolution relating to a request, demand, authorization, direction, notice,
consent, waiver or other action that may be made, given or taken by the holders of a specified percentage, which is less than a
majority of the aggregate principal amount of the outstanding debt securities of a series, may be adopted at a meeting or adjourned
meeting duly reconvened at which a quorum is present by the affirmative vote of such specified percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Any resolution passed
or decision taken at any properly held meeting of holders of debt securities of any series will be binding on all holders of such
series. The quorum at any meeting called to adopt a resolution, and at any reconvened meeting, will be persons holding or representing
a majority in principal amount of the outstanding debt securities of a series. However, if any action is to be taken relating to
a consent or waiver which may be given by the holders of at least a specified percentage in principal amount of the outstanding
debt securities of a series, the persons holding such percentage will constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing provisions, the indentures provide that if any action is to be taken at a meeting with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action that such indenture expressly provides may be made, given or
taken by the holders of a specified percentage in principal amount of all outstanding debt securities affected by such action,
or of the holders of such series and one or more additional series:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">there shall be no minimum quorum requirement for such meeting; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the principal amount of the outstanding debt securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under such indenture. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Subordination </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
provided in the applicable prospectus supplement, subordinated securities will be subject to the following subordination provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Upon any distribution
to our creditors in a liquidation, dissolution or reorganization, the payment of the principal of and interest on any subordinated
securities will be subordinated to the extent provided in the applicable indenture in right of payment to the prior payment in
full of all senior debt. However, our obligation to make payments of the principal of and interest on such subordinated securities
otherwise will not be affected. No payment of principal or interest will be permitted to be made on subordinated securities at
any time if a default on senior debt exists that permits the holders of such senior debt to accelerate its maturity and the default
is the subject of judicial proceedings or we receive notice of the default. After all senior debt is paid in full and until the
subordinated securities are paid in full, holders of subordinated securities will be subrogated to the rights of holders of senior
debt to the extent that distributions otherwise payable to holders of subordinated securities have been applied to the payment
of senior debt. The subordinated indenture will not restrict the amount of senior debt or other indebtedness of Solitario and its
subsidiaries. As a result of these subordination provisions, in the event of a distribution of assets upon insolvency, holders
of subordinated securities may recover less, ratably, than our general creditors.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The term &ldquo;senior
debt&rdquo; will be defined in the applicable indenture as the principal of and interest on, or substantially similar payments
to be made by us in respect of, other outstanding indebtedness, whether outstanding at the date of execution of the applicable
indenture or subsequently incurred, created or assumed. The prospectus supplement may include a description of additional terms
implementing the subordination feature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">No restrictions
will be included in any indenture relating to subordinated securities upon the creation of additional senior debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If this prospectus
is being delivered in connection with the offering of a series of subordinated securities, the accompanying prospectus supplement
or the information incorporated in this prospectus by reference will set forth the approximate amount of senior debt outstanding
as of the end of our most recent fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Discharge, Defeasance and Covenant
Defeasance </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
indicated in the applicable prospectus supplement, the indentures allow us to discharge our obligations to holders of any series
of debt securities issued under any indenture when:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">either (1)&nbsp;all securities of such series have already been delivered to the applicable trustee for cancellation; or (2)&nbsp;all securities of such series have not already been delivered to the applicable trustee for cancellation but (A)&nbsp;have become due and payable, (B)&nbsp;will become due and payable within one year, or (C)&nbsp;if redeemable at our option, are to be redeemed within one year, and we have irrevocably deposited with the applicable trustee, in trust, funds in such currency or currencies, currency unit or units or composite currency or currencies in which such debt securities are payable, an amount sufficient to pay the entire indebtedness on such debt securities in respect of principal and any premium, or make-whole amount, and interest to the date of such deposit if such debt securities have become due and payable or, if they have not, to the stated maturity or redemption date; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">we have paid or caused to be paid all other sums payable; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">an officers&rsquo; certificate and an opinion of counsel stating the conditions to discharging the debt securities have been satisfied has been delivered to the trustee. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
indicated in the applicable prospectus supplement, the indentures provide that, upon our irrevocable deposit with the applicable
trustee, in trust, of an amount, in such currency or currencies, currency unit or units or composite currency or currencies in
which such debt securities are payable at stated maturity, or government obligations, or both, applicable to such debt securities,
which through the scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient
to pay the principal of, and any premium, or make-whole amount, and interest on, such debt securities, and any mandatory sinking
fund or analogous payments thereon, on the scheduled due dates therefor, the issuing company may elect either:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to defease and be discharged from any and all obligations with respect to such debt securities; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to be released from its obligations with respect to such debt securities under the applicable indenture or, if provided in the applicable prospectus supplement, its obligations with respect to any other covenant, and any omission to comply with such obligations shall not constitute an event of default with respect to such debt securities. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Notwithstanding
the above, we may not elect to defease and be discharged from the obligation to pay any additional amounts upon the occurrence
of particular events of tax, assessment or governmental charge with respect to payments on such debt securities and the obligations
to register the transfer or exchange of such debt securities, to replace temporary or mutilated, destroyed, lost or stolen debt
securities, to maintain an office or agency in respect of such debt securities, or to hold monies for payment in trust.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The indentures only permit
us to establish the trust described in the paragraph above if, among other things, it has delivered to the applicable trustee an
opinion of counsel to the effect that the holders of such debt securities will not recognize income, gain or loss for United States
federal income tax purposes as a result of such defeasance or covenant defeasance and will be subject to United States federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance or covenant
defeasance had not occurred. Such opinion of counsel, in the case of defeasance, will be required to refer to and be based upon
a ruling received from or published by the Internal Revenue Service or a change in applicable United States federal income tax
law occurring after the date of the indenture. In the event of such defeasance, the holders of such debt securities would be able
to look only to such trust fund for payment of principal, any premium, or make-whole amount, and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">When we use the
term &ldquo;government obligations,&rdquo; we mean securities that are:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">direct obligations of the United States or the government that issued the foreign currency in which the debt securities of a particular series are payable, for the payment of which its full faith and credit is pledged; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States or other government that issued the foreign currency in which the debt securities of such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States or such other government, which are not callable or redeemable at the option of the issuer thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such government obligation or a specific payment of interest on or principal of any such government obligation held by such custodian for the account of the holder of a depository receipt. However, except as required by law, such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the government obligation or the specific payment of interest on or principal of the government obligation evidenced by such depository receipt. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Unless otherwise
provided in the applicable prospectus supplement, if after we have deposited funds and/or government obligations to effect defeasance
or covenant defeasance with respect to debt securities of any series, (1)&nbsp;the holder of a debt security of such series is
entitled to, and does, elect under the terms of the applicable indenture or the terms of such debt security to receive payment
in a currency, currency unit or composite currency other than that in which such deposit has been made in respect of such debt
security, or (2)&nbsp;a conversion event occurs in respect of the currency, currency unit or composite currency in which such
deposit has been made, the indebtedness represented by such debt security will be deemed to have been, and will be, fully discharged
and satisfied through the payment of the principal of, and premium, or make-whole amount, and interest on, such debt security
as they become due out of the proceeds yielded by converting the amount so deposited in respect of such debt security into the
currency, currency unit or composite currency in which such debt security becomes payable as a result of such election or such
cessation of usage based on the applicable market exchange rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">When we use the
term &ldquo;conversion event,&rdquo; we mean the cessation of use of:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">a currency, currency unit or composite currency both by the government of the country that issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the European Currency Unit both within the European Monetary System and for the settlement of transactions by public institutions of or within the European Communities; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any currency unit or composite currency other than the European Currency Unit for the purposes for which it was established. </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement may further describe the provisions, if any, permitting such defeasance or covenant defeasance, including any modifications
to the provisions described above, with respect to the debt securities of or within a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Conversion Rights </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">The terms and
conditions, if any, upon which the debt securities are convertible into common stock or preferred stock will be set forth in the
applicable prospectus supplement. The terms will include whether the debt securities are convertible into shares of common stock
or preferred stock, the conversion price, or manner of calculation thereof, the conversion period, provisions as to whether conversion
will be at the issuing company&rsquo;s option or the option of the holders, the events requiring an adjustment of the conversion
price and provisions affecting conversion in the event of the redemption of the debt securities and any restrictions on conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Global Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">The debt securities
of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf
of, a depository identified in the applicable prospectus supplement relating to such series. Global securities, if any, issued
in the United States are expected to be deposited with The Depository Trust Company, or DTC, as depository. We may issue global
securities in either registered or bearer form and in either temporary or permanent form. We will describe the specific terms of
the depository arrangement with respect to a series of debt securities in the applicable prospectus supplement relating to such
series. We expect that unless the applicable prospectus supplement provides otherwise, the following provisions will apply to depository
arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Once a global security
is issued, the depository for such global security or its nominee will credit on its book-entry registration and transfer system
the respective principal amounts of the individual debt securities represented by such global security to the accounts of participants
that have accounts with such depository. Such accounts shall be designated by the underwriters, dealers or agents with respect
to such debt securities or by us if we offer such debt securities directly. Ownership of beneficial interests in such global security
will be limited to participants with the depository or persons that may hold interests through those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We expect that,
under procedures established by DTC, ownership of beneficial interests in any global security for which DTC is the depository
will be shown on, and the transfer of that ownership will be effected only through, records maintained by DTC or its nominee,
with respect to beneficial interests of participants with the depository, and records of participants, with respect to beneficial
interests of persons who hold through participants with the depository. Neither we nor the trustee will have any responsibility
or liability for any aspect of the records of DTC or for maintaining, supervising or reviewing any records of DTC or any of its
participants relating to beneficial ownership interests in the debt securities. The laws of some states require that certain purchasers
of securities take physical delivery of such securities in definitive form. Such limits and laws may impair the ability to own,
pledge or transfer beneficial interest in a global security.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">So long as the depository
for a global security or its nominee is the registered owner of such global security, such depository or such nominee, as the case
may be, will be considered the sole owner or holder of the debt securities represented by the global security for all purposes
under the applicable indenture. Except as described below or in the applicable prospectus supplement, owners of beneficial interest
in a global security will not be entitled to have any of the individual debt securities represented by such global security registered
in their names, will not receive or be entitled to receive physical delivery of any such debt securities in definitive form and
will not be considered the owners or holders thereof under the applicable indenture. Beneficial owners of debt securities evidenced
by a global security will not be considered the owners or holders thereof under the applicable indenture for any purpose, including
with respect to the giving of any direction, instructions or approvals to the trustee under the indenture. Accordingly, each person
owning a beneficial interest in a global security with respect to which DTC is the depository must rely on the procedures of DTC
and, if such person is not a participant with the depository, on the procedures of the participant through which such person owns
its interests, to exercise any rights of a holder under the applicable indenture. We understand that, under existing industry practice,
if DTC requests any action of holders or if an owner of a beneficial interest in a global security desires to give or take any
action which a holder is entitled to give or take under the applicable indenture, DTC would authorize the participants holding
the relevant beneficial interest to give or take such action, and such participants would authorize beneficial owners through such
participants to give or take such actions or would otherwise act upon the instructions of beneficial owners holding through them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Payments of principal
of, and any premium, or make-whole amount, and interest on, individual debt securities represented by a global security registered
in the name of a depository or its nominee will be made to or at the direction of the depository or its nominee, as the case may
be, as the registered owner of the global security under the applicable indenture. Under the terms of the applicable indenture,
we and the trustee may treat the persons in whose name debt securities, including a global security, are registered as the owners
thereof for the purpose of receiving such payments. Consequently, neither we nor the trustee have or will have any responsibility
or liability for the payment of such amounts to beneficial owners of debt securities including principal, any premium, or make-whole
amount, or interest. We believe, however, that it is currently the policy of DTC to immediately credit the accounts of relevant
participants with such payments, in amounts proportionate to their respective holdings of beneficial interests in the relevant
global security as shown on the records of DTC or its nominee. We also expect that payments by participants to owners of beneficial
interests in such global security held through such participants will be governed by standing instructions and customary practices,
as is the case with securities held for the account of customers in bearer form or registered in street name, and will be the responsibility
of such participants. Redemption notices with respect to any debt securities represented by a global security will be sent to the
depository or its nominee. If less than all of the debt securities of any series are to be redeemed, we expect the depository to
determine the amount of the interest of each participant in such debt securities to be redeemed to be determined by lot. Neither
we, the trustee, any paying agent nor the security registrar for such debt securities will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership interests in the global security
for such debt securities or for maintaining any records with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Neither we nor the
trustee will be liable for any delay by the holders of a global security or the depository in identifying the beneficial owners
of debt securities, and we and the trustee may conclusively rely on, and will be protected in relying on, instructions from the
holder of a global security or the depository for all purposes. The rules applicable to DTC and its participants are on file with
the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If a depository
for any debt securities is at any time unwilling, unable or ineligible to continue as depository and we do not appoint a successor
depository within 90 days, we will issue individual debt securities in exchange for the global security representing such debt
securities. In addition, we may at any time and in their sole discretion, subject to any limitations described in the applicable
prospectus supplement relating to such debt securities, determine not to have any of such debt securities represented by one or
more global securities and in such event will issue individual debt securities in exchange for the global security or securities
representing such debt securities. Individual debt securities so issued will be issued in denominations of $1,000 and integral
multiples of $1,000.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The debt securities of
a series may also be issued in whole or in part in the form of one or more bearer global securities that will be deposited with
a depository, or with a nominee for such depository, identified in the applicable prospectus supplement. Any such <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
bearer global
securities may be issued in temporary or permanent form. The specific terms and procedures, including the specific terms of the
depositary arrangement, with respect to any portion of a series of debt securities to be represented by one or more bearer global
securities will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>No Recourse </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">There is no recourse
under any obligation, covenant or agreement in the applicable indenture or with respect to any security against any past, present
or future stockholders, employees, officers, directors or agents, as such, of ours or of any successor.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF PREFERRED STOCK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We are authorized
to issue 10,000,000 shares of preferred stock. As of the date of this prospectus, no shares of our preferred stock were outstanding.
The following summary of certain provisions of our preferred stock does not purport to be complete. You should refer to our Amended
and Restated Articles of Incorporation, as amended (the &ldquo;Articles&rdquo;), and our amended and restated by-laws, or the By-laws,
both of which are included as exhibits to the registration statement we have filed with the SEC in connection with this offering.
The summary below is also qualified by provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>General Terms </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">Our board of directors
may, without further action by our stockholders, from time to time, direct the issuance of shares of preferred stock in series
and may, at the time of issuance, determine the rights, preferences and limitations of each series, including voting rights, dividend
rights and redemption and liquidation preferences. Satisfaction of any dividend preferences of outstanding shares of preferred
stock would reduce the amount of funds available for the payment of dividends on shares of our common stock (although we do not
anticipate paying any dividends to the holders of our common stock in the foreseeable future). Holders of shares of preferred stock
may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of our company before
any payment is made to the holders of shares of our common stock. In some circumstances, the issuance of shares of preferred stock
may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder
of a large block of our securities or the removal of incumbent management as discussed below. Upon the affirmative vote of our
board of directors, without stockholder approval, we may issue shares of preferred stock with voting and conversion rights which
could adversely affect the holders of shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If we offer a specific
series of preferred stock under this prospectus, we will describe the terms of the preferred stock in the prospectus supplement
for such offering and will file a copy of the articles of amendment to the Articles establishing the terms of the preferred stock
with the SEC. To the extent required, this description will include:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the title and stated value; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the number of shares offered, the liquidation preference per share and the purchase price; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the dividend rate(s), period(s) and/or payment date(s), or method(s) of calculation for such dividends; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether dividends will be cumulative or non-cumulative and, if cumulative, the date from which dividends will accumulate; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the procedures for any auction and remarketing, if any; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the provisions for a sinking fund, if any; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the provisions for redemption, if applicable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any listing of the preferred stock on any securities exchange or market; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether the preferred stock will be convertible into our common stock, and, if applicable, the conversion price (or how it will be calculated) and conversion period; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">whether the preferred stock will be exchangeable into debt securities, and, if applicable, the exchange price (or how it will be calculated) and exchange period; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">voting rights, if any, of the preferred stock; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">a discussion of any material and/or special United States federal income tax considerations applicable to the preferred stock; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the relative ranking and preferences of the preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of Solitario; and </font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any material limitations on issuance of any class or series of preferred stock ranking senior to or on a parity with the series of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of Solitario. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The preferred stock
offered by this prospectus will, when issued not have, or be subject to, any preemptive or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Transfer Agent and Registrar </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">The transfer agent
and registrar for our preferred stock in the United States will be Computershare Trust Company, N.A. and in Canada is Computershare
Investor Services Inc.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF COMMON STOCK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The following summary
of certain rights and terms of our common stock does not purport to be complete. You should refer to our Articles, and our By-laws,
both of which are included as exhibits to the registration statement we have filed with the SEC in connection with this offering.
The summary below is also qualified by provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>General Terms </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">We are
authorized to issue 100,000,000 shares of common stock. On March 24, 2014, we had 39,212,689 shares of common stock
outstanding and approximately 141 stockholders of record. Except as otherwise provided by any series of preferred stock that
may later be created, holders of our common stock have exclusive voting rights for the election of directors and for all
other purposes. Holders of our common stock are entitled to one vote per share on all matters to be voted upon by our
stockholders. Neither our Articles nor our By-laws authorize cumulative voting. The holders of our common stock are entitled
to receive dividends, if any, as may be declared from time to time by our board of directors out of funds legally available
for the payment of dividends, subject to the rights of any series of preferred stock. In the event of a liquidation,
dissolution or winding up of Solitario, the holders of our common stock are entitled to share ratably in all assets remaining
after payment of the preferential amounts, if any, to which the holders of our preferred stock, if any, are entitled. Our
common stock has no preemptive, conversion or other subscription rights. There are no redemption or sinking fund provisions
applicable to our common stock. All of our outstanding shares of common stock are fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Our Board of Directors </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">Our board of directors
currently has five (5)&nbsp;members. Our Articles and our By-laws provide that the number of directors shall be fixed from time
to time by resolution adopted by the vote of a majority of the directors then in office, but shall in no event be less than three
(except that there need be only as many directors as there are stockholders in the event the outstanding shares are held of record
by fewer than three stockholders) nor more than nine. Our Articles provide that, upon the first election of directors by the stockholders
after an increase in the number of directors to nine or more, the board of directors shall be divided into three nearly equal classes,
with each classes&rsquo; term expiring on a staggered basis. Vacancies and newly created directorships may be filled by a majority
of the directors then in office, though less than a quorum. Directors may be removed with or without cause by the affirmative vote
of a majority&nbsp;of the outstanding shares of capital stock entitled to vote generally in the election of directors cast at a
meeting of the stockholders called for that purpose. If a director is elected by a voting group of stockholders, only the stockholders
of that voting group may participate in the vote to remove that director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Transfer Agent and Registrar </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">The transfer agent and registrar for
our common stock in the United States is Computershare Trust Company, N.A. and in Canada is Computershare Investor Services Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>NYSE MKT and Toronto Stock Exchange </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">Our common stock is listed for quotation
on the NYSE MKT under the symbol &ldquo;XPL&rdquo; and on the Toronto Stock Exchange under the symbol &ldquo;SLR.&rdquo;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Currently there
is one warrant outstanding to acquire 1,624,748 shares of Company common stock which was issued in 2012 in connection with the
Company obtaining a credit facility. That warrant was issued in a private transaction. Except for such warrant, as of the date
of this prospectus, no warrants to purchase shares of our common stock, preferred stock and/or debt securities were outstanding.
We may issue warrants to purchase shares of our common stock, preferred stock and/or debt securities in one or more series together
with other securities or separately, as described in the applicable prospectus supplement. Below is a description of certain general
terms and provisions of the warrants that we may offer. Particular terms of the warrants will be described in the warrant agreements
and the prospectus supplement to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">The applicable prospectus supplement
will contain, where applicable, the following terms of and other information relating to the warrants:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">the specific designation and aggregate number of, and the price at which we will issue, the warrants; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">the currency or currency units in which the offering price, if any, and the exercise price are payable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">the designation, amount and terms of the securities purchasable upon exercise of the warrants; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">if applicable, the exercise price for shares of our common stock and the number of shares of common stock to be received upon exercise of the warrants; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">if applicable, the exercise price for shares of our preferred stock, the number of shares of preferred stock to be received upon exercise, and a description of that series of our preferred stock; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">if applicable, the exercise price for our debt securities, the amount of debt securities to be received upon exercise, and a description of that series of debt securities; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">whether the warrants will be issued in fully registered form or bearer form, in definitive or global form or in any combination of these forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any security included in that unit; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">any applicable material United States federal income tax consequences; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other agents; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">if applicable, the date from and after which the warrants and the common stock, preferred stock and/or debt securities will be separately transferable; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">information with respect to book-entry procedures, if any; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">the anti-dilution provisions of the warrants, if any; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">any redemption or call provisions; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">whether the warrants are to be sold separately or with other securities as parts of units; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Transfer Agent and Registrar </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">The transfer agent
and registrar for any warrants will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">This section outlines
some of the provisions of the units and the unit agreements. This information may not be complete in all respects and is qualified
entirely by reference to the unit agreement with respect to the units of any particular series. The specific terms <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"><BR>
of any series
of units will be described in the applicable prospectus supplement. If so described in a particular supplement, the specific terms
of any series of units may differ from the general description of terms presented below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may issue units comprised
of shares of preferred stock, shares of common stock, warrants and debt securities in any combination. Each unit will be issued
so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the
rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that
the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement may describe:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any provisions of the governing unit agreement; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the price or prices at which such units will be issued; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">the applicable United States federal income tax considerations relating to the units; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">any other terms of the units and of the securities comprising the units. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The provisions described
in this section, as well as those described under &ldquo;Description of Preferred Stock,&rdquo; &ldquo;Description of Common Stock,&rdquo;
&ldquo;Description of Warrants&rdquo; and &ldquo;Description of Debt Securities&rdquo; will apply to the securities included in
each unit, to the extent relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Issuance in Series </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">We may issue units
in such amounts and in as many distinct series as we wish. This section summarizes terms of the units that apply generally to all
series. Most of the financial and other specific terms of your series will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Unit Agreements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">We will issue
the units under one or more unit agreements to be entered into between us and a bank or other financial institution, as unit agent.
We may add, replace or terminate unit agents from time to time. We will identify the unit agreement under which each series of
units will be issued and the unit agent under that agreement in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The following provisions
will generally apply to all unit agreements unless otherwise stated in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Modification Without Consent </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">We and the applicable
unit agent may amend any unit or unit agreement without the consent of any holder:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to cure any ambiguity; any provisions of the governing unit agreement that differ from those described below; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to correct or supplement any defective or inconsistent provision; or </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">to make any other change that we believe is necessary or desirable and will not adversely affect the interests of the affected holders in any material respect. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We do not need any
approval to make changes that affect only units to be issued after the changes take effect. We may also make changes that do not
adversely affect a particular unit in any material respect, even if they adversely affect other units in a material respect. In
those cases, we do not need to obtain the approval of the holder of the unaffected unit; we need only obtain any required approvals
from the holders of the affected units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: justify"><B>Modification With Consent </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">We may not amend
any particular unit or a unit agreement with respect to any particular unit unless we obtain the consent of the holder of that
unit, if the amendment would:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">impair any right of the holder to exercise or enforce any right under a security included in the unit if the terms of that security require the consent of the holder to any changes that would impair the exercise or enforcement of that right; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">reduce the percentage of outstanding units or any series or class the consent of whose holders is required to amend that series or class, or the applicable unit agreement with respect to that series or class, as described below. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Any other change
to a particular unit agreement and the units issued under that agreement would require the following approval:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">If the change affects only the units of a particular series issued under that agreement, the change must be approved by the holders of a majority of the outstanding units of that series; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the change affects the units of more than
        one series issued under that agreement, it must be approved by the holders of a majority of all outstanding units of all series
        affected by the change, with the units of all the affected series voting together as one class for this purpose.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">These provisions regarding
changes with majority approval also apply to changes affecting any securities issued under a unit agreement, as the governing document.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In each case, the required
approval must be given by written consent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Unit Agreements Will Not Be Qualified Under
Trust Indenture Act </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No unit agreement will
be qualified as an indenture, and no unit agent will be required to qualify as a trustee, under the Trust Indenture Act. Therefore,
holders of units issued under unit agreements will not have the protections of the Trust Indenture Act with respect to their units.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Mergers and Similar Transactions Permitted;
No Restrictive Covenants or Events of Default </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The unit agreements will
not restrict our ability to merge or consolidate with, or sell our assets to, another corporation or other entity or to engage
in any other transactions. If at any time we merge or consolidate with, or sell our assets substantially as an entirety to, another
corporation or other entity, the successor entity will succeed to and assume our obligations under the unit agreements. We will
then be relieved of any further obligation under these agreements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The unit agreements will
not include any restrictions on our ability to put liens on our assets, including our interests in our subsidiaries, nor will they
restrict our ability to sell our assets. The unit agreements also will not provide for any events of default or remedies upon the
occurrence of any events of default.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Form, Exchange and Transfer </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We anticipate that we
will issue each unit in global&mdash;i.e., book-entry&mdash;form only. Units in book-entry form will be represented by a global
security registered in the name of a depositary, which will be the holder of all the units represented by the global security.
Those who own beneficial interests in a unit will do so through participants in the depositary&rsquo;s system, and the rights of
these indirect owners will be governed solely by the applicable procedures of the depositary and its participants. We will describe
book-entry securities, and other terms regarding the issuance and registration of the units in the applicable prospectus supplement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each unit and all securities
comprising the unit will be issued in the same form.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If we issue any units
in registered, non-global form, the following will apply to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The units will be issued
in the denominations stated in the applicable prospectus supplement. Holders may exchange their units for units of smaller denominations
or combined into fewer units of larger denominations, as long as the total amount is not changed.</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Holders may exchange or transfer their units at the office of the unit agent. Holders may also replace lost, stolen, destroyed or mutilated units at that office. We may appoint another entity to perform these functions or perform them ourselves. </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Holders will not be required to pay a service charge to transfer or exchange their units, but they may be required to pay for any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange, and any replacement, will be made only if our transfer agent is satisfied with the holder&rsquo;s proof of legal ownership. The transfer agent may also require an indemnity before replacing any units. </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we have the right to redeem, accelerate
        or settle any units before their maturity, and we exercise our right as to less than all those units or other securities, we may
        block the exchange or transfer of those units during the period beginning 15 days before the day we mail the notice of exercise
        and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register
        transfers of or exchange any unit selected for early settlement, except that we will continue to permit transfers and exchanges
        of the unsettled portion of any unit being partially settled. We may also block the transfer or exchange of any unit in this manner
        if the unit includes securities that are or may be selected for early settlement.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Only the depositary will
be entitled to transfer or exchange a unit in global form, since it will be the sole holder of the unit.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Payments and Notices </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In making payments and
giving notices with respect to our units, we will follow the procedures as described in the applicable prospectus supplement.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>HOW WE PLAN TO SELL THE SECURITIES </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may sell the securities
in any one or more of the following methods from time to time:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">directly to investors, directly to agents, or to investors through agents; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">through underwriting syndicates led by one or more managing underwriters, or through one or more underwriters acting alone, for resale to the public or investors; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">purchases by a broker or dealer as principal and resale by such broker or dealer for its own account; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">through a block trade (which may involve crosses) in which the broker or dealer so engaged 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></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">ordinary brokerage transactions and transactions in which the broker solicits purchasers; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">in &ldquo;at the market offerings,&rdquo; within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing trading market, on an exchange or otherwise; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">transactions not involving market makers or established trading markets, including direct sales or privately negotiated transactions; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">exchange distributions and/or secondary distributions; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">by delayed delivery contracts or by remarketing firms; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">transactions in options, swaps or other derivatives that may or may not be listed on an exchange; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">through a combination of any such methods of
        sale.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The distribution of the
securities may be effected from time to time in one or more transactions:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">at a fixed price or prices, which may be changed; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">at market prices prevailing at the time of sale; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">at prices related to such prevailing market prices; or </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">at negotiated prices.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any of the prices may
represent a discount from the prevailing market prices.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any underwritten offering
may be on a best efforts or a firm commitment basis. If underwriters are used in the sale, the securities acquired by the underwriters
will be for their own account. The underwriters may resell the securities in one or more transactions, including without limitation
negotiated transactions, at a fixed public offering price or at a varying price determined at the time of sale. The obligations,
if any, of the underwriter to purchase any securities will be subject to certain conditions. We may offer the securities to the
public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to
certain conditions, the underwriters will be obligated to purchase all of the securities if any are purchased, other than securities
covered by any over-allotment option. Any public offering price and any discounts or concessions allowed, reallowed or paid to
dealers may be changed from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a dealer is used in
an offering of securities, we may 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 sale.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may sell securities
directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities
and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states
otherwise, our agent will act on a best-efforts basis for the period of its appointment.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may also sell securities
directly to one or more purchasers without using underwriters, dealers or agents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We may also make direct
sales through subscription rights distributed to our stockholders on a pro rata basis, which may or may not be transferable. In
any distribution of subscription rights to stockholders, if all of the underlying securities are not subscribed for, we may then
sell the unsubscribed securities directly to third parties or may engage the services of one or more underwriters, dealers or agents,
including standby underwriters, to sell the unsubscribed securities to third parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the sale of the securities,
underwriters, dealers or agents may receive compensation from us or from purchasers of the securities, for whom they may act as
agents, in the form of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers, and such
dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions
from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of the
securities may be deemed to be underwriters under the Securities Act and any discounts or commissions they receive from us and
any profit on the resale of securities they realize may be deemed to be underwriting discounts and commissions under the Securities
Act. The applicable prospectus supplement will, where applicable:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">identify any such underwriter or agent; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">describe any compensation in the form of discounts, concessions, commissions or otherwise received from us by each of such underwriter, dealer or agent and in the aggregate to all underwriters, dealers and agents; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">identify the purchase price and proceeds from such sale; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">identify the amounts underwritten; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">identify the nature of the underwriter&rsquo;s obligation to take the securities; </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">identify any over-allotment option under which the underwriters may purchase additional securities from us; and </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%; text-align: justify; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&bull;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: justify; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">identify any quotation systems or securities
        exchanges on which the securities may be quoted or listed.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the related prospectus supplement, each series of securities will be a new issue with no established trading market, other than
the common stock, which is listed on the NYSE MKT and the Toronto Stock Exchange. Any common stock sold pursuant to a prospectus
supplement will be listed on the NYSE MKT and the Toronto Stock Exchange, subject to applicable notices. We may elect to apply
for quotation or listing of any other class or series of our securities, on a quotation system or an exchange but we are not obligated
to do so. It is possible that one or more underwriters may make a market in a class or series of our securities, but such underwriters
will not be obligated to do so and may discontinue any market making at any time without notice. Therefore, no assurance can be
given as to the liquidity of, or the trading market for, any other class or series of our securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with an
offering, an underwriter may purchase and sell securities in the open market. These transactions may include short sales, stabilizing
transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater
number of securities than they are required to purchase in the offering. &ldquo;Covered&rdquo; short sales are sales made in an
amount not greater than the underwriters&rsquo; option to purchase additional securities, if any, from us in the offering. If the
<BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">underwriters have an over-allotment option to purchase additional securities from us, the underwriters may close out any covered
short position by either exercising their over-allotment option or purchasing securities in the open market. In determining the
source of securities to close out the covered short position, the underwriters may 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. &ldquo;Naked&rdquo; short sales are any sales in excess of such option or where the underwriters do not have an over-allotment
option. The underwriters must close out any naked short position by purchasing securities in the open market. A naked short position
is more likely to be created if the underwriters are concerned that there may 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.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accordingly, to cover
these short sales positions or to otherwise stabilize or maintain the price of the securities, the underwriters may bid for or
purchase securities in the open market and may impose penalty bids. If penalty bids are imposed, selling concessions allowed to
syndicate members or other broker-dealers participating in the offering are reclaimed if securities previously distributed in the
offering are repurchased, whether in connection with stabilization transactions or otherwise. The effect of these transactions
may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open
market. The impositions of a penalty bid may also affect the price of the securities to the extent that it discourages resale of
the securities. The magnitude or effect of any stabilization or other transactions is uncertain. These transactions may be effected
on the NYSE MKT or otherwise and, if commenced, may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We do not make any
representation or prediction as to the direction or magnitude of any effect that the transactions described above might have on
the price of the securities. In addition, we do not make any representation that underwriters will engage in such transactions
or that such transactions, once commenced, will not be discontinued without notice at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Under agreements
into which we may enter, underwriters, dealers and agents who participate in the distribution of the securities may be entitled
to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or contribution from
us to payments which the underwriters, dealers or agents may be required to make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Underwriters, dealers
and agents may engage in transactions with us or perform services for us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If indicated in
the applicable prospectus supplement, securities may also be offered or sold by a &ldquo;remarketing firm&rdquo; in connection
with a remarketing arrangement contemplated by the terms of the securities. Remarketing firms may act as principals for their own
accounts or as agents. The applicable prospectus supplement will identify any remarketing firm and the terms of its agreement,
if any, with us. It will also describe the remarketing firms compensation. Remarketing firms may be deemed to be underwriters in
connection with the remarketing of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">If indicated in
the applicable prospectus supplement, we will authorize underwriters, dealers or other persons acting as our agents to solicit
offers by particular institutions to purchase securities from us at the public offering price set forth in such prospectus supplement
pursuant to delayed delivery contracts providing for payment and delivery on such future date or dates stated in such prospectus
supplement. Each delayed delivery contract will be for an amount no less than, and the aggregate principal amounts of securities
sold under delayed delivery contracts shall be not less nor more than, the respective amounts stated in the applicable prospectus
supplement. Institutions with which such delayed delivery contracts, when authorized, may be made include commercial and savings
banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but will in
all cases be subject to our approval. The obligations of any purchaser under any such contract will be subject to the conditions
that (1)&nbsp;the purchase of the securities shall not at the time of delivery be prohibited under the laws of any jurisdiction
in the United States to which the purchaser is subject, and (2)&nbsp;if the securities are being sold to underwriters, we shall
have sold to the underwriters the total principal amount of the securities less the principal amount thereof covered by the delayed
delivery contracts. The underwriters and such other agents will not have any responsibility in respect of the validity or performance
of such delayed delivery contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">With respect to
the sale of any securities under this prospectus, the maximum compensation to be received by any member of the Financial Industry
Regulatory Authority, Inc. or independent broker or dealer will not be greater than eight percent (8%)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">To comply with applicable
state securities laws, the securities offered by this prospectus will be sold, if necessary, in such jurisdictions only through
registered or licensed brokers or dealers. In addition, securities may not be sold in some states unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and
is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN PROVISIONS OF COLORADO LAW AND OF
OUR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLES AND BY-LAWS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Anti-Takeover Provisions of our Articles
By-laws </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the board
of directors&rsquo; ability to issue shares of preferred stock, our Articles and our By-laws contain other provisions that are
intended to enhance the likelihood of continuity and stability in the composition of the board of directors and which may have
the effect of delaying, deferring or preventing a future takeover or change in control of our company unless such takeover or change
in control is approved by our board of directors. These provisions include the possibility of a classified board of directors as
discussed above in &ldquo;Description of Common Stock &ndash; Our Board of Directors&rdquo; and advance notice procedures for stockholder
proposals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Classified Board</I>.
The provision for a classified board could prevent a party who acquires control of a majority of our outstanding common stock from
obtaining control of the board until our second annual stockholders meeting following the date the acquirer obtains the controlling
stock interest. The classified board provision could have the effect of discouraging a potential acquirer from making a tender
offer or otherwise attempting to obtain control of us and could increase the likelihood that incumbent directors will retain their
positions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Advance Notice Procedures
for Stockholder Proposals</I>. Our By-laws establish an advance notice procedure for stockholder proposals to be brought before
an annual meeting of our stockholders, including proposed nominations of persons for election to our board. Stockholders at our
annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or
at the direction of our board or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled
to vote at the meeting and who has given to our secretary timely written notice, in proper form, of the stockholder&rsquo;s intention
to bring that business before the meeting. Although our By-laws do not give our board the power to approve or disapprove stockholder
nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, our By-laws may
have the effect of precluding the conduct of some business at a meeting if the proper procedures are not followed or may discourage
or defer a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting
to obtain control of us.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Limitations on Liability and Indemnification of Officers and
Directors </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Articles limit the liability of our directors
to the fullest extent permitted by Colorado law and provide that we are authorized to indemnify them to the fullest extent permitted
by such law. Our By-laws provide that we are authorized to indemnify our officers to the fullest extent permitted by Colorado law.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION INCORPORATED BY REFERENCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">The SEC allows us
to incorporate by reference the information and reports we file with it, which means that we can disclose important information
to you by referring you to these documents. Our SEC file number is 001-32978. The information incorporated by reference is an important
part of this prospectus, and information that we file later with the SEC will automatically update and supersede the information
already incorporated by reference. We are incorporating by reference the documents listed below, which we have already filed with
the SEC, and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, except as to
any portion of any future report or document that is not deemed filed under such provisions, until we sell all of the securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Annual Report on Form 10-K for the fiscal year ended December 31,
2013;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Current Reports on Form 8-K filed with the SEC on January 29,
2014, February 21, 2014, and March 3, 2014; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The description of our common stock contained in our registration
statement on Form 8-A, which was filed with the SEC on August 9, 2006, including any amendment or report filed for the purpose
of updating such description.</FONT></TD></TR></TABLE>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 27pt">Upon request, we will
provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered a copy
of the documents incorporated by reference into this prospectus. You may request a copy of these filings, and any exhibits we have
specifically incorporated by reference as an exhibit in this prospectus, at no cost by writing or telephoning us at the following
address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Solitario Exploration &amp; Royalty Corp.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4251 Kipling Street, Suite 390</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Wheat Ridge, Colorado 80033</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(303) 534-1030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">This prospectus is part of a registration
statement we filed with the SEC. We have incorporated exhibits into this registration statement. You should read the exhibits carefully
for provisions that may be important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">You should rely only on the information
incorporated by reference or provided in this prospectus or any prospectus supplement. We have not authorized anyone to provide
you with different information. We are not making an offer of these securities in any state where the offer is not permitted. You
should not assume that the information in this prospectus or in the documents incorporated by reference is accurate as of any date
other than the date on the front of this prospectus or those documents.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We are subject to
the information requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and in accordance with the
Exchange Act, file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and
copy any document we file at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may call
the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference Room. These documents also may be accessed
through the SEC&rsquo;s electronic data gathering, analysis and retrieval system, or EDGAR, via electronic means, including the
SEC&rsquo;s home page on the Internet (www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">We have the authority
to designate and issue more than one class or series of stock having various preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption. See &ldquo;Description of Preferred
Stock&rdquo; and &ldquo;Description of Common Stock.&rdquo; We will furnish a full statement of the relative rights and preferences
of each class or series of our stock which has been so designated and any restrictions on the ownership or transfer of our stock
to any stockholder upon request and without charge. Written requests for such copies should be directed to Solitario Exploration
&amp; Royalty Corp., Attn: Corporate Secretary, 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033. Our telephone number
is (303)&nbsp;534-1030. Our website is located at www. Solitarioresources.com. Information contained on our website is not incorporated
by reference into this prospectus and, therefore, is not part of this prospectus or any accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">EKS&amp;H LLLP,
an independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report
on Form 10-K for the year ended December&nbsp;31, 2013, as set forth in their report, which is incorporated by reference in this
prospectus and elsewhere in the registration statement. Our financial statements are incorporated by reference in reliance on EKS&amp;H
LLLP&rsquo;s report, given on their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">Certain
information regarding our Mt. Hamilton project incorporated by reference in this prospectus is included in reliance on portions
of independent technical reports prepared by SRK Consulting (US), Inc., completed in 2009 and 2012, concerning the Mt. Hamilton
project and has been included herein in reliance on the authority of such firm as experts in geology and engineering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>LEGAL MATTERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Certain legal matters, including the
legality of the securities offered, will be passed upon for us by Polsinelli PC, Denver, Colorado.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in"></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$75,000,000 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>Debt Securities </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Preferred Stock </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Warrants </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Units </B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; text-indent: 0.5in"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2014 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">We have not authorized any dealer, salesperson
or other person to give any information or represent anything not contained in this prospectus. You must not rely on any unauthorized
information. If anyone provides you with different or inconsistent information, you should not rely on it. This prospectus does
not offer to sell any shares in any jurisdiction where it is unlawful. Neither the delivery of this prospectus, nor any sale made
hereunder, shall create any implication that the information in this prospectus is correct after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II. INFORMATION NOT REQUIRED IN PROSPECTUS
</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: top">
    <td style="width: 9%; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Item&nbsp;14.</b></font></td>
    <td style="padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Other Expenses of Issuance and Distribution. </b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">The expenses in connection with the
issuance and distribution of the securities being registered will be borne by Solitario Exploration &amp; Royalty Corp. and are
set forth in the following table. All amounts except the registration fee are estimated.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 86%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 8%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Registration fee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,407</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Legal fees and expenses</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">**</font></td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Accounting fees and expenses</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">**</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Printing fees and expenses</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">**</font></td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Transfer agent and trustee fees</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">**</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Miscellaneous</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">**</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td>
    <td style="border-top: black 1pt solid; padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td>
    <td style="border-top: black 1pt solid; padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-left: 12pt; font: 12pt Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Total</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,407 </font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td>
    <td style="border-top: black 2.25pt double; padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td>
    <td style="border-top: black 2.25pt double; padding-bottom: 10pt; font-size: 1pt; line-height: 115%">&nbsp;</td></tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: top">
    <td style="width: 2%">
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">*</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">**</P></td>
    <td>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Does not include the registration fee previously paid
        in connection with Registration Statement No. 333-172929.</P>
        <P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Estimated expenses not presently known.</P></td></tr>
</table>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 30; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: top">
    <td style="width: 9%; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Item&nbsp;15.</b></font></td>
    <td style="padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Indemnification of Directors and Officers. </b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Colorado Business
Corporation Act allows a corporation to indemnify its directors, officers, employees, fiduciaries and agents against liability
in certain situations. Our Articles authorize us to indemnify our directors to the fullest extent permitted by Colorado law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Colorado Business
Corporation Act indemnification would be mandatory with respect to a director or officer who was wholly successful in defense of
an action, suit or proceeding. As permitted by the Colorado Business Corporation Act and our By-laws, we will indemnify directors
and officers, and may indemnify employees, fiduciaries and agents, against reasonably incurred expenses, judgments, penalties,
fines and amounts paid in settlement reasonably incurred by them in connection with an action, suit or proceeding if it is determined
that they conducted themselves in good faith and that they reasonably believed (i)&nbsp;in the case of conduct in their official
capacity, that their conduct was in the company&rsquo;s best interests, or (ii)&nbsp;in all other cases (except criminal cases),
that their conduct was at least not opposed to the company&rsquo;s best interests, or (iii)&nbsp;in the case of a criminal proceeding,
that they had no reasonable cause to believe their conduct was unlawful. In proceedings brought by or in the right of the Company,
indemnification will be limited to reasonable expenses incurred in connection with the proceeding. No indemnification will be provided
with respect to any claim, issue or matter in connection with a proceeding by or in the right of the Company in which the person
was adjudged to be liable to the Company on in any proceeding charging that the person derived an improper personal benefit, whether
or not involving action in an official capacity, in which they were adjudged to be liable to the Company on the basis that they
derived an improper personal benefit. Additional indemnification may be provided to officers, employees, fiduciaries or agents
if they are not also directors, so long as such additional indemnification is provided for by general or specific action by the
board of directors or stockholders or by contract and would not be inconsistent with public policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7-109-108
of the Colorado Business Corporation Act provides that a corporation shall have the power to purchase and maintain insurance on
behalf of its officers, directors, employees, fiduciaries and agents, against any liability asserted against and incurred by such
persons in any such capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7-108-403
of the Colorado Business Corporation Act provides, among other things, that a director, who votes for or assents to an unlawful
payment of dividends or an unlawful stock purchase or redemption, may be held liable for such actions.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7-108-402 of the
Colorado Business Corporation Act allows a Colorado corporation to eliminate or limit the personal liability of a director to the
corporation or to its shareholders for monetary damages for a breach of fiduciary duty as a director, except for liabilities arising
from any breach of the director&rsquo;s duty of loyalty to the corporation or its shareholders, from acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law, from any transaction from which the director derived
an improper personal benefit, or from any other act, omission or transaction as to which the Colorado Business Corporation Act
prohibits the elimination or limitation of liability. Our Articles contain a provision limiting director liability for monetary
damages for his or her conduct as a director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our directors and officers
are covered by insurance policies maintained by us against specified liabilities for actions taken in their capacities as such,
including liabilities under the Securities Act of 1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant
pursuant to the foregoing provisions, the registrant has been informed 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.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: top">
    <td style="width: 9%; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Item&nbsp;16.</b></font></td>
    <td style="padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Exhibits. </b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">A list of exhibits filed with this
registration statement on Form S-3 is set forth on the Exhibit Index and is incorporated herein by reference.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: top">
    <td style="width: 9%; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Item&nbsp;17.</b></font></td>
    <td style="padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Undertakings. </b></font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: top">
    <td style="width: 4%; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(a)</font></td>
    <td style="padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">The undersigned registrant hereby undertakes: </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in">(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; text-indent: 0.5in">(i) To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; text-indent: 0.5in">(ii) To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum
aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; text-indent: 0.5in">(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"><I>provided</I>, <I>however</I>, that
paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section 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 Securities and Exchange Commission by the
registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">(2) That, for the
purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(3) To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">(4) That, for the
purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-align: justify; text-indent: 0.5in">(i) Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 0.5in">(ii) Each prospectus required
to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating
to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by
Section&nbsp;10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof; <I>provided</I>, <I>however</I>, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">(5) That, for the purpose of determining
liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 0.5in">(i) Any preliminary prospectus
or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 0.5in">(ii) Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 0.5in">(iii) The portion of any other
free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities
provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 0.5in">(iv) Any other communication
that is an offer in the offering made by the undersigned registrant to the purchaser;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">(6) That, for purposes of determining
any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)
or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">benefit plan&rsquo;s
annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">(7) Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933
and will be governed by the final adjudication of such issue;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">(8) That, for purposes
of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act of 1933 shall be deemed to be part of this registration statement
as of the time it was declared effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">(9) That, for the
purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">(10) To file an
application for the purpose of determining the eligibility of the trustee to act under subsection (a)&nbsp;of Section&nbsp;310
of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Securities and Exchange Commission under
Section&nbsp;305(b)2 of the Trust Indenture Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Wheat Ridge, State of Colorado, on this 26th day of March, 2014.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 5%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="width: 94%; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>SOLITARIO EXPLORATION &amp; ROYALTY CORP.</b></font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: black 1pt solid; text-align: center; font-size: 11pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">/</font><font style="font: 7.5pt/115% Times New Roman, Times, Serif">S</font><font style="font: 10pt/115% Times New Roman, Times, Serif">/&nbsp;&nbsp;&nbsp;&nbsp;Christopher E. Herald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr>
<tr>
    <td style="vertical-align: top; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center; font-size: 7.5pt; line-height: 115%"><font style="font: 7.5pt/115% Times New Roman, Times, Serif"><b>Christopher E. Herald</b></font></td></tr>
<tr>
    <td style="vertical-align: top; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center; font-size: 7.5pt; line-height: 115%"><font style="font: 7.5pt/115% Times New Roman, Times, Serif"><b>President and Chief Executive Officer</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>POWER OF ATTORNEY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">KNOW ALL BY THESE
PRESENTS, that each individual whose signature appears below hereby severally constitutes and appoints Christopher E. Herald and
James R. Maronick and each of them singly, as such person&rsquo;s true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution, for such person in such person&rsquo;s name, place and stead, in any and all capacities, to sign
any and all amendments (including post-effective amendments) to this registration statement (or any registration statement that
is to be effective upon filing pursuant to Rule 462(b) of the Securities Act of 1933), and to file the same, with all exhibits
thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact
and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming
all that any said attorney-in-fact and agent, or any substitute or substitutes of them, may lawfully do or cause to be done by
virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
and on the dates indicated.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Calibri, Helvetica, Sans-Serif">
<tr>
    <td style="width: 46%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="width: 34%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="width: 18%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Signature</b></P></td>
    <td style="padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Capacity</b></P></td>
    <td style="padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Date</b></P></td></tr>
<tr>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid"><font style="font-size: 10pt">/</font><font style="font-size: 7.5pt">S</font><font style="font-size: 10pt">/&nbsp;&nbsp;&nbsp;&nbsp;C</font><font style="font-size: 7.5pt">HRISTOPHER</font><font style="font-size: 10pt">
        E. H</font><font style="font-size: 7.5pt">ERALD</font><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><b>Christopher E. Herald</b></P></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">President, Chief Executive Officer and Director (Principal Executive Officer)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: top; padding-bottom: 10pt; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">March 26, 2014</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid"><font style="font-size: 10pt">/</font><font style="font-size: 7.5pt">S</font><font style="font-size: 10pt">/&nbsp;&nbsp;&nbsp;&nbsp;J</font><font style="font-size: 7.5pt">AMES</font><font style="font-size: 10pt">
        R. M</font><font style="font-size: 7.5pt">ARONICK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><b>James R. Maronick</b></P></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: top; padding-bottom: 10pt; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">March 26, 2014</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid"><font style="font-size: 10pt">/</font><font style="font-size: 7.5pt">S</font><font style="font-size: 10pt">/&nbsp;&nbsp;&nbsp;&nbsp;M</font><font style="font-size: 7.5pt">ARK</font><font style="font-size: 10pt">
        E. J</font><font style="font-size: 7.5pt">ONES, </font><font style="font-size: 10pt">III</font><font style="font-size: 7.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><b>Mark E. Jones, III</b></P></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Director</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: top; padding-bottom: 10pt; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">March 26, 2014</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid"><font style="font-size: 10pt">/</font><font style="font-size: 7.5pt">S</font><font style="font-size: 10pt">/&nbsp;&nbsp;&nbsp;&nbsp;B</font><font style="font-size: 7.5pt">RIAN</font><font style="font-size: 10pt">
        L</font><font style="font-size: 7.5pt">ABADIE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><b>Brian Labadie</b></P></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Director</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: top; padding-bottom: 10pt; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">March 26, 2014</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid"><font style="font-size: 10pt">/</font><font style="font-size: 7.5pt">S</font><font style="font-size: 10pt">/&nbsp;&nbsp;&nbsp;&nbsp;L</font><font style="font-size: 7.5pt">EONARD</font><font style="font-size: 10pt">
        H</font><font style="font-size: 7.5pt">ARRIS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><b>Leonard Harris</b></P></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Director</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: top; padding-bottom: 10pt; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">March 26, 2014</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid"><font style="font-size: 10pt">/</font><font style="font-size: 7.5pt">S</font><font style="font-size: 10pt">/&nbsp;&nbsp;&nbsp;&nbsp;J</font><font style="font-size: 7.5pt">OHN</font><font style="font-size: 10pt">
        H</font><font style="font-size: 7.5pt">AINEY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><b>John Hainey</b></P></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Director</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: top; padding-bottom: 10pt; text-align: center; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">March 26, 2014</font></td></tr>
</table>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">II-5</P>
























































































































































































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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<tr>
    <td style="padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 5%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td style="width: 87%; padding-bottom: 10pt; font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><b>Exhibit&nbsp;No.</b></P></td>
    <td style="font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td>
        <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><b>Description</b></P></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;1.1*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Underwriting Agreement</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.1</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Indenture for Senior Debt Securities</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.2</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Senior Debt Security (included in Exhibit 4.1 hereto)</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.3</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Indenture for Subordinated Debt Securities</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.4</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Subordinated Debt Security (included in Exhibit 4.3 hereto)</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.5</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Solitario&rsquo;s Form 10-Q filed on August 7, 2008) (File No. 001-32978)</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.6*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Articles of Amendment to the Amended and Restated Articles of Incorporation, as amended, to State Terms of Series of Preferred Stock</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.7*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Preferred Stock Certificate</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.8*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Warrant Agreement</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.9*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Warrant Certificate</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.10*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Unit Agreement</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;4.11*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form of Unit Certificate</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;5.1</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Opinion of Polsinelli PC as to the legality of the Securities being registered</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">12.1*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Computation of Ratios of Earnings to Fixed Charges</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">23.1</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Consent of EKS&amp;H LLLP</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">23.2</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Consent of &nbsp;Polsinelli (included in Exhibit 5.1 hereto)</font></td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">23.3</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Consent of SRK Consulting (US), Inc.</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">24.1</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Power of Attorney (included in Part II of this registration statement)</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">25.1*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form T-1 Statement of Eligibility of Trustee for Senior Indenture under the Trust Indenture Act of 1939</font></td></tr>
<tr>
    <td style="font-size: 11pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="font-size: 11pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">25.2*</font></td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Form T-1 Statement of Eligibility of Trustee for Subordinated Indenture under the Trust Indenture Act of 1939</font></td></tr>
<tr>
    <td style="vertical-align: top; font-size: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 7.5pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; line-height: 115%">&nbsp;</td></tr>
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    <td style="padding-bottom: 10pt; font-size: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">To be filed by amendment or as an exhibit to a document to be incorporated or deemed to be incorporated by reference in this registration statement, including a current report on Form 8-K. </font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">TO</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Senior Debt Securities</P>

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

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<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 18%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Page</b></font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;101.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Definitions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;102.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Compliance Certificates and Opinions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">10</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;103.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Form of Documents Delivered to Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;104.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Acts of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;105.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notices, etc., to Trustee and Company</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;106.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice to Holders; Waiver</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;107.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Counterparts; Effect of Headings and Table of Contents</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;108.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Successors and Assigns</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;109.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Severability Clause</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;110.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Benefits of Indenture</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;111.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Governing Law</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;112.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Legal Holidays</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;113.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;114.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Conflict with Trust Indenture Act</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE TWO - SECURITIES FORMS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;201.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forms of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;202.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Form of Trustee's Certificate of Authentication</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;203.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Issuable in Global Form</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE THREE - THE SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;301.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Amount Unlimited; Issuable in Series</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;302.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Denominations</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;303.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Execution, Authentication, Delivery and Dating</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">21</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;304.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Temporary Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">24</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;305.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Registration, Registration of Transfer, Conversion and Exchange</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">26</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;306.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Mutilated, Destroyed, Lost and Stolen Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">30</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;307.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Payment of Interest; Interest Rights Preserved</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">31</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;308.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Persons Deemed Owners</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">33</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;309.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cancellation</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">33</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;310.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Computation of Interest</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">34</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;311.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">CUSIP Numbers</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">34</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE FOUR - SATISFACTION AND DISCHARGE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">34</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;401.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Satisfaction and Discharge of Indenture</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">34</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;402.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Application of Trust Funds</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">35</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 18%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE FIVE - REMEDIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">36</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;501.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Events of Default</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">36</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;502.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Acceleration of Maturity; Rescission and Annulment</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">37</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;503.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Collection of Indebtedness and Suits for Enforcement by Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">38</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;504.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee May File Proofs of Claim</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">39</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;505.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee May Enforce Claims Without Possession of Securities or Coupons</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">40</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;506.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Application of Money Collected</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">40</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;507.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Limitation on Suits</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">40</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;508.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">41</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;509.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Restoration of Rights and Remedies</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">41</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;510.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Rights and Remedies Cumulative</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">41</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;511.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Delay or Omission Not Waiver</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;512.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Control by Holders of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;513.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Waiver of Past Defaults</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;514.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Waiver of Usury, Stay or Extension Laws</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;515.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Undertaking for Costs</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE SIX - THE TRUSTEE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;601.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Defaults</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;602.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Certain Rights of Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;603.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Not Responsible for Recitals or Issuance of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">45</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;604.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">May Hold Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">46</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;605.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Money Held in Trust</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">46</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;606.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Compensation and Reimbursement</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">46</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;607.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Corporate Trustee Required; Eligibility; Conflicting Interests</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">47</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;608.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Resignation and Removal; Appointment of Successor</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">47</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;609.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Acceptance of Appointment by Successor</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">48</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;610.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Merger, Conversion, Consolidation or Succession to Business</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">49</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;611.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Appointment of Authenticating Agent</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">50</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;612.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Certain Duties and Responsibilities of the Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">51</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE SEVEN - HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">52</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;701.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Disclosure of Names and Addresses of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">52</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;702.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reports by Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">53</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;703.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reports by Company</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">53</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;704.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Company to Furnish Trustee Names and Addresses of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">53</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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




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

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



<HR SIZE="3" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 18%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">54</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 801.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">54</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 802.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Rights and Duties of Successor Corporation</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">54</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 803.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Officers' Certificate and Opinion of Counsel</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">55</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE NINE - SUPPLEMENTAL INDENTURES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">55</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 901.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Supplemental Indentures Without Consent of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">55</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 902.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Supplemental Indentures with Consent of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">56</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 903.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Execution of Supplemental Indentures</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">57</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 904.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Effect of Supplemental Indentures</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">58</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 905.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Conformity with Trust Indenture Act</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">58</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 906.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reference in Securities to Supplemental Indentures</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">58</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE TEN - COVENANTS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">58</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1001.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Payment of Principal, Premium or Make-Whole Amount, if any; and Interest</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">58</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1002.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Maintenance of Office or Agency</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">58</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1003.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Money for Securities Payments to Be Held in Trust</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">60</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1004.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Existence</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">61</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1005.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Maintenance of Properties</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">61</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1006.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Insurance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1007.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Payment of Taxes and Other Claims</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1008.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Statement as to Compliance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1009.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Waiver of Certain Covenants</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE ELEVEN - REDEMPTION OF SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1101.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1102.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Election to Redeem; Notice to Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1103.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Selection by Trustee of Securities to Be Redeemed</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1104.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Redemption</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1105.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Deposit of Redemption Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">64</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1106.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Payable on Redemption Date</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">65</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1107.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Redeemed in Part</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">65</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE TWELVE - SINKING FUNDS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">66</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1201.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">66</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1202.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Satisfaction of Sinking Fund Payments with Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">66</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1203.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Redemption of Securities for Sinking Fund</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">66</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1301.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1302.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Repayment of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION&nbsp;1303.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Exercise of Option</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 18%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1304.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">When Securities Presented for Repayment Become Due and Payable</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">68</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1305.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Repaid in Part</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">69</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">69</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1401.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">69</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1402.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Defeasance and Discharge</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">69</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1403.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Covenant Defeasance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1404.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Conditions to Defeasance or Covenant Defeasance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1405.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">72</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">73</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1501.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Purposes for Which Meetings May Be Called</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">73</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1502.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Call, Notice and Place of Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">73</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1503.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Persons Entitled to Vote at Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">73</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1504.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Quorum; Action</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">73</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1505.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Determination of Voting Rights; Conduct and Adjournment of Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">75</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1506.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Counting Votes and Recording Action of Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">75</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">ARTICLE SIXTEEN - CONVERSION OF SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">76</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1601.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article; Conversion Privilege and Conversion Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">76</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1602.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Exercise of Conversion Privilege</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">77</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1603.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Fractions of Shares</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">78</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1604.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Adjustment of Conversion Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">78</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1605.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Adjustments of Conversion Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">81</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1606.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Certain Corporate Action</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1607.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Company to Reserve Common Stock</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1608.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Taxes on Conversion</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1609.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Covenants as to Common Stock</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1610.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cancellation of Converted Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">83</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1611.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">83</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1612.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee Adjustment Disclaimer; Company Determination Final</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">84</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1613.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">When No Adjustment Required</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">85</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 0.5in; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">SECTION 1614.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Equivalent Adjustments</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">85</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Reconciliation and tie between the Trust
Indenture Act of 1939, as amended (the &quot;Trust Indenture Act&quot; or &quot;TIA&quot;) and the Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 76%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 23%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Trust
        Indenture Act Section</b></P></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Indenture&nbsp;Section</b></P></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 310(a)(1)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(a)(2)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(b)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607,&nbsp;608</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 312(c)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 313(a)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(c)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 314(a)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(a)(4)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(c)(1)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(c)(2)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(e)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 315(b)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 316(a) (last sentence)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td nowrap style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101(&quot;Outstanding&quot;)</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(a)(1)(A)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502, 512</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(a)(1)(B)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(b)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 317(a)(1)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(a)(2)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">&sect; 318(a)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(c)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111</font></td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE: This reconciliation and tie shall not, for any purpose, be
deemed to be a part of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Attention should also be directed to
Section&nbsp;318(c) of the Trust Indenture Act, which provides that the provisions of Sections 310 to and including 317 of the
Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein.</P>

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

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




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">INDENTURE, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;, between Solitario Exploration &amp; Royalty Corp., a corporation organized under the laws of the State
of Colorado (hereinafter called the &quot;Company&quot;), having its principal office at 4251 Kipling Street, Suite 390, Wheat
Ridge, Colorado 80033, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Trustee hereunder (hereinafter called the &quot;Trustee&quot;), having a Corporate Trust Office at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">RECITALS OF THE COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company deems it necessary to issue
from time to time for its lawful purposes senior debt securities (hereinafter called the &quot;Securities&quot;) evidencing its
unsecured and senior indebtedness, and has duly authorized the execution and delivery of this Indenture to provide for the issuance
from time to time of the Securities, to be issued in one or more Series as provided in this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended (the &quot;Trust Indenture Act&quot; or &quot;TIA&quot;), that are deemed to be
incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All things necessary to make this Indenture
a valid and legally binding agreement of the Company, in accordance with its terms, have been done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of a Series thereof, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE ONE - DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 101. <U>Definitions</U>. For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the terms defined in this
Article have the meanings assigned to them in this Article, and include the plural as well as the singular;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) all other terms used herein
which are defined in the TIA, either directly or by reference therein, have the meanings assigned to them therein, and the terms
&quot;cash transactions&quot; and &quot;self-liquidating paper,&quot; as used in TIA Section&nbsp;311, shall have the meanings
assigned to them in the rules of the Commission adopted under the TIA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) any reference to an &quot;Article&quot;
or a &quot;Section&quot; refers to an Article or Section, as the case may be, of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) the words &quot;herein,&quot;
&quot;hereof&quot; and &quot;hereunder&quot; and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision.</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Act</U>,&quot; when used with respect
to any Holder, has the meaning specified in Section&nbsp;104.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Affiliate</U>&quot; 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 the purposes of this definition, &quot;control&quot; when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms &quot;controlling&quot; and &quot;controlled&quot; have meanings correlative
to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Authenticating Agent</U>&quot;
means any Person authorized by the Trustee pursuant to Section&nbsp;611 hereof to act on behalf of the Trustee to authenticate
Securities of one or more Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Authorized Newspaper</U>&quot;
means a newspaper, printed in the English language or in an official language of the country of publication, customarily published
on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection
with which the term is used or in the financial community of each such place. Whenever successive publications are required to
be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in
the same city meeting the foregoing requirements and in each case on any Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Bankruptcy Law</U>&quot; has
the meaning specified in Section&nbsp;501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Bearer Security</U>&quot; means
any Security established pursuant to Section&nbsp;201 which is payable to the bearer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Board of Directors</U>&quot;
when used with reference to the Company, means the board of directors of the Company, or any committee of that board duly authorized
to act hereunder, or any director or directors and/or officer or officers of the Company, to whom the board or committee shall
have duly delegated its authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Board Resolution</U>&quot; means
a copy of (1)&nbsp;a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors or a duly authorized committee of the Board of Directors and to be in full force and effect on the date
of such certification, or (2)&nbsp;a certificate signed by the director or directors and/or officer or officers to whom the Board
of Directors shall have duly delegated its authority, together with a resolution certified by the Secretary or an Assistant Secretary
of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification
authorizing such delegation, and, in each case, delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Business Day</U>,&quot; when
used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities issued pursuant to Section&nbsp;301, any day, other than a Saturday
or Sunday, that is neither a legal holiday nor a day on which banking institutions in that Place of Payment or particular location
are authorized or required by law, regulation or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Capital Stock</U>&quot; means,
with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership
interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate
stock), warrants or options to purchase any thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Clearstream</U>&quot; means Clearstream
Banking Luxembourg, soci&eacute;t&eacute; anonyme, or its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Closing Price</U>&quot; means
the closing price of a share of Common Stock of the Company as reported on the NYSE Amex Equities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Code</U>&quot; means the Internal
Revenue Code of 1986, as amended, and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Commission</U>&quot; means the
Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after
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 on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Common Depository</U>&quot;
has the meaning specified in Section&nbsp;304.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Common Stock</U>&quot; means,
with respect to any Person, all shares of capital stock issued by such Person other than Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Company</U>&quot; means the
Person named as the &quot;Company&quot; in the first paragraph of this Indenture until a successor corporation shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &quot;Company&quot; shall mean such successor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Company Request</U>&quot; and
&quot;<U>Company Order</U>&quot; mean, respectively, a written request or order signed in the name of the Company by its Chairman
of the Board, the Chief Executive Officer, the President, or a Vice President, and by its Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Constituent Person</U>&quot;
has the meaning specified in Section&nbsp;1611.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Conversion Event</U>&quot; means
the cessation of use of (i)&nbsp;a Foreign Currency both by the government of the country which issued such currency and for the
settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii)&nbsp;the
ECU both within the European Monetary System and for the settlement of transactions by public institutions of or within the European
Communities or (iii)&nbsp;any currency unit (or composite currency) other than the ECU for the purposes for which it was established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Conversion Price</U>&quot; has
the meaning specified in Section&nbsp;1601.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Corporate Trust Office</U>&quot;
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>corporation</U>&quot; includes
corporations, associations, companies and business trusts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>coupon</U>&quot; means any interest
coupon appertaining to a Bearer Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Covenant Defeasance</U>&quot;
has the meaning specified in Section&nbsp;1403.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Custodian</U>&quot; has the
meaning specified in Section&nbsp;501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Defaulted Interest</U>&quot;
has the meaning specified in Section&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Defeasance</U>&quot; has the
meaning specified in Section&nbsp;1402.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Distribution Record Date</U>&quot;
has the meaning specified in Section&nbsp;1611.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Dividend Record Date</U>&quot;
has the meaning specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Dollar</U>&quot; or the sign
&quot;<U>$</U>&quot; means a dollar or other equivalent unit in such coin or currency of the United States of America as at the
time of payment is legal tender for the payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>DTC</U>&quot; means The Depository
Trust Company and any successor to DTC in its capacity as depository for any Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>ECU</U>&quot; means the European
Currency Unit as defined and revised from time to time by the Council of the European Communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Euroclear</U>&quot; means Morgan
Guaranty Trust Company of New York, Brussels office, or its successor, as operator of the Euroclear System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>European Communities</U>&quot;
means the European Economic Community, the European Coal and Steel Community and the European Atomic Energy Community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>European Monetary System</U>&quot;
means the European Monetary System established by the Resolution of December&nbsp;5, 1978 of the Council of the European Communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Event of Default</U>&quot; has
the meaning specified in Article Five.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Exchange Act</U>&quot; means
the Securities Exchange Act of 1934, as amended, as in force at the date as of which this Indenture was executed; <U>provided</U>,
<U>however</U>, that in the event the Exchange Act is amended after such date, &quot;Exchange Act&quot; means to the extent required
by any such amendment, the Exchange Act as so amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Exchange Date</U>&quot; has
the meaning specified in Section&nbsp;304.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>FINRA</U>&quot; means the Financial
Industry Regulatory Authority, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Foreign Currency</U>&quot; means
any currency, currency unit or composite currency, including, without limitation, the ECU issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such governments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>GAAP</U>&quot; means, except as otherwise
provided herein, generally accepted accounting principles, as in effect from time to time, as used in the United States applied
on a consistent basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Global Security</U>&quot; means
a Security evidencing all or a part of a series of Securities issued to and registered in the name of the depository for such series,
or its nominee, in accordance with Section&nbsp;305, and bearing the legend prescribed in Section&nbsp;203.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Government Obligations</U>&quot;
means (i)&nbsp;securities which are (A)&nbsp;direct obligations of the United States of America or the government which issued
the Foreign Currency in which the Securities of a particular series are payable, for the payment of which its full faith and credit
is pledged or (B)&nbsp;obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America or such government which issued the Foreign Currency in which the Securities of such series are payable, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other
government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and (iii)&nbsp;a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of
interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository
receipt, <U>provided</U> that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation
or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Holder</U>&quot; means, in the
case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a
Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Indenture</U>&quot; means this
instrument as originally executed or as it may be supplemented or amended from time to time by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities
established as contemplated by Section&nbsp;301; <U>provided</U>, <U>however</U>, that, if at any time more than one Person is
acting as Trustee under this instrument, &quot;Indenture&quot; shall mean, with respect to any one or more series of Securities
for which such Person is Trustee, this instrument as originally executed or as it may be supplemented or amended from time to time
by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms
of the or those particular series of Securities for which such Person is Trustee established as contemplated by Section&nbsp;301,
exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is Trustee,
regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more
indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such
Trustee, was not a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Indexed Security</U>&quot; means
a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">5</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Interest</U>,&quot; when used with
respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable
after Maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Interest Payment Date</U>,&quot;
when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Make-Whole Amount</U>,&quot;
when used with respect to any Security, means the amount, if any, in addition to principal (and accrued interest thereon, if any)
which is required by a Security, under the terms and conditions specified therein or as otherwise specified as contemplated by
Section&nbsp;301, to be paid by the Company to the Holder thereof in connection with any optional redemption or accelerated payment
of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>mandatory sinking fund payment</U>&quot;
has the meaning specified in Section&nbsp;1201.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Market Value of the Distribution</U>&quot;
has the meaning specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Maturity</U>,&quot; when used
with respect to any Security, means the date on which the principal (or, if the context so requires, in the case of an Original
Issue Discount Security, or lesser amount or, in the case of an Indexed Security, an amount determined in accordance with the specified
terms of that Security) 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, notice of redemption, notice of option to elect repayment or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Officers' Certificate</U>&quot;
means a certificate signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or a Vice President
(whether or not designated by a number or word or words added before or after the title &quot;Vice President&quot;), and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Opinion of Counsel</U>&quot;
means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>optional sinking fund payment</U>&quot;
has the meaning specified in Section&nbsp;1201.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Original Issue Discount Security</U>&quot;
means any Security which provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less
than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section&nbsp;502.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Outstanding</U>,&quot; when
used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, <U>except</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) Securities theretofore
canceled by the Trustee or delivered to the Trustee for cancellation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) Securities, or portions
thereof, for whose payment or redemption (including repayment at the option of the Holder) money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">6</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">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 and any coupons appertaining
thereto; <U>provided</U>, <U>however</U>, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(iii) Securities, except to
the extent provided in Sections 1402 and 1403, with respect to which the Company has effected Defeasance and/or Covenant Defeasance
as provided in Article Fourteen; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(iv) Securities which have
been paid pursuant to Section&nbsp;306 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 bona fide purchaser in whose hands such Securities are valid obligations
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><U>provided</U>, <U>however</U>, 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 or are present at a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section&nbsp;313, (i)&nbsp;the principal amount of an Original Issue Discount Security that may be
counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal
to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination,
upon a declaration of acceleration of the maturity thereof pursuant to Section&nbsp;502, (ii)&nbsp;the principal amount of any
Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed
Outstanding for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section&nbsp;301 as of the date such
Security is originally issued by the Company, of the principal amount (or, in the case of an Original Issue Discount Security,
the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i)&nbsp;above) of such
Security, (iii)&nbsp;the principal amount of any Indexed Security that may be counted in making such determination or calculation
and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original
issuance, unless otherwise provided with respect to such Security pursuant to Section&nbsp;301, and (iv)&nbsp;Securities owned
by the Company 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 making such calculation
or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities owned as provided in clause (iv)&nbsp;above
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee's right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon
the Securities or any Affiliate of the Company or of such other obligor. In case of a dispute as to such right, the advice of counsel
shall be full protection in respect of any decision made by the Trustee in accordance with such advice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">7</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Paying Agent</U>&quot; means any Person
authorized by the Company to pay the principal of (and premium or Make-Whole Amount, if any) or interest on any Securities or coupons
on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Person</U>&quot; means any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof, or any other entity or organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Place of Payment</U>,&quot;
when used with respect to the Securities of or within any series, means the place or places where the principal of (and premium
or Make-Whole Amount, if any) and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Predecessor Security</U>&quot;
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&nbsp;306
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost
or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the
Security to which the mutilated, destroyed, lost or stolen coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Preferred Stock</U>&quot; means,
with respect to any Person, all capital stock issued by such Person that is entitled to a preference or priority over any other
capital stock issued by such Person with respect to any distribution of such Person's assets, whether by dividend or upon any voluntary
or involuntary liquidation, dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Redemption Date</U>,&quot; when
used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant
to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Redemption Price</U>,&quot;
when used with respect to any Security to be redeemed, means the price specified in the related Officers' Certificate or supplemental
indenture contemplated by and pursuant to Section&nbsp;301, at which it is to be redeemed pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Reference Date</U>&quot; has
the meaning specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Registered Security</U>&quot;
shall mean any Security which is registered in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Regular Record Date</U>&quot;
for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified
for that purpose as contemplated by Section&nbsp;301, whether or not a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Repayment Date</U>&quot; means,
when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant
to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Repayment Price</U>&quot; means,
when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or pursuant
to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">8</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Responsible Officer</U>,&quot; when
used with respect to the Trustee, means any Vice President (whether or not designated by a number or a word or words added before
or after the title &quot;Vice President&quot;), Assistant Vice President, Trust Officer or Assistant Trust Officer working in its
Corporate Trust Department, or any other officer of the Trustee customarily performing functions similar to those performed by
any of the above designated officers and working in its Corporate Trust Department, and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of such officer's knowledge and familiarity with
the particular subject and who shall have direct responsibility for the administration of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Rights</U>&quot; has the meaning
specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Rights Record Date</U>&quot;
has the meaning specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Security</U>&quot; and &quot;<U>Securities</U>&quot;
has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated
and delivered under this Indenture; <U>provided</U>, <U>however</U>, that, if at any time there is more than one Person acting
as Trustee under this Indenture, &quot;Securities&quot; with respect to the Indenture as to which such Person is Trustee shall
have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered
under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Security Register</U>&quot;
and &quot;<U>Security Registrar</U>&quot; have the respective meanings specified in Section&nbsp;305.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">A &quot;<U>Series</U>&quot; of Securities
means all securities denoted as part of the same series authorized by or pursuant to a particular Board Resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Short Term Rights</U>&quot;
has the meaning specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Significant Subsidiary</U>&quot;
means any Subsidiary which is a &quot;significant subsidiary&quot; (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act of 1933, as amended) of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Special Record Date</U>&quot;
for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Company
pursuant to Section&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Stated Maturity</U>,&quot; when
used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such
Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Subsidiary</U>&quot; means,
with respect to any Person, any corporation, limited liability company, partnership or other entity of which a majority of (i)&nbsp;the
voting power of the voting equity securities or (ii)&nbsp;the outstanding equity interests are owned, directly or indirectly, by
such Person. For the purposes of this definition, &quot;voting equity securities&quot; means equity securities having voting power
for the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason
of any contingency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">9</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Trading Day</U>&quot; means any day
on which the NYSE Amex Equities is open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Trigger Events</U>&quot; has
the meaning specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Trust Indenture Act</U>&quot;
or &quot;<U>TIA</U>&quot; means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture
was executed, except as provided in Section&nbsp;905.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Trustee</U>&quot; means the
Person named as the &quot;Trustee&quot; in the first paragraph of this Indenture until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &quot;Trustee&quot; shall mean or include each Person who
is then a Trustee hereunder; <U>provided</U>, <U>however</U>, that if at any time there is more than one such Person, &quot;Trustee&quot;
as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Unadjusted Distribution</U>&quot;
has the meaning specified in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>United States</U>&quot; means,
unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301, the United States of America (including
the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>United States Person</U>&quot;
means, unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United
States or an estate or trust the income of which is subject to United States Federal income taxation regardless of its source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Yield to Maturity</U>&quot;
means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination
of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield
computation principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 102. <U>Compliance Certificates
and Opinions</U>. Upon any application or request by the Company to the Trustee to take any action under any provision of this
Indenture, the Company shall furnish to the Trustee an Officers' 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (including certificates delivered pursuant to Section&nbsp;1008)
shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) a statement that each individual
signing such certificate or opinion has read such condition or covenant and the definitions herein relating thereto;</P>

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

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




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(2) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) 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 or not such condition or covenant has been complied with; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) a statement as to whether,
in the opinion of each such individual, such condition or covenant has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 103. <U>Form of Documents Delivered
to Trustee</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations
by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate
or representations 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 stating that the information as to such factual matters is in the possession of the Company,
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 104. <U>Acts of Holders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding
Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. If Securities of a series
are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced
by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">11</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Article Fifteen, or a combination of such instruments and any such
record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &quot;Act&quot;
of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument
or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of
this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the
manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section&nbsp;1506.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 reasonable manner which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(c) The ownership of Registered Securities
shall be proved by the Security Register. As to any matter relating to beneficial ownership interests in any Global Security, the
appropriate depository's records shall be dispositive for purposes of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) The ownership of Bearer Securities
may be proved by the production of such Bearer Securities or by a certificate executed, as depository, by any trust company, bank,
banker or other depository, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that
at the date therein mentioned such Person had on deposit with such depository, or exhibited to it, the Bearer Securities therein
described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate
or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer
Security continues until (1)&nbsp;another certificate or affidavit bearing a later date issued in respect of the same Bearer Security
is produced, or (2)&nbsp;such Bearer Security is produced to the Trustee by some other Person, or (3)&nbsp;such Bearer Security
is surrendered in exchange for a Registered Security, or (4)&nbsp;such Bearer Security is no longer Outstanding. The ownership
of Bearer Securities may also be proved in any other manner which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(e) If the Company shall solicit from
the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled
to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation
to do so. Notwithstanding TIA Section&nbsp;316(c), such record date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">12</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the first solicitation of Holders generally in connection therewith
and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date;
<U>provided</U> that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless
it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(f) 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 upon the conversion thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar,
any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon
such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 105. <U>Notices, etc., to Trustee
and Company</U>. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided
or permitted by this Indenture to be made upon, given or furnished to, or filed with,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee by any Holder
or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the
Trustee at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
or at any other address previously furnished in writing to the Company by the Trustee, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Company by the Trustee
or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first
paragraph of this Indenture or at any other address previously furnished in writing to the Trustee by the Company, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) either the Trustee or the
Company, by the other party or by any Holder, shall be sufficient for every purpose hereunder if given by facsimile transmission,
receipt confirmed by telephone followed by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile
number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]; and if to the Company at facsimile number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 106. <U>Notice to Holders; Waiver</U>.
Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid,
to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date,
if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders
of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">13</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of
Bearer Securities given as provided herein. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively
deemed to have been received by such Holder, whether or not such Holder actually receives such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If by reason of the suspension of or
irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except as otherwise expressly provided
herein or otherwise specified with respect to any Securities pursuant to Section&nbsp;301, where this Indenture provides for notice
to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in
The City of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication
to be not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such
notice. Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on
the date of the first such publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure
to give notice by publication to any particular Holder of Bearer Securities as provided above, nor any defect in any notice so
published, shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of
any notice to Holders of Registered Securities given as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any request, demand, authorization, direction,
notice, consent or waiver 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 107. <U>Counterparts; Effect
of Headings and Table of Contents</U>. This Indenture 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 Indenture. The Article
and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">14</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 108. <U>Successors and Assigns</U>.
All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 109. <U>Severability Clause</U>.
In case any provision in this Indenture or in any Security or coupon shall be held invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 110. <U>Benefits of Indenture</U>.
Nothing in this Indenture or in the Securities or coupons, if any, express or implied, shall give to any Person, other than the
parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders
any benefit or any legal or equitable right, remedy or claim under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 111. <U>Governing Law</U>. This
Indenture and the Securities and coupons shall be governed by and construed in accordance with the laws of the State of New York.
This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 112. <U>Legal Holidays</U>. In
any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity
of any Security or the last date on which a Holder has the right to convert or exchange a Security shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon other than a provision
in the Securities of any series which specifically states that such provision shall apply in lieu hereof), payment of interest
or principal (and premium or Make-Whole Amount, if any) or conversion or exchange of such Security need not be made at such Place
of Payment on such date, but (except as otherwise provided in the supplemental indenture with respect to such Security) 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, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity, or on such last day
for conversion or exchange, provided that no interest shall accrue on the amount so payable for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may
be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 113. <U>Limited Liability; Immunity
of Stockholders, Directors, Officers and Agents of the Company</U>. Notwithstanding any other provision of this Indenture or of
the Securities of any series to the contrary, no recourse under or upon any obligation, covenant or agreement contained in this
Indenture or in any Security, or for the payment of any sums due on account of any indebtedness evidenced thereby, including without
limitation principal, premium or interest, if any, or for any claim based on this Indenture or any Security or otherwise in respect
of this Indenture or any Security, shall be had, whether by levy or execution or otherwise, against any past, present or future
stockholder, employee, officer, director or agent, as such, of the Company or any successor, either directly or through the Company
or any successor, under any rule of law, statute, constitutional provision or by the enforcement of any assessment or penalty,
or by any legal or equitable proceeding or otherwise, nor shall any such parties be personally liable for any such amounts, obligations
or claims, or liable for any deficiency judgment based thereon or with respect thereto, it being</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">15</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">expressly understood that the sole remedies hereunder or under any
other document with respect to the Securities against such parties with respect to such amounts, obligations or claims shall be
against the Company and that all such liability of and recourse against such parties is expressly waived and released by the acceptance
of the Securities by the Holders and as part of the consideration for the issue of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 114. <U>Conflict with Trust Indenture
Act</U>. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to be
included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision 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 latter
provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE TWO - SECURITIES FORMS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 201. <U>Forms of Securities</U>.
The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be
substantially in the form of <U>Exhibit A</U> hereto or in such other form as shall be established in one or more indentures supplemental
hereto or approved from time to time by or pursuant to a Board Resolution in accordance with Section&nbsp;301, shall have such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture
supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements
placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may
be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any over-the-counter
market or securities exchange, on which the Securities may be quoted or listed, or to conform to usage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified as contemplated
by Section&nbsp;301, Bearer Securities shall have interest coupons attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The definitive Securities and coupons
shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel
engraved borders or mechanically reproduced on safety paper or may be produced in any other manner, all as determined by the officers
executing such Securities or coupons, as evidenced by their execution of such Securities or coupons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">16</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 202. <U>Form of Trustee's Certificate
of Authentication</U>. Subject to Section&nbsp;611, the Trustee's certificate of authentication shall be in substantially the following
form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is one of the Securities of the
series designated therein referred to in the within- mentioned Indenture.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 45%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 4%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 45%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">,</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Authorized Signatory</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 203. <U>Securities Issuable in
Global Form</U>. If Securities of or within a series are issuable in the form of one or more Global Securities, then, notwithstanding
clause (8)&nbsp;of Section&nbsp;301 and the provisions of Section&nbsp;302, any such Global Security or Securities may provide
that it or they shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is
permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement
of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders thereof,
of Outstanding Securities represented thereby shall be made (or caused to be made) by the Trustee in such manner or by such Person
or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section&nbsp;303 or
304. Subject to the provisions of Section&nbsp;303 and, if applicable, Section&nbsp;304, the Trustee shall deliver and redeliver
any Global Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein
or in the applicable Company Order. If a Company Order pursuant to Section&nbsp;303 or 304 has been, or simultaneously is, delivered,
any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in writing
but need not comply with Section&nbsp;102 and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The provisions of the last sentence of
Section&nbsp;303 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 written instructions (which need not comply with
Section&nbsp;102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement contemplated by the last sentence of Section&nbsp;303.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of Section&nbsp;307,
unless otherwise specified as contemplated by Section&nbsp;301, payment of principal of and any premium or Make-Whole Amount, if
any, and interest on any Global Security in permanent global form shall be made to the registered Holder thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of Section&nbsp;308
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security (i)&nbsp;in the
case of a permanent Global Security in registered form, the Holder of such permanent Global Security in registered form, or (ii)&nbsp;in
the case of a permanent Global Security in bearer form, Euroclear or Clearstream.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">17</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Any Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;This Security is a Global Security
within the meaning set forth in the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee
of a Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its
nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository
to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the
Depository or its nominee to a successor Depository or its nominee.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE THREE - THE SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 301. <U>Amount Unlimited; Issuable
in Series</U>. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Securities may be issued in one or
more series, each of which shall be authorized pursuant to Board Resolutions of the Company. There shall be established in one
or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section&nbsp;303, set
forth in an Officers' Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities
of any series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) The title of the Securities
of the series, including &quot;CUSIP&quot; numbers (which shall distinguish the Securities of such series from all other series
of Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) Any limit upon the aggregate
principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or upon conversion of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section&nbsp;304, 305, 306, 906, 1107 or 1305) and the minimum authorized denominations with respect
to the Securities of such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) The price (expressed as
a percentage of the principal amount thereof) at which such Securities will be issued and, if other than the principal amount thereof,
the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or (if applicable)
the portion of the principal amount of such Securities that is convertible into Common Stock or the method by which any such portion
shall be determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) If convertible, the terms
on which such Securities are convertible, including the initial conversion price or rate and the conversion period and any applicable
limitations on the ownership or transferability of Common Stock or Preferred Stock receivable on conversion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) The date or dates, or the
method for determining such date or dates, on which the principal of such Securities will be payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">18</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(6) The rate or rates (which may
be fixed or variable), or the method by which such rate or rates shall be determined, at which such Securities will bear interest,
if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) The date or dates, or the
method for determining such date or dates, from which any such interest will accrue, the Interest Payment Dates on which any such
interest will be payable, the Regular Record Dates for such Interest Payment Dates, or the method by which such dates shall be
determined, the Persons to whom such interest shall be payable, and the basis upon which interest shall be calculated if other
than that of a 360-day year of twelve 30-day months;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) The Make-Whole Amount,
if any, or method for determining the Make-Whole Amount, if any, payable with respect to such Securities, and the terms upon which
such amount, if any, will be payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) The place or places where
the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities will be payable, where such
Securities may be surrendered for registration of transfer or conversion or exchange and where notices or demands to or upon the
Company in respect of such Securities and this Indenture may be served;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) The period or periods,
if any, within which, the price or prices at which and the other terms and conditions upon which such Securities may, pursuant
to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, at the option of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) The obligation, if any,
of the Company to redeem, repay or purchase such Securities pursuant to any sinking fund or analogous provision or at the option
of a Holder thereof, and the period or periods within which, the price or prices at which and the other terms and conditions upon
which such Securities will be redeemed, repaid or purchased, as a whole or in part, pursuant to such obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(12) If other than Dollars,
the currency or currencies in which such Securities are denominated and payable, which may be a foreign currency or units of two
or more foreign currencies or a composite currency or currencies, the manner of determining the equivalent thereof in Dollars for
purposes of the definition of &quot;Outstanding&quot; in Section&nbsp;101, and the terms and conditions relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(13) Whether the amount of
payments of principal of (and premium or Make-Whole Amount, if any, including any amount due upon redemption, if any) or interest
on such Securities may be determined with reference to an index, formula or other method (which index, formula or method may, but
need not be, based on the yield on or trading price of other securities, including United States Treasury securities or on a currency,
currencies, currency unit or units, or composite currency or currencies) and the manner in which such amounts shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(14) Whether the principal
of (and premium or Make-Whole Amount, if any) or interest on the Securities of the series are to be payable, at the election of
the Company or a Holder thereof, in a currency or currencies, currency unit or units or composite currency or currencies other
than that in which such Securities are denominated or stated to be payable, the period or periods within which, and the terms and
conditions upon which, such election may be made, and the time and manner of, and identity of the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">19</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">exchange rate agent with responsibility for, determining
the exchange rate between the currency or currencies, currency unit or units or composite currency or currencies in which such
Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency
or currencies in which such Securities are to be so payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(15) Provisions, if any, granting
special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(16) Any deletions from, modifications
of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(17) Whether and under what
circumstances the Company will pay any additional amounts on such Securities in respect of any tax, assessment or governmental
charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(18) Whether Securities of
the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable
to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged for
Registered Securities of the series and vice versa (if permitted by applicable laws and regulations), whether any Securities of
the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in
permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security
may, or shall be required to, exchange such interests for Securities of such series and of like tenor of any authorized form and
denomination and the circumstances under which any such exchanges may, or shall be required to, occur, if other than in the manner
provided in the Indenture, and, if Registered Securities of the series are to be issuable as a Global Security, the identity of
the depository for such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(19) The date as of which any
Bearer Securities of the series and any temporary Global Security representing outstanding Securities of the series shall be dated
if other than the date of original issuance of the first Security of the series to be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(20) The Person to whom any
interest on any Registered Security of the series shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest the manner
in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation
and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any
interest payable on a temporary Global Security on an Interest Payment Date will be paid if other than in the manner provided herein;
<U>provided</U>, <U>however</U>, in each case, that the manner of determining such Person or making such payment shall be acceptable
to the Trustee (as not imposing on it any undue administrative burden or risk of liability);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">20</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(21) The applicability, if any,
of the Defeasance and Covenant Defeasance provisions of Article Fourteen hereof to the Securities of the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(22) The obligation, if any,
of the Company to permit the conversion of the Securities of such series into Common Stock or Preferred Stock, as the case may
be, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the initial conversion
price or rate, the conversion period, any adjustment of the applicable conversion price and any requirements relative to the reservation
of such shares for purposes of conversion);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(23) If the Securities of such
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, then the form and/or terms of
such certificates, documents or conditions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(24) Designation of the Trustee,
if different from the Trustee under the Indenture, with respect to such series and the terms applicable to such Trustee (which
shall be accepted by such Trustee by its execution and delivery of a supplemental indenture as provided therein); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(25) Any other terms of the
series (which terms shall not be inconsistent with the provisions of this Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All Securities of any one series and
the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered
Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section&nbsp;303)
and set forth in such Officers' Certificate or in any such indenture supplemental hereto. 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
issuances of additional Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any of the terms of the Securities
of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such
action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers' Certificate setting forth the terms of the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 302. <U>Denominations</U>. The
Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section&nbsp;301. With
respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities
of any series, the Securities of such series, other than Global Securities (which may be of any denomination), shall be issuable
in denominations of $1,000 and any integral multiple thereof or the equivalent amounts thereof in the case of Securities denominated
in the Foreign Currency or currency unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 303. <U>Execution, Authentication,
Delivery and Dating</U>. The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its
Chairman of the Board, its Chief Executive Officer, its President, or one of its Vice Presidents, under its corporate seal reproduced
thereon, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities
and coupons may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or
otherwise reproduced on the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">21</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Securities and coupons bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon appertaining
thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery
of such Securities (accompanied by a copy of the Board Resolution and the Officers' Certificate or supplemental indenture contemplated
by Section&nbsp;301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; <U>provided</U>,
<U>however</U>, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any
location in the United States; and <U>provided</U> <U>further</U> that, unless otherwise specified with respect to any series of
Securities pursuant to Section&nbsp;301, a Bearer Security may be delivered in connection with its original issuance only if the
Person entitled to receive such Bearer Security shall have furnished a certificate to Euroclear or Clearstream, as the case may
be, in the form set forth in <U>Exhibit B-1</U> to this Indenture or such other certificate as may be specified by the Company
with respect to any series of Securities pursuant to Section&nbsp;301, dated no earlier than 15 days prior to the earlier of the
date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such
Bearer Security in accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented
by a permanent Global Security, then, for purposes of this Section and Section&nbsp;304, the notation of a beneficial owner's interest
therein upon original issuance of such Security or upon exchange of a portion of a temporary Global Security shall be deemed to
be delivery in connection with its original issuance of such beneficial owner's interest in such permanent Global Security. Except
as permitted by Section&nbsp;306, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons
for interest then matured have been detached and canceled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If all the Securities of any series are
not to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such
Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms
of particular Securities of such series, such as interest rate or formula, maturity date, date of issuance and date from which
interest shall accrue. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive, and (subject to TIA Section&nbsp;315(a) through 315(d))
shall be fully protected in relying upon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) an Opinion of Counsel stating
that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 79.55pt; text-indent: 24.5pt">(a) the form or forms of such
Securities and any coupons have been established in conformity with the provisions of this Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 79.55pt; text-indent: 24.5pt">(b) the terms of such Securities
and any coupons have been established in conformity with the provisions of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 79.55pt; text-indent: 24.5pt">(c) such Securities, together
with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered by the Company to the
Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this
Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
legal, valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization and other similar laws of general applicability relating to or affecting
the enforcement of creditors' rights generally and to general equitable principles; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) an Officers' Certificate
stating that all conditions precedent provided for in this Indenture relating to the issuance of the Securities have been complied
with and that, to the best of the knowledge of the signers of such certificate, that no Event of Default with respect to any of
the Securities shall have occurred and be continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities (or to enter into the related supplemental indenture, if applicable)
if the issue of such Securities pursuant to this Indenture will affect the Trustee's own rights, duties, obligations or immunities
under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of Section&nbsp;301
and of the preceding paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary
to deliver an Officers' Certificate otherwise required pursuant to Section&nbsp;301 or a Company Order, or an Opinion of Counsel
or an Officers' Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of
such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall be
delivered at or before the time of issuance of the first Security of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Each Registered Security shall be dated
the date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section&nbsp;301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No Security or coupon shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security
to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by
the Trustee (subject to Section&nbsp;611) by manual signature of an authorized signatory, 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 (including a Global 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</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">23</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">provided in Section&nbsp;309 together with a written statement (which
need not comply with Section&nbsp;102 and need not be accompanied by an Opinion of Counsel) stating that such Security has never
been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 304. <U>Temporary Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) 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 which 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, in registered form, or, if authorized, in bearer form
with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations
as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. In the
case of Securities of any series, such temporary Securities may be in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except in the case of temporary Global
Securities (which shall be exchanged as otherwise provided herein or as otherwise provided in or pursuant to a Board Resolution
or supplemental indenture pursuant to Section&nbsp;301), 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 (accompanied by any
non-matured coupons appertaining thereto), the Company shall execute (in accordance with a Company Order delivered at or prior
to the authentication of the first definitive security to such series) and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series of authorized denominations; <U>provided</U>, <U>however</U>,
that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and <U>provided</U> <U>further</U>
that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions
set forth in Section&nbsp;303. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) Unless otherwise provided in or
pursuant to a Board Resolution or supplemental indenture pursuant to Section&nbsp;301, the following provisions of this Section&nbsp;304(b)
shall govern the exchange of temporary Securities other than through the facilities of the DTC. If any such temporary Security
is issued in global form, then such temporary Global Security shall, unless otherwise provided therein, be delivered to the London
office of a depository or common depository upon and pursuant to written direction of the Company (the &quot;Common Depository&quot;),
for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities
(or to such other accounts as they may direct).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">24</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Without unnecessary delay but in any event
not later than the date specified in, or determined pursuant to the terms of, any such temporary Global Security (the &quot;Exchange
Date&quot;), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary Global Security, executed by the Company. On or after the Exchange Date, such temporary Global Security
shall be surrendered by the Common Depository to the Trustee, as the Company's agent for such purpose, to be exchanged, in whole
or from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange
for each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the same series
of authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive
Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section&nbsp;301,
and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as directed by or pursuant to information
provided by the Common Depository); <U>provided</U>, <U>however</U>, that, unless otherwise specified in such temporary Global
Security, upon such presentation by the Common Depository, such temporary Global Security shall be accompanied by a certificate
dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global Security held for
its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to
the portion of such temporary Global Security held for its account then to be exchanged, each in the form set forth in <U>Exhibit
B-2</U> to this Indenture or in such other form as may be established pursuant to Section&nbsp;301; and <U>provided</U> <U>further</U>
that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security only in compliance
with the requirements of Section&nbsp;303.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified in such temporary
Global Security, the interest of a beneficial owner of Securities of a series in a temporary Global Security shall be exchanged
for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear
or Clearstream, as the case may be, to request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case
may be, a certificate in the form set forth in <U>Exhibit B-1</U> to this Indenture (or in such other form as may be established
pursuant to Section&nbsp;301), dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available
from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and
each Paying Agent. Unless otherwise specified in such temporary Global Security, any such exchange shall be made free of charge
to the beneficial owners of such temporary Global Security, except that a Person receiving definitive Securities must bear the
cost of insurance, postage, transportation and the like unless such Person takes delivery of such definitive Securities in person
at the offices of Euroclear or Clearstream. Definitive Securities in bearer form to be delivered in exchange for any portion of
a temporary Global Security shall be delivered only to an address located outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Until exchanged in full as hereinabove
provided, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by Section&nbsp;301, interest payable on a temporary Global</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">25</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Security on an Interest Payment Date for Securities of such series
occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon
delivery by Euroclear and Clearstream to the Trustee of a certificate or certificates in the form set forth in <U>Exhibit B-2</U>
to this Indenture (or in such other forms as may be established pursuant to Section&nbsp;301), for credit without further interest
on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such temporary Global
Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate
dated no earlier than 15 days prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth as
<U>Exhibit B-1</U> to this Indenture (or in such other forms as may be established pursuant to Section&nbsp;301). Notwithstanding
anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements
of the preceding two paragraphs of this Section&nbsp;304(b) and of the third paragraph of Section&nbsp;303 of this Indenture and
the interests of the Persons who are the beneficial owners of the temporary Global Security with respect to which such certification
was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange Date or the date of certification
if such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided
in this paragraph, no payments of principal or interest owing with respect to a beneficial interest in a temporary Global Security
will be made unless and until such interest in such temporary Global Security shall have been exchanged for an interest in a definitive
Security. Any interest so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the Trustee
prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">With respect to Exhibit B-1 or B-2 to
this Indenture, the Company may, in its discretion and if required or desirable under applicable law, substitute one or more other
forms of such exhibits for such exhibits, eliminate the requirement that any or all certificate be provided, or change the time
that any certificate may be required, <U>provided</U> <U>that</U> such substitute form or forms or notice of elimination or change
of such certification requirement have theretofore been delivered to the Trustee with a Company Request and such form or forms,
elimination or change is reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 305. <U>Registration, Registration
of Transfer, Conversion and Exchange</U>. The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in
any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in
such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively
as the &quot;Security Register&quot;) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written
form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust
Office, is hereby initially appointed &quot;Security Registrar&quot; for the purpose of registering Registered Securities and transfers
of Registered Securities on such Security Register as herein provided. In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine, and be provided a copy of, the Security Register at all reasonable times.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">26</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Subject to the provisions of this Section&nbsp;305,
upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in
a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations
and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Subject to the provisions of this Section&nbsp;305,
at the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series,
of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions,
upon surrender of the Registered Securities to be exchanged at any such office or agency. Whenever any such Registered Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive. Unless otherwise specified with respect to any series of Securities
as contemplated by Section&nbsp;301, Bearer Securities may not be issued in exchange for Registered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If (but only if) permitted by the applicable
Board Resolution and (subject to Section&nbsp;303) set forth in the applicable Officers' Certificate, or in any indenture supplemental
hereto, delivered as contemplated by Section&nbsp;301, at the option of the Holder, Bearer Securities of any series may be exchanged
for Registered Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor,
upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured
coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons
or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company (or to the Trustee for the Security in case of matured coupons in default) in an amount
equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by
the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and
any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon
in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; <U>provided</U>,
<U>however</U>, that, except as otherwise provided in Section&nbsp;1002, interest represented by coupons shall be payable only
upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the
foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered
Security of the same series and like tenor after the close of business at such office or agency on (i)&nbsp;any Regular Record
Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii)&nbsp;any Special
Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest,
such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date for payment,
as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or
proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such coupon when due in accordance with the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">provisions of this Indenture. Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the foregoing, except
as otherwise specified as contemplated by Section&nbsp;301, any permanent Global Security shall be exchangeable only as provided
in this paragraph. If the depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly
permit such Global Security to be exchanged in whole or in part for definitive Securities, a Global Security may be transferred,
in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security
selected or approved by the Company or to a nominee of such successor to DTC. If at any time DTC notifies the Company that it is
unwilling or unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to
be a clearing agency registered under the Exchange Act if so required by applicable law or regulation, the Company shall appoint
a successor depository with respect to such Global Security or Securities. If (w)&nbsp;a successor depository for such Global Security
or Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such unwillingness,
inability or ineligibility, (x)&nbsp;the Company delivers to the Trustee for Securities of such series in registered form a Company
Order stating that the Securities of such series shall be exchangeable, (y)&nbsp;an Event of Default has occurred and is continuing
and the beneficial owners representing a majority in principal amount of the applicable series of Securities represented by such
Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or (z)&nbsp;the Company,
in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any series issued or
issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities, then
the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities of like series, rank, tenor and
terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities.
If any beneficial owner of an interest in a permanent global Security is otherwise entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated
by Section&nbsp;301 and provided that any applicable notice provided in the permanent Global Security shall have been given, then
without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company
shall execute, and the Trustee shall authenticate and deliver definitive Securities in aggregate principal amount equal to the
principal amount of such beneficial owner's interest in such permanent Global Security. On or after the earliest date on which
such interests may be so exchanged, such permanent Global Security shall be surrendered for exchange by DTC or such other depository
as shall be specified in the Company Order with respect thereto to the Trustee, as the Company's agent for such purpose; <U>provided</U>,
<U>however</U>, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection
of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be
among those selected for redemption; and <U>provided</U> <U>further</U> that no Bearer Security delivered in exchange for a portion
of a permanent Global Security shall be mailed or otherwise delivered to any location in the United States. If a Registered Security
is issued in exchange for any portion of a permanent Global Security after the close of business at the office or agency where
such exchange occurs on (i)&nbsp;any Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii)&nbsp;any Special</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">28</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Record Date and the opening of business at such office or agency
on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security,
but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom
interest in respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All Securities issued upon any registration
of transfer or conversion or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or conversion
or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Every Registered Security presented or
surrendered for registration of transfer or for conversion, exchange or redemption shall (if so required by the Company or the
Security Registrar) 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 his attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No service charge shall be made to the
Holder for any registration of transfer or conversion 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 conversion
or exchange of Securities, other than exchanges pursuant to Section&nbsp;304, 906, 1107 or 1305 not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company or the Trustee, as applicable,
shall not be required (i)&nbsp;to issue, register the transfer of or exchange any Security if such Security may be among those
selected for redemption during a period beginning at the opening of business 15 days before selection of the Securities to be redeemed
under Section&nbsp;1103 and ending at the close of business on (A)&nbsp;if such Securities are issuable only as Registered Securities,
the day of the mailing of the relevant notice of redemption and (B)&nbsp;if such Securities are issuable as Bearer Securities,
the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities
and there is no publication, the mailing of the relevant notice of redemption, or (ii)&nbsp;to register the transfer of or exchange
any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed
in part, the portion thereof not to be redeemed, or (iii)&nbsp;to exchange any Bearer Security so selected for redemption except
that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, <U>provided</U> that such
Registered Security shall be simultaneously surrendered for redemption, or (iv)&nbsp;to issue, register the transfer of or exchange
any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security
not to be so repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Furthermore, notwithstanding any other
provision of this Section&nbsp;305, the Company will not be required to exchange any Securities if, as a result of the exchange,
the Company would suffer adverse consequences under any United States law or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">29</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 306. <U>Mutilated, Destroyed, Lost
and Stolen Securities</U>. If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to
the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or the
Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions
and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to the
surrendered Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If there shall be delivered to the Company
and to the Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii)&nbsp;such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed,
lost or stolen), a new Security of the same series and principal amount, containing identical terms and provisions and bearing
a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of the
previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons,
if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon
appertains, pay such Security or coupon if the applicant for such payment shall furnish to the Company and the Trustee for such
Security such security or indemnity as may be required by them to save each of them harmless, and in the case of destruction, loss
or theft, evidence satisfactory to the Company and Trustee and any agent of any of them of the destruction, loss or theft of such
Security and the ownership thereof; <U>provided</U>, <U>however</U>, that payment of principal of (and premium or Make-Whole Amount,
if any), and interest, if any, on, Bearer Securities shall, except as otherwise provided in Section&nbsp;1002, be payable only
at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section&nbsp;301, any
interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Every new Security of any series with
its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security
to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon 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 and their coupons, if any, duly issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">30</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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 or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 307. <U>Payment of Interest;
Interest Rights Preserved</U>. Except as otherwise specified with respect to a series of Securities in accordance with the provisions
of Section&nbsp;301, interest on any Registered 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 payment at the office or agency of the Company maintained for such
purpose pursuant to Section&nbsp;1002; <U>provided</U>, <U>however</U>, that each installment of interest on any Registered Security
may at the Company's option be paid by (i)&nbsp;mailing a check for such interest, payable to or upon the written order of the
Person entitled thereto pursuant to Section&nbsp;308, to the address of such Person as it appears on the Security Register or (ii)&nbsp;transfer
to an account maintained by the payee located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise provided as contemplated
by Section&nbsp;301 with respect to the Securities of any series, payment of interest may be made, in the case of a Bearer Security,
by transfer to an account maintained by the payee with a bank located outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise provided as contemplated
by Section&nbsp;301, every permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will
be paid to DTC, Euroclear and/or Clearstream, as the case may be, with respect to that portion of such permanent Global Security
held for its account by Cede&nbsp;&amp; Co. or the Common Depository, as the case may be, for the purpose of permitting such party
to credit the interest received by it in respect of such permanent Global Security to the accounts of the beneficial owners thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In case a Bearer Security of any series
is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place
of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment
Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for
such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">31</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Except as otherwise specified with respect
to a series of Securities in accordance with the provisions of Section&nbsp;301, any interest on any Registered Security of any
series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called &quot;Defaulted
Interest&quot;) shall forthwith cease to be payable to the registered Holder thereof 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 (1)&nbsp;or (2)&nbsp;below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Registered 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 Registered Security of such series and the date of the proposed payment (which shall not be less than
20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount
of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) 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 on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall 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,
to each Holder of Registered Securities of such series at his address as it appears in the Security Register not less than 10 days
prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar
notice to be published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a
condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names the Registered 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 (2). In case a Bearer Security of any
series is surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such
series after the close of business at such office or agency on any Special Record Date and before the opening of business at such
office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without
the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment
in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such
coupon when due in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) The Company may make payment
of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent with the requirements
of any over-the-counter market or securities exchange on which such Securities may be quoted or listed, and upon such notice as
may be required by such market or exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">32</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Subject to the foregoing provisions of this
Section and Section&nbsp;305, each Security delivered under this Indenture upon registration of transfer of or upon conversion
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 308. <U>Persons Deemed Owners</U>.
Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Security for the
purpose of receiving payment of principal of (and premium or Make-Whole Amount, if any), and (subject to Sections 305 and 307)
interest on, such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All
such payments so made to any such Person, or upon such Person's order, shall be valid, and, to the extent of the sum or sums so
paid, effectual to satisfy and discharge the liability for money payable upon any such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Title to any Bearer Security and any
coupons appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may treat
the Holder of any Bearer Security and the Holder of any coupon as the absolute owner of such Security or coupon for the purpose
of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No holder of any beneficial interest
in any Global Security held on its behalf by a depository shall have any rights under this Indenture with respect to such Global
Security and such depository (which is the Holder of such security) shall be treated by the Company, the Trustee, and any agent
of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee,
any Paying Agent or the Security Registrar 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the foregoing, with respect
to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from
giving effect to any written certification, proxy or other authorization furnished by any depository, as a Holder, with respect
to such Global Security or impair, as between such depository and owners of beneficial interests in such Global Security, the operation
of customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such Global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 309. <U>Cancellation</U>. All
Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or
conversion 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 any such Securities and coupons and Securities and coupons surrendered directly to the Trustee
for any such purpose, upon direction by the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">33</P>




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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company, shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities
so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same
are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this Indenture. Cancelled Securities and coupons held by
the Trustee shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements
of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 310. <U>Computation of Interest</U>.
Except as otherwise specified as contemplated by Section&nbsp;301 with respect to Securities of any series, interest on the Securities
of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 311. <U>CUSIP Numbers</U>. The
Company in issuing the Securities may use &quot;CUSIP&quot; numbers (if then generally in use), and, if so, the Trustee shall use
&quot;CUSIP&quot; numbers in notices of redemption as a convenience to Holders; <U>provided</U>, <U>however</U>, that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the &quot;CUSIP&quot; numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE FOUR - SATISFACTION AND DISCHARGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 401. <U>Satisfaction and Discharge
of Indenture</U>. This Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities
specified in such Company Request (except as to any surviving rights of registration of transfer or conversion or exchange of Securities
of such series herein expressly provided for), and the Trustee, upon receipt of a Company Order, and at the expense of the Company,
shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge
of this Indenture as to such series when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) either</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) all Securities of such
series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i)&nbsp;coupons appertaining
to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not
required or has been waived as provided in Section&nbsp;305, (ii)&nbsp;Securities and coupons of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section&nbsp;306, (iii)&nbsp;coupons appertaining to Securities
called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section&nbsp;1106,
and (iv)&nbsp;Securities and coupons of such series for</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">34</P>




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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided
in Section&nbsp;1003) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) all Securities of such
series and, in the case of (i)&nbsp;or (ii)&nbsp;below, any coupons appertaining thereto not theretofore delivered to the Trustee
for cancellation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) have become due and payable,
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) will become due and payable
at their Stated Maturity within one year, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(iii) if redeemable at the
option of the Company, 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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency
or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable, sufficient
to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee for cancellation,
for principal (and premium or Make-Whole Amount, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Company has paid or
caused to be paid all other sums payable hereunder by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) the Company has delivered
to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture as to such series have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee and any predecessor Trustee under Section&nbsp;606, the obligations of the Company
to any Authenticating Agent under Section&nbsp;611 and, if money shall have been deposited with and held by the Trustee pursuant
to subclause (B)&nbsp;of clause (1)&nbsp;of this Section, the obligations of the Trustee under Section&nbsp;402 and the last paragraph
of Section&nbsp;1003 shall survive such satisfaction and discharge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 402. <U>Application of Trust
Funds</U>. Subject to the provisions of the last paragraph of Section&nbsp;1003, all money deposited with the Trustee pursuant
to Section&nbsp;401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the coupons
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 premium or Make-Whole Amount, if any),
and any interest for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated
from other funds except to the extent required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">35</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 501. <U>Events of Default</U>.
&quot;Event of Default,&quot; wherever used herein with respect to any particular series of Securities, means any one of the following
events (whatever the reason for such Event of Default and whether or not 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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) default in the payment
of any interest on any Security of that series or of any coupon appertaining thereto, when such interest or coupon becomes due
and payable, and continuance of such default for a period of 30 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) default in the payment
of the principal of (or premium or Make-Whole Amount, if any, on) any Security of that series when it becomes due and payable at
its Maturity; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) default in the deposit
of any sinking fund payment, to the extent applicable to such series of Securities, when and as due by the terms of any Security
of that series; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) default in the performance,
or breach, of any covenant or warranty of the Company in this Indenture with respect to any Security of that series (other than
a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which
has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance
of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a &quot;Notice of Default&quot; hereunder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) default under any bond,
debenture, note, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or
for which the Company is directly responsible or liable as obligor or guarantor), having an aggregate principal amount outstanding
of at least $30,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted
in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period
of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities of that series a written notice
specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be
rescinded or annulled and stating that such notice is a &quot;Notice of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">36</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">Default&quot; hereunder; <U>provided</U>, <U>however</U>,
that, subject to the provisions of Sections&nbsp;601 and 602, the Trustee shall not be deemed to have knowledge of such default
unless either (A)&nbsp;a Responsible Officer of the Trustee shall have knowledge of such default or (B)&nbsp;the Trustee shall
have received written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee
under any such mortgage, indenture or other instrument; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) the Company or any Significant
Subsidiary pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) commences a voluntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) consents to the entry of
an order for relief against it in an involuntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(C) consents to the appointment
of a Custodian of it or for all or substantially all of its property, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(D) makes a general assignment
for the benefit of its creditors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) is for relief against the
Company or any Significant Subsidiary in an involuntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) appoints a Custodian of
the Company or any Significant Subsidiary or for all or substantially all of either of its property, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(C) orders the liquidation
of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) any other Event of Default
provided with respect to Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As used in this Section&nbsp;501, the
term &quot;Bankruptcy Law&quot; means title 11, U.S. Code or any similar Federal or state law for the relief of debtors and the
term &quot;Custodian&quot; means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 502. <U>Acceleration of Maturity;
Rescission and Annulment</U>. If an Event of Default with respect to Securities of any series at the time Outstanding occurs and
is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount (or, if Securities of that Series are Original Issue Discount Securities
or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all 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 the Holders), and upon
any such declaration such principal or specified portion thereof shall become immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">37</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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 provided, the Holders of a majority in principal amount of the Outstanding Securities
of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration of acceleration and its
consequences if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Company has paid or
deposited with the Trustee a sum sufficient to pay in the currency, currency unit or composite currency in which the Securities
of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) all overdue installments
of interest on all Outstanding Securities of that series and any related coupons,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) the principal of (and premium
or Make-Whole Amount, if any, on) any Outstanding Securities of that series which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(C) to the extent that payment
of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided for in such
Securities, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(D) 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) all Events of Default with
respect to Securities of that series, other than the nonpayment of the principal of (or premium or Make-Whole Amount, if any) or
interest on Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived
as provided in Section&nbsp;513.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">No such rescission shall affect any subsequent default or
impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 503. <U>Collection of Indebtedness
and Suits for Enforcement by Trustee</U>. The Company covenants that if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) default is made in the
payment of any installment of interest on any Security of any series and any related coupon when such interest becomes due and
payable and such default continues for a period of 30 days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) default is made in the
payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">then the Company will, upon demand of the Trustee, pay to
the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable
on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, with interest upon any overdue
principal (and premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally enforceable,
upon any overdue installments of interest at the rate or rates borne by or provided for in such Securities, and, in</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">38</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If the Company fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce
the same against the Company or any other obligor upon such Securities of such series and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such
series, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 and any related coupons by such appropriate judicial proceedings as
the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 504. <U>Trustee May File Proofs
of Claim</U>. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the
Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities of any
series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company for the payment of overdue principal, premium or Make-Whole Amount, if any, or interest)
shall be entitled and empowered, by intervention in such proceeding or otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) to file and prove a claim
for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of principal (and premium
or Make-Whole Amount, 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) to collect and receive
any moneys or other property payable or deliverable on any such claims and to distribute the same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and any custodian, receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such
series and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any
predecessor Trustee under Section&nbsp;606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">39</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or coupon any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or coupon in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In any proceedings brought by the Trustee
(and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the Securities, and it shall not be necessary to make any Holders of
the Securities parties to any such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 505. <U>Trustee May Enforce Claims
Without Possession of Securities or Coupons</U>. All rights of action and claims under this Indenture or any of the Securities
or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons 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
and coupons in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 506. <U>Application of Money
Collected</U>. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium or Make-Whole
Amount, if any) or interest, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">FIRST: To the payment of all amounts
due the Trustee and any predecessor Trustee under Section&nbsp;606;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECOND: To the payment of the amounts
then due and unpaid upon the Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any)
and interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">THIRD: To the payment of the remainder,
if any, to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 507. <U>Limitation on Suits</U>.
No Holder of any Security of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) such Holder has previously
given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">40</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(2) the Holders of not less than
25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) such Holder or Holders
have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be
incurred in compliance with such request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount
of the Outstanding Securities of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 508. <U>Unconditional Right of
Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest</U>. Notwithstanding any other provision in this
Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive payment of
the principal of (and premium or Make-Whole Amount, if any) and (subject to Sections 305 and 307) interest on such Security or
payment of such coupon on the respective due dates expressed in such Security or coupon (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 509. <U>Restoration of Rights
and Remedies</U>. If the Trustee or any Holder of a Security or coupon has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, the Company, the Trustee and the Holders of Securities and coupons
shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder
and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 510. <U>Rights and Remedies Cumulative</U>.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons
in the last paragraph of Section&nbsp;306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders
of Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">41</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 511. <U>Delay or Omission Not Waiver</U>.
No delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 512. <U>Control by Holders of
Securities</U>. The Holders of not less than a majority in principal amount of the Outstanding Securities of any series shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee with respect to the Securities of such series, <U>provided</U> that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) such direction shall not
be in conflict with any rule of law or with this Indenture,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such direction, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) the Trustee need not take
any action which might involve it in personal liability or be unduly prejudicial to the Holders of Securities of such series not
joining therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Nothing in this Indenture shall impair
the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such
direction by Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 513. <U>Waiver of Past Defaults</U>.
The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series and any related coupons waive any past default hereunder with respect to such series and its
consequences, except a default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) in the payment of the principal
of (or premium or Make-Whole Amount, if any) or interest on any Security of such series or any related coupons, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) in respect of a covenant
or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) in respect of a covenant
or provision hereof for the benefit or protection of the Trustee, without its express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 514. <U>Waiver of Usury, Stay
or Extension Laws</U>. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">42</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">plead, or in any manner whatsoever claim or take the benefit or
advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 515. <U>Undertaking for Costs</U>.
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims
or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium
or Make-Whole Amount, if any) or interest on any Security on or after the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on or after the Redemption Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE SIX - THE TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 601. <U>Notice of Defaults</U>.
Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit
in the manner and to the extent provided in TIA Section&nbsp;313(c), notice of such default hereunder known to the Trustee, unless
such default shall have been cured or waived; <U>provided</U>, <U>however</U>, that, except in the case of a default in the payment
of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such series, or in the payment of
any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of the Securities
and coupons of such series; and <U>provided</U> <U>further</U> that in the case of any default or breach of the character specified
in Section&nbsp;501(4) with respect to the Securities and coupons of such series, no such notice to Holders shall be given until
at least 60 days after the occurrence thereof. For the purpose of this Section, the term &quot;default&quot; means any event which
is, or after notice or lapse of time or both would become, an Event of Default with respect to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 602. <U>Certain Rights of Trustee</U>.
Subject to the provisions of TIA Section&nbsp;315(a) through 315(d):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee may conclusively
rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">43</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">report, notice, request, direction, consent, order,
bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form) reasonably believed by it
to be genuine and to have been signed or presented by the proper party or parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any
Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section&nbsp;303
which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced
by a Board Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) whenever in the administration
of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on
its part, rely upon an Officers' Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) the Trustee may consult
with counsel of its own selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) the Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the
Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) the Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, unless requested
in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any
series; <U>provided</U> that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely
to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee
by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses
or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or,
if paid by the Trustee, shall be repaid by the Holders upon demand. 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, relevant to the facts or matters
that are the subject of its inquiry, personally or by agent or attorney at the expense of the Company and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) the Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and
the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">44</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(8) the Trustee shall not be liable
for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) any permissive right or
power available to the Trustee under this Indenture or any supplement hereto shall not be construed to be a mandatory duty or obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) the Trustee shall not
be charged with knowledge of any matter (including any default, other than as described in Section&nbsp;501(1), (2)&nbsp;or (3))&nbsp;unless
and except to the extent actually known to a Responsible Officer of the Trustee or to the extent written notice thereof is received
by the Trustee at the Corporate Trust Office;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) the Trustee shall have
no liability for any inaccuracy in the books and records of, or for any actions or omissions of, DTC, Euroclear or Clearstream
or any depository acting on behalf of any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(12) the rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
by the Trustee to act hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(13) the Trustee may request
that the Company deliver an Officers' 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 Officers' Certificate may be signed by any person authorized
to sign an Officers' Certificate, including any person specified as so authorized in any such certificate previously delivered
and not superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Trustee shall not be required 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except during the continuance of an Event
of Default, the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 603. <U>Not Responsible for Recitals
or Issuance of Securities</U>. The recitals contained herein and in the Securities, except the Trustee's certificate of authentication,
and in any coupons shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes
any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities or coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility with
respect to any information, statement or recital in any offering prospectus or other disclosure materials prepared or distributed
with respect to the Securities.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 604.&nbsp;<U>May Hold Securities</U>.
The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may
otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating
Agent or such other agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 605. <U>Money Held in Trust</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 606. <U>Compensation and Reimbursement</U>.
The Company agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) to pay to the Trustee as
agreed upon in writing 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);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) except as otherwise expressly
provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, and
disbursements incurred by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel), except any such expense or disbursement as shall be determined
to have been caused by its own negligence, willful misconduct or bad faith; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) to indemnify each of the
Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred
without negligence, willful misconduct or bad faith on its part, 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 against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section&nbsp;501(7) or Section&nbsp;501(8), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or other similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As security for the performance of the
obligations of the Company under this Section, the Trustee shall have a lien for payment of the Trustee's fees and expenses 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 principal of (or premium or Make-Whole Amount, if any) or interest on particular Securities or any coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The provisions of this Section shall
survive the termination of this Indenture and the resignation or removal of the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">46</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 607. <U>Corporate Trustee Required;
Eligibility; Conflicting Interests</U>. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee
under TIA Section&nbsp;310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000 (or which shall
have a combined capital and surplus of at least $10,000,000 and whose ultimate parent holding company shall have a combined capital
and surplus of at least $50,000,000. If the Trustee publishes reports of condition at least annually, pursuant to law or the requirements
of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of the Trustee 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 the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the
Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve
as Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 608. <U>Resignation and Removal;
Appointment of Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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&nbsp;609.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 an instrument of acceptance
by a successor Trustee shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation,
the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 principal amount of the Outstanding Securities
of such series delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee may petition,
at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) If at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee shall fail
to comply with the provisions of TIA Section&nbsp;310(b) after written request therefor by the Company or by any Holder of a Security
who has been a bona fide Holder of a Security for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Trustee shall cease
to be eligible under Section&nbsp;607 and shall fail to resign after written request therefor by the Company or by any Holder of
a Security who has been a bona fide Holder of a Security for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed
or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">47</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then, in any such case, (i)&nbsp;the Company by or pursuant to a
Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii)&nbsp;subject to
TIA Section&nbsp;315(e), any Holder of a Security 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 or pursuant to 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). 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 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, 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 of Securities and accepted
appointment in the manner hereinafter provided, any Holder of a Security 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 Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 in the manner provided for notices to the Holders of Securities in Section&nbsp;106.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 609. <U>Acceptance of Appointment
by Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) In case of the appointment hereunder
of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for
in Section&nbsp;606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">48</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(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 retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto,
pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and which (1)&nbsp;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, (2)&nbsp;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 (3)&nbsp;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 or any successor Trustee,
such retiring Trustee 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 that or those series to which the appointment of such successor Trustee relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(c) Upon request of any such successor
Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts referred to in paragraph (a)&nbsp;or (b)&nbsp;of this Section&nbsp;609, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 610. <U>Merger, Conversion, Consolidation
or Succession to Business</U>. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
<U>provided</U> such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing
of any paper or any further act on the part of any of the parties hereto. In case any Securities or coupons 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 or coupons so authenticated with the same effect as if such successor
Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been authenticated
by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in either its
own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of
authentication of the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">49</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 611. <U>Appointment of Authenticating
Agent</U>. At any time when any of the Securities remain Outstanding, 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 conversion or exchange, registration of transfer or partial redemption or repayment thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of
the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee'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 bank or trust company or corporation organized and doing business and in good standing under
the laws of the United States of America or of any state 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 authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements
of the aforesaid 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. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of 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 further act on the part of the Trustee
or the Authenticating Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">An Authenticating Agent for any series
of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company.
The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve
in the manner set forth in Section&nbsp;106. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">50</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">hereunder, with like effect as if originally named as an Authenticating
Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this
Section, subject to Section&nbsp;606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If an appointment with respect to one
or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in
lieu of the Trustee's certificate of authentication, an alternate certificate of authentication substantially in the following
form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is one of the Securities of the
series designated therein referred to in the within- mentioned Indenture.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 46%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 4%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 46%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">,</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="5" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Trustee</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Authenticating Agent</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Authenticating Agent</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 612. <U>Certain Duties and Responsibilities
of the Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) With respect to the Securities of
any series, except during the continuance of an Event of Default with respect to the Securities of such series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee undertakes
to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) 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 which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture,
but shall not be under any duty to verify the contents or accuracy thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) In case an Event of Default with
respect to the Securities of any series has occurred and is continuing, the Trustee shall, with respect to Securities of such series,
exercise 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">51</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(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 its own willful
misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(1) this Subsection shall not be construed
to limit the effect of Subsection (a)&nbsp;of this Section;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(2) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(3) 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 principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(4) 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; and, the Trustee shall be under
no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder shall
have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) Whether or not 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&nbsp;612.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(e) The Trustee shall not be liable
for interest on any money or assets held by it except to the extent the Trustee may agree in writing with the Company. Assets held
in trust by the Trustee need not be segregated from other assets except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE SEVEN - HOLDERS' LISTS AND
REPORTS BY TRUSTEE AND COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 701. <U>Disclosure of Names and
Addresses of Holders</U>. Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Security Registrar
shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities
in accordance with TIA Section&nbsp;312, 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 TIA Section&nbsp;312(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">52</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 702. <U>Reports by Trustee</U>. The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required by
TIA Section&nbsp;313 at the times and in the manner provided by the TIA, which shall initially be not less than every twelve months
commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each over-the-counter
market or securities exchange, if any, upon which any Securities are quoted or listed, with the Commission and with the Company.
The Company will notify the Trustee when any Securities are quoted or listed on any over-the-counter market or securities exchange
or delisted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 703. <U>Reports by Company</U>.
The Company will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) file with the Trustee,
within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections,
then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section&nbsp;13
of the Exchange Act in respect of a security quoted or listed and registered on an over-the-counter market or national securities
exchange as may be prescribed from time to time in such rules and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) file with the Trustee and
the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) transmit by mail to the
Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA
Section&nbsp;313(c), such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(1)&nbsp;and (2)&nbsp;of this Section as may be required by rules and regulations prescribed from time to time by the Commission;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 704. <U>Company to Furnish Trustee
Names and Addresses of Holders</U>. The Company will furnish or cause to be furnished to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) semiannually, not later than 15
days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">53</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Record Date, or if there is no Regular Record Date for interest
for such series of Securities, semiannually, upon such dates as are set forth in the Board Resolution or indenture supplemental
hereto authorizing such series, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><U>provided</U>, <U>however</U>, that, so long as the Trustee
is the Security Registrar, no such list shall be required to be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE EIGHT - CONSOLIDATION, MERGER,
SALE, LEASE OR CONVEYANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 801. <U>Consolidations and Mergers
of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions</U>. The Company may consolidate with, or
sell, lease or convey all or substantially all of its assets to, or merge with or into any other corporation, provided that in
any such case, (1)&nbsp;either the Company shall be the continuing corporation, or the successor corporation shall be a corporation
organized and existing under the laws of the United States or a State thereof and such successor corporation shall expressly assume
the due and punctual payment of the principal of (and premium or Make-Whole Amount, if any) and any interest on all of the Securities,
according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture
to be performed by the Company by supplemental indenture, complying with Article Nine hereof, satisfactory to the Trustee, executed
and delivered to the Trustee by such corporation, (2)&nbsp;immediately after giving effect to such transaction and treating any
indebtedness which becomes an obligation of the Company or any Subsidiary as a result thereof as having been incurred by the Company
or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or the lapse of time,
or both, would become an Event of Default, shall have occurred and be continuing and (3)&nbsp;the Company shall have delivered
to the Trustee the Officer's Certificate and Opinion of Counsel required pursuant to Section&nbsp;803 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 802. <U>Rights and Duties of
Successor Corporation</U>. In case of any such consolidation, merger, sale, lease or conveyance and upon any such assumption by
the successor corporation, such successor corporation shall succeed to and be substituted for the Company, with the same effect
as if it had been named herein as the party of the first part, and the predecessor corporation, except in the event of a lease,
shall be relieved of any further obligation under this Indenture and the Securities. Such successor corporation thereupon may cause
to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor
corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the
Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to
be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">54</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In case of any such consolidation, merger,
sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter
to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 803. <U>Officers' Certificate
and Opinion of Counsel</U>. Any consolidation, merger, sale, lease or conveyance permitted under Section&nbsp;801 is also subject
to the condition that the Trustee receive an Officers' Certificate and an Opinion of Counsel to the effect that any such consolidation,
merger, sale, lease or conveyance, and the assumption by any successor corporation, complies with the provisions of this Article
and that all conditions precedent herein provided for relating to such transaction have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE NINE - SUPPLEMENTAL INDENTURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 901. <U>Supplemental Indentures
Without Consent of Holders</U>. Without the consent of any Holders of Securities or coupons, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) to evidence the succession
of another Person to the Company and the assumption by any such successor of the covenants of the Company contained herein and
in the Securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) to add to the covenants
of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants 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; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) to add any additional Events
of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit
of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit
of such series); <U>provided</U>, <U>however</U>, that in respect of any such additional Events of Default such 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) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee
upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of
Securities to which such additional Events of Default apply to waive such default; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) to add to or change any
of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate
any restrictions on the payment of principal of or premium or Make-Whole Amount, if any, or interest on Bearer Securities, to permit
Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer</P>

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

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">Securities of other authorized denominations or to permit
or facilitate the issuance of Securities in uncertificated form, <U>provided</U> that any such action shall not adversely affect
the interests of the Holders of Securities of any series or any related coupons in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) to change or eliminate
any of the provisions of this Indenture, <U>provided</U> 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 supplemental indenture which is entitled to the
benefit of such provision; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) to secure the Securities;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) to establish the form or
terms of Securities of any series and any related coupons as permitted or contemplated by Sections 201 and 301; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) to evidence and provide
for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) to cure any ambiguity,
to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the
provisions of this Indenture, <U>provided</U> such provisions shall not adversely affect the interests of the Holders of Securities
of any series or any related coupons in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) to supplement any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the Defeasance and discharge of any series
of Securities pursuant to Sections 401, 1402 and 1403; <U>provided</U> that any such action shall not adversely affect the interests
of the Holders of Securities of such series and any related coupons or any other series of Securities in any material respect;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) to make provisions with
respect to Holders' rights of conversion with respect to any series of Securities pursuant to Article Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 902. <U>Supplemental Indentures
with Consent of Holders</U>. With the consent of the Holders of not less than a majority in principal amount of all Outstanding
Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities and any related coupons under this Indenture; <U>provided</U>,
<U>however</U>, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected
thereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) change the Stated Maturity
of the principal of (or premium or Make-Whole Amount, if any, on) or any installment of principal of or interest on, any Security;
or reduce the principal amount thereof or the rate or amount of interest thereon, or any premium or Make-Whole Amount payable upon
the redemption thereof, or reduce the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">56</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">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&nbsp;502
or the amount thereof provable in bankruptcy pursuant to Section&nbsp;504, or adversely affect any right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite
currency or currencies in which, any Security or any premium or Make-Whole Amount 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 or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be),
or (if Securities of such series are convertible) adversely affect the right of the Holder to convert any Security as provided
in Article Sixteen; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver with respect to such series (or compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section&nbsp;1504 for quorum or voting, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) modify any of the provisions
of this Section, Section&nbsp;513 or Section&nbsp;1009, except to increase the required percentage to effect such action 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, <U>provided</U>, <U>however</U>, that this clause shall not be deemed to require the consent
of any Holder with respect to changes in the references to &quot;the Trustee&quot; and concomitant changes in this Section&nbsp;902
and Section&nbsp;1009, or the deletion of this proviso, in accordance with the requirements of Sections 609(b) and 901(11).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">It shall not be necessary for any Act
of Holders under this Section&nbsp;902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">A supplemental indenture which changes
or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one
or more particular series of Securities, or which 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 903. <U>Execution of Supplemental
Indentures</U>. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article
or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section&nbsp;612) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under this Indenture or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">57</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 904. <U>Effect of Supplemental Indentures</U>.
Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore
or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto shall be bound thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 905. <U>Conformity with Trust
Indenture Act</U>. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust
Indenture Act as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 906. <U>Reference in Securities
to Supplemental Indentures</U>. Securities of any series authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article 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 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE TEN - COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1001. <U>Payment of Principal,
Premium or Make-Whole Amount, if any; and Interest</U>. The Company covenants and agrees for the benefit of the Holders of each
series of Securities that it will duly and punctually pay the principal of (and premium or Make-Whole Amount, if any) and interest
on the Securities of that series in accordance with the terms of such series of Securities, any coupons appertaining thereto and
this Indenture. Unless otherwise specified as contemplated by Section&nbsp;301 with respect to any series of Securities, any interest
due on Bearer Securities on or before Maturity shall be payable only upon presentation and surrender of the several coupons for
such interest installments as are evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities
of any series pursuant to Section&nbsp;301, at the option of the Company (upon written notice to the Trustee), all payments of
principal may be paid by check to the registered Holder of the Registered Security or other Person entitled thereto against surrender
of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1002. <U>Maintenance of Office
or Agency</U>. If Securities of a series are issuable only as Registered Securities, the Company shall maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment
or conversion, where Securities of that series may be surrendered for registration of transfer or conversion 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. If Securities
of a series are issuable as Bearer Securities, the Company will maintain: (A)&nbsp;in the Borough of Manhattan, The City of New
York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment or conversion,
where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series
may be surrendered for conversion or exchange, where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">58</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">or surrendered for payment or conversion in the circumstances described
in the following paragraph (and not otherwise); (B)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment
for that series which is located outside the United States, an office or agency where Securities of that series and related coupons
may be presented and surrendered for payment; <U>provided</U>, <U>however</U>, that if the Securities of that series are listed
on any stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying
Agent for the Securities of that series in any required city located outside the United States, as the case may be, so long as
the Securities of that series are listed on such exchange; and (C)&nbsp;subject to any laws or regulations applicable thereto,
in a Place of Payment for that series located outside the United States an office or agency where any Registered Securities of
that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for conversion
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 each
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, except that Bearer Securities of that series and the related coupons may be presented and surrendered
for payment or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the same
as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee
its agent to receive all such presentations, surrenders, notices and demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified with respect
to any Securities pursuant to Section&nbsp;301, no payment of principal, premium or Make-Whole Amount or interest on Bearer Securities
shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States
or by transfer to an account maintained with a bank located in the United States; <U>provided</U>, <U>however</U>, that, if the
Securities of a series are payable in Dollars, payment of principal of and any premium or Make-Whole Amount and interest on any
Bearer Security shall be made at the office of the Company's Paying Agent in the Borough of Manhattan, The City of New York, if
(but only if) payment in Dollars of the full amount of such principal, premium or Make-Whole Amount, or interest, as the case may
be, at all offices or agencies outside the United States maintained for the purpose by the Company in accordance with this Indenture,
is illegal or effectively precluded by exchange controls or other similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company may from time to time designate
one or more other offices or agencies (in or outside the Place of Payment) where the Securities of one or more series may be presented
or surrendered for any or all of such purposes, and may from time to time rescind such designations; <U>provided</U>, <U>however</U>,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in accordance with the requirements set forth above for Securities of any series for such purposes. The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office
or agency. Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301 with respect to a series of Securities,
the Company hereby designates as a Place of Payment for each series of Securities, each of (i)&nbsp;the office or agency of the
Company in the Borough of Manhattan, The City of New York, and (ii)&nbsp;the Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">59</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office of the Trustee (as Paying Agent); and the Company hereby
initially appoints the Trustee at its Corporate Trust Office as Paying Agent in such city; and the Company hereby initially appoints
as its agent to receive all such presentations, surrenders, notices and demands each of the Trustee, at its Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified with respect
to any Securities pursuant to Section&nbsp;301, if and so long as the Securities of any series (i)&nbsp;are denominated in a Foreign
Currency or (ii)&nbsp;may be payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture,
then the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent
(of which it shall give written notice to the Trustee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1003. <U>Money for Securities
Payments to Be Held in Trust</U>. If the Company shall at any time act as its own Paying Agent with respect to any series of any
Securities and any related coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount,
if any), 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 in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities
of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) sufficient
to pay the principal (and premium or Make-Whole Amount, if any) or 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Whenever the Company shall have one or
more Paying Agents for any series of Securities and any related coupons, it will, on or before each due date of the principal of
(and premium or Make-Whole Amount, if any), or interest on any Securities of that series, deposit with a Paying Agent a sum (in
the currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient
to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or Make-Whole Amount, if any, or interest and (unless such Paying Agent
is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) hold all sums held by it
for the payment of principal of (and premium or Make-Whole Amount, if any) or interest on Securities 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) give the Trustee notice
of any default by the Company (or any other obligor upon the Securities) in the making of any such payment of principal (and premium
or Make-Whole Amount, if any) or interest on the Securities of that series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">60</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or 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 sums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except as otherwise provided in the Securities
of any series, and subject to applicable 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 (and premium or Make-Whole Amount, if any) or interest on any Security of any series
and remaining unclaimed for two years after such principal (and premium or Make-Whole Amount, if any) or interest has become due
and payable shall be paid to the Company upon 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 of such
principal of (and premium or Make-Whole Amount, if any) or interest on any Security, without interest thereon, 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; <U>provided</U>, <U>however</U>, 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 an Authorized Newspaper, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1004. <U>Existence</U>. Subject
to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence, all material rights (by articles of incorporation, by-laws and statute) and material franchises; <U>provided</U>,
<U>however</U>, that the Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1005. <U>Maintenance of Properties</U>.
The Company will cause all of its material properties used or useful in the conduct of its business or the business of any Subsidiary
to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted,
and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments
and improvements thereof (and the Company may take out of service for a period of time, any of its properties that have been condemned
or suffered any loss due to casualty in order to make such repairs, betterments and improvements), all as in the judgment of the
Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at
all times; <U>provided</U>, <U>however</U>, that the Company and its Subsidiaries shall not be prevented from (i)&nbsp;removing
permanently any property that has been condemned or suffered a loss due to casualty based on the Company's reasonable judgment
that such removal is in the best interest of the Company, or (ii)&nbsp;selling or otherwise disposing of their properties for value
in the ordinary course of business.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1006. <U>Insurance</U>. The Company
will cause each of its and its Subsidiaries' insurable properties to be insured against loss or damage in an amount deemed reasonable
by the Board of Directors with insurers of recognized responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1007. <U>Payment of Taxes and
Other Claims</U>. The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent,
(1)&nbsp;all taxes, assessments and governmental charges levied or imposed upon it or any Subsidiary or upon the income, profits
or property of the Company or any Subsidiary, and (2)&nbsp;all lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien upon the property of the Company or any Subsidiary; <U>provided</U>, <U>however</U>, that the Company
shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1008. <U>Statement as to Compliance</U>.
The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from the principal
executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company's compliance
with all conditions and covenants under this Indenture and, in the event of any noncompliance, specifying such noncompliance and
the nature and status thereof. For purposes of this Section&nbsp;1008, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1009. <U>Waiver of Certain Covenants</U>.
The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008,
inclusive, if before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding
Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance
with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE ELEVEN - REDEMPTION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1101. <U>Applicability of Article</U>.
Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and
(except as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1102. <U>Election to Redeem;
Notice to Trustee</U>. The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution.
In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company shall, at
least 45 days prior to the giving of the notice of redemption in Section&nbsp;1104 (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.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">62</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1103. <U>Selection by Trustee of Securities
to Be Redeemed</U>. If less than all the Securities of any series issued on the same day with the same terms are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series issued on such date with the same terms not previously called for redemption, by such
method as the Trustee shall deem fair and appropriate 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Trustee shall promptly notify the
Company and the Security Registrar (if other than itself) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1104. <U>Notice of Redemption</U>.
Notice of redemption shall be given in the manner provided in Section&nbsp;106, not less than 30 days nor more than 60 days prior
to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section&nbsp;301,
to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any
Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other such Security or portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any notice that is mailed to the Holders
of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
Holder receives the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All notices of redemption shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Redemption Date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Redemption Price, accrued
interest to the Redemption Date payable as provided in Section&nbsp;1106, if any,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) if less than all Outstanding
Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount)
of the particular Security or Securities to be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) in case any Security is
to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon
surrender of such Security, the holder will receive, without a charge, a new Security or Securities of authorized denominations
for the principal amount thereof remaining unredeemed,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">63</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(5) that on the Redemption Date
the Redemption Price and accrued interest to the Redemption Date payable as provided in Section&nbsp;1106, if any, will become
due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall
cease to accrue on and after said date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) the Place or Places of
Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if any, maturing
after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, or for conversion,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) that the redemption is
for a sinking fund, if such is the case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) that, unless otherwise
specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all coupons
maturing subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be deducted from
the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and any Paying Agent
is furnished,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) if Bearer Securities of
any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer Securities
may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section&nbsp;305 or otherwise,
the last date, as determined by the Company, on which such exchanges may be made,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) the CUSIP number of such
Security, if any, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) if applicable, that a
Holder of Securities who desires to convert Securities for redemption must satisfy the requirements for conversion contained in
such Securities, the then existing conversion price or rate, the place or places where such Securities may be surrendered for conversion,
and the date and time when the option to convert shall expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notice of redemption of Securities to
be redeemed at the election of the Company shall be given by the Company or, at the Company's request, by the Trustee in the name
and at the expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1105. <U>Deposit of Redemption
Price</U>. On or 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, which it may not do in the case of a sinking fund payment under Article Twelve, segregate and
hold in trust as provided in Section&nbsp;1003) an amount of money in the currency or currencies, currency unit or units or composite
currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301
for the Securities of such series) sufficient to pay on the Redemption Date the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof which are to be redeemed on
that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Securities called for redemption
are converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption
of such Security shall be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such
trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">64</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1106. <U>Securities Payable on Redemption
Date</U>. 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 in the currency or currencies, currency unit or units or composite
currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301
for the Securities of such series) (together with accrued interest, if any, to the Redemption Date), and from and after such date
(unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall, if the same
were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be
redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance
with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; <U>provided</U>,
<U>however</U>, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section&nbsp;1002)
and, unless otherwise specified as contemplated by Section&nbsp;301, only upon presentation and surrender of coupons for such interest;
and <U>provided</U> <U>further</U> that except as otherwise provided with respect to Securities convertible into the Company's
Common Stock or Preferred Stock, installments of interest on Registered Securities whose Stated Maturity 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&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Bearer Security surrendered for
redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after
deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they
may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the
Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; <U>provided</U>, <U>however</U>, that interest represented by
coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section&nbsp;1002)
and, unless otherwise specified as contemplated by Section&nbsp;301, only upon presentation and surrender of those coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal (and premium or Make-Whole Amount, if any) shall, until
paid, bear interest from the Redemption Date at the rate borne by the Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1107. <U>Securities Redeemed
in Part</U>. Any Registered Security which is to be redeemed only in part (pursuant to the provisions of this Article or of Article
Twelve) 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
his 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, of any authorized</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">65</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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. If a Global Security
is so surrendered, the Company shall execute and the Trustee shall authenticate and deliver to the depository, without service
charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global
Security so surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE TWELVE - SINKING FUNDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1201. <U>Applicability of Article</U>.
The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise
specified as contemplated by Section&nbsp;301 for Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a &quot;mandatory sinking fund payment,&quot;
and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred
to as an &quot;optional sinking fund payment.&quot; If provided for by the terms of any Securities of any series, the cash amount
of any mandatory sinking fund payment may be subject to reduction as provided in Section&nbsp;1202. Each sinking fund payment shall
be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1202. <U>Satisfaction of Sinking
Fund Payments with Securities</U>. The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with
respect to the Securities of a series, (1)&nbsp;deliver Outstanding Securities of such series (other than any previously called
for redemption) together in the case of any Bearer Securities of such series with all unmatured coupons appertaining thereto and
(2)&nbsp;apply as a credit Securities of such series which 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, as provided for by the terms of such Securities, or which have otherwise been acquired by the Company; <U>provided</U>
that such Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received
and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through
operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1203. <U>Redemption of Securities
for Sinking Fund</U>. Not less than 60 days prior to each sinking fund payment date for Securities of any series, the Company will
deliver to the Trustee an Officers' Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the currency
or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except
as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) and the portion thereof, if any, which is
to be satisfied by delivering and crediting Securities of that series pursuant to Section&nbsp;1202, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities
to be so delivered and credited. If such Officers' Certificate shall specify an optional amount to be added</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">66</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in cash to the next ensuing mandatory sinking fund payment, the
Company shall thereupon be obligated to pay the amount therein specified. 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&nbsp;1103
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&nbsp;1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in
the manner stated in Sections 1106 and 1107.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE THIRTEEN - REPAYMENT AT THE
OPTION OF HOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1301. <U>Applicability of Article</U>.
Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance
with the terms of such Securities, if any, and (except as otherwise specified by the terms of such series established pursuant
to Section&nbsp;301) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1302. <U>Repayment of Securities</U>.
Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided
in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon
accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that on or prior
to the Repayment Date it will 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&nbsp;1003) an amount of money in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant
to Section&nbsp;301 for the Securities of such series) sufficient to pay the principal (or, if so provided by the terms of the
Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date)
accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1303. <U>Exercise of Option</U>.
Securities of any series subject to repayment at the option of the Holders thereof will contain an &quot;Option to Elect Repayment&quot;
form on the reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee must receive
at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company
shall from time to time notify the Holders of such Securities) not earlier than 60 days nor later than 30 days prior to the Repayment
Date (1)&nbsp;the Security so providing for such repayment together with the &quot;Option to Elect Repayment&quot; form on the
reverse thereof duly completed by the Holder (or by the Holder's attorney duly authorized in writing) or (2)&nbsp;a telegram, telex,
facsimile transmission or a letter from a member of a national securities exchange, or the FINRA, or a commercial bank or trust
company in the United States setting forth the name of the Holder of the Security, the principal amount of the Security, the principal
amount of the Security to be repaid, the CUSIP number, if any, or a description of the tenor and terms of the Security, a statement
that the option to elect repayment is being exercised thereby and a guarantee that the Security to be repaid, together with the
duly completed form entitled &quot;Option to Elect Repayment&quot; on the reverse of the Security, will be received by the Trustee
not later than the fifth Business Day after the date of such telegram, telex, facsimile transmission or letter; <U>provided</U>,
<U>however</U>, that such telegram, telex, facsimile transmission or letter shall only be effective if such Security and form duly
completed are</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">67</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">received by the Trustee by such fifth Business Day. If less than
the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount
of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or
denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security
surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option
of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would
be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except
as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1304. <U>When Securities Presented
for Repayment Become Due and Payable</U>. If Securities of any series providing for repayment at the option of the Holders thereof
shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities
or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the
Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons
for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall be void. Upon
surrender of any such Security for repayment in accordance with such provisions, together with all coupons, if any, appertaining
thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by the Company,
together with accrued interest, if any, to the Repayment Date; <U>provided</U>, <U>however</U>, that coupons whose Stated Maturity
is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States (except as
otherwise provided in Section&nbsp;1002) and, unless otherwise specified pursuant to Section&nbsp;301, only upon presentation and
surrender of such coupons; and provided further that, in the case of Registered Securities, installments of interest, if any, whose
Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default
in the payment thereof) 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&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Bearer Security surrendered for
repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after
deducting from the amount payable therefor as provided in Section&nbsp;1302 an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished
to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder
of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall
have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; <U>provided</U>,
<U>however</U>, that interest represented by coupons shall be payable only at an office or agency located outside the United States
(except as otherwise provided in Section&nbsp;1002) and, unless otherwise specified as contemplated by Section&nbsp;301, only upon
presentation and surrender of those coupons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">68</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued
to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in
the case of Original Issue Discount Securities) set forth in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1305. <U>Securities Repaid in
Part</U>. Upon surrender of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal
amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE FOURTEEN - DEFEASANCE AND COVENANT
DEFEASANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1401. <U>Applicability of Article;
Company's Option to Effect Defeasance or Covenant Defeasance</U>. If, pursuant to Section&nbsp;301, provision is made for either
or both of (a)&nbsp;Defeasance of the Securities of or within a series under Section&nbsp;1402 or (b)&nbsp;Covenant Defeasance
of the Securities of or within a series under Section&nbsp;1403, then the provisions of such Section or Sections, as the case may
be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section&nbsp;301
with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and the Company may
at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to
have Section&nbsp;1402 (if applicable) or Section&nbsp;1403 (if applicable) be applied to such Outstanding Securities and any coupons
appertaining thereto upon compliance with the conditions set forth below in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1402. <U>Defeasance and Discharge</U>.
Upon the Company's exercise of the above option applicable to this Section with respect to any Securities of or within a series,
the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons
appertaining thereto on the date the conditions set forth in Section&nbsp;1404 are satisfied (hereinafter, &quot;Defeasance&quot;).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Outstanding Securities and any coupons appertaining thereto, which shall thereafter be deemed to be &quot;Outstanding&quot;
only for the purposes of Section&nbsp;1405 and the other Sections of this Indenture referred to in clauses (A)&nbsp;and (B)&nbsp;below,
and to have satisfied all of its other obligations under such Securities and any coupons appertaining thereto and this Indenture
insofar as such Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated
or discharged hereunder: (A)&nbsp;the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to
receive, solely from the trust fund described in Section&nbsp;1404 and as more fully set forth in such Section, payments in respect
of the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining
thereto when such</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">69</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">payments are due, (B)&nbsp;the Company's obligations with respect
to such Securities under Sections 305, 306, 1002 and 1003, and the Company's obligations under Section&nbsp;606 hereof (C)&nbsp;the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D)&nbsp;this Article. Subject to compliance with this
Article Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise of its option under
Section&nbsp;1403 with respect to such Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1403. <U>Covenant Defeasance</U>.
Upon the Company's exercise of the above option applicable to this Section with respect to any Securities of or within a series,
the Company shall be released from its obligations under Sections 1004 to 1009, inclusive, and, if specified pursuant to Section&nbsp;301,
its obligations under any other covenant contained herein or in any indenture supplemental hereto, with respect to such Outstanding
Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section&nbsp;1404 are satisfied
(hereinafter, &quot;Covenant Defeasance&quot;), and such Securities and any coupons appertaining thereto shall thereafter be deemed
to be not &quot;Outstanding&quot; for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection with Sections 1004 to 1009, inclusive, or such other covenant, but shall continue to
be deemed &quot;Outstanding&quot; for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with
respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with and shall have
no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference
in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall
not constitute a default or an Event of Default under Section&nbsp;501(4) or 501(8) or otherwise, as the case may be, but, except
as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected
thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1404. <U>Conditions to Defeasance
or Covenant Defeasance</U>. The following shall be the conditions to application of Section&nbsp;1402 or Section&nbsp;1403 to any
Outstanding Securities of or within a series and any coupons appertaining thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(a) The Company shall irrevocably have
deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section&nbsp;607 who shall
agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities
and any coupons appertaining thereto, (1)&nbsp;an amount in such currency, currencies or currency unit in which such Securities
and any coupons appertaining thereto are then specified as payable at Stated Maturity, or (2)&nbsp;Government Obligations applicable
to such Securities and coupons appertaining thereto (determined on the basis of the currency, currencies or currency unit in which
such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of
any payment of principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons
appertaining thereto, money in an amount, or (3)&nbsp;a combination thereof, in any case, in an amount, sufficient, without consideration
of any reinvestment of such principal and interest, in the opinion of a nationally</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">70</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other
qualifying trustee) to pay and discharge, (i)&nbsp;the principal of (and premium or Make-Whole Amount, if any) and interest, if
any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such principal or installment
of principal or interest and (ii)&nbsp;any mandatory sinking fund payments or analogous payments applicable to such Outstanding
Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(b) Such Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or
instrument to which the Company is a party or by which it is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(c) No Event of Default or event which
with notice or lapse of time or both would become an Event of Default with respect to such Securities and any coupons appertaining
thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections 501(6) and 501(7) are concerned,
at any time during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall
not be deemed satisfied until the expiration of such period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(d) In the case of an election under
Section&nbsp;1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i)&nbsp;the Company has
received from, or there has been published by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the date of execution
of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will not
recognize income, gain or loss for Federal income tax purposes as a result of such Defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(e) In the case of an election under
Section&nbsp;1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such
Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes
as a result of such Covenant Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such Covenant Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(f) The Company shall have delivered
to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Defeasance
under Section&nbsp;1402 or the Covenant Defeasance under Section&nbsp;1403 (as the case may be) have been complied with and an
Opinion of Counsel to the effect that either (i)&nbsp;as a result of a deposit pursuant to subsection (a)&nbsp;above and the related
exercise of the Company's option under Section&nbsp;1402 or Section&nbsp;1403 (as the case may be), registration is not required
under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit
or by the Trustee for such trust funds or (ii)&nbsp;all necessary registrations under said Act have been effected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">71</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">(g) Notwithstanding any other provisions of
this Section, such Defeasance or Covenant Defeasance shall be effected in compliance with any additional or substitute terms, conditions
or limitations which may be imposed on the Company in connection therewith pursuant to Section&nbsp;301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(h) The payment of amounts payable to
the Trustee pursuant to this Indenture shall be paid or provided for to the reasonable satisfaction of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1405. <U>Deposited Money and
Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</U>. Subject to the provisions of the last paragraph
of Section&nbsp;1003, all money and Government Obligations (or other property as may be provided pursuant to Section&nbsp;301)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section&nbsp;1405,
the &quot;Trustee&quot;) pursuant to Section&nbsp;1404 in respect of any Outstanding Securities of any series and any coupons appertaining
thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any coupons
appertaining thereto 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 Holders of such Securities and any coupons appertaining thereto of
all sums due and to become due thereon in respect of principal (and premium or Make-Whole Amount, if any) and interest, but such
money need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified with respect
to any Security pursuant to Section&nbsp;301, if, after a deposit referred to in Section&nbsp;1404(a) has been made, (a)&nbsp;the
Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section&nbsp;301 or
the terms of such Security to receive payment in a currency or currency unit other than that in which the deposit pursuant to Section&nbsp;1404(a)
has been made in respect of such Security, or (b)&nbsp;a Conversion Event occurs in respect of the currency or currency unit in
which the deposit pursuant to Section&nbsp;1404(a) has been made, the indebtedness represented by such Security and any coupons
appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal
of (and premium or Make-Whole Amount, if any), and interest, if any, on such Security as the same becomes due out of the proceeds
yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited
in respect of such Security into the currency or currency unit in which such Security becomes payable as a result of such election
or Conversion Event based on the applicable market exchange rate for such currency or currency unit in effect on the second Business
Day prior to each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly
as feasible) at the time of the Conversion Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section&nbsp;1404
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Anything in this Article to the contrary
notwithstanding, subject to Section&nbsp;606, the Trustee shall deliver or pay to the Company from time to time upon Company Request
any</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">72</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">money or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section&nbsp;1404 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect a Defeasance or Covenant Defeasance, as applicable, in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE FIFTEEN - MEETINGS OF HOLDERS
OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1501. <U>Purposes for Which Meetings
May Be Called</U>. A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to
this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be made, given or taken by Holders of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1502. <U>Call, Notice and Place
of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) The Trustee may at any time call
a meeting of Holders of Securities of any series for any purpose specified in Section&nbsp;1501, to be held at such time and at
such place as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time
and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner
provided in Section&nbsp;106, not less than 20 nor more than 180 days prior to the date fixed for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) In case at any time the Company,
pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding Securities of any series
shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section&nbsp;1501,
by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not
have made the first publication of the notice of such meeting within 20 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the
amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for
such purposes by giving notice thereof as provided in subsection (a)&nbsp;of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1503. <U>Persons Entitled to
Vote at Meetings</U>. To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1)&nbsp;a
Holder of one or more Outstanding Securities of such series, or (2)&nbsp;a Person appointed by an instrument in writing as proxy
for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall
be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote
at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and
its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1504. <U>Quorum; Action</U>.
The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum
for a meeting of Holders of Securities of such series; <U>provided</U>, <U>however</U>, that if any action is to be taken at such
meeting with respect to a consent or waiver which this Indenture expressly provides may be</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">73</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">given by the Holders of not less than a specified percentage in
principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal
amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after
the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series,
be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman
of the meeting prior to the adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting,
such adjourned meeting may be further adjourned for a period of not less than 10 days; at the reconvening of any meeting adjourned
or further adjourned for lack of a quorum, the Persons entitled to vote 25% in aggregate principal amount of the then Outstanding
Securities shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section&nbsp;1502(a), except that such notice need be given
only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except as limited by the proviso to Section&nbsp;902,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
by the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities
represented at such meeting; <U>provided</U>, <U>however</U>, that, except as limited by the proviso to Section&nbsp;902, any resolution
with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly
provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount
of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding
Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any resolution passed or decision taken
at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders
of Securities of such series and the related coupons, whether or not present or represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the foregoing provisions
of this Section&nbsp;1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any
request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be
made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby,
or of the Holders of such series and one or more additional series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) there shall be no minimum
quorum requirement for such meeting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) the principal amount of
the Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent,
waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice,
consent, waiver or other action has been made, given or taken under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">74</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1505. <U>Determination of Voting Rights;
Conduct and Adjournment of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) Notwithstanding any provisions of
this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities
of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted
or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section&nbsp;104 and
the appointment of any proxy shall be proved in the manner specified in Section&nbsp;104 or by having the signature of the Person
executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section&nbsp;104 to certify to the
holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face,
may be presumed valid and genuine without the proof specified in Section&nbsp;104 or other proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) The Trustee shall, by an instrument
in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders
of Securities as provided in Section&nbsp;1502(b), in which case the Company or the Holders of Securities of the series calling
the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(c) At any meeting each Holder of a
Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities of
such series held or represented by him; <U>provided</U>, <U>however</U>, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman
of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) Any meeting of Holders of Securities
of any series duly called pursuant to Section&nbsp;1502 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the
meeting may be held as so adjourned without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1506. <U>Counting Votes and Recording
Action of Meetings</U>. The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by
written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives
by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them.
The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities
of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">75</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section&nbsp;1502 and, if applicable, Section&nbsp;1504. Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company
and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE SIXTEEN - CONVERSION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1601. <U>Applicability of Article;
Conversion Privilege and Conversion Price</U>. Securities of any series which are convertible shall be convertible in accordance
with their terms and (except as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series) in accordance
with this Article Sixteen. Subject to and upon compliance with the provisions of this Article&nbsp;Sixteen, at any time during
the period specified in the Securities, at the option of the Holder thereof, any Security or any portion of the principal amount
thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, or of such portion
thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of Common
Stock of the Company, at the Conversion Price, determined as hereinafter provided, in effect at the time of conversion. In case
a Security or portion thereof is called for redemption, such conversion right in respect of the Security or portion so called shall
expire at the close of business on the Business Day immediately preceding the Redemption Date, unless the Company defaults in making
the payment due upon redemption, in which case such conversion right shall terminate on the date such default is cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The price at which shares of Common Stock
shall be delivered upon conversion (herein called the &quot;Conversion Price&quot;) of Securities of any series shall be specified
in such Securities. The Conversion Price shall be adjusted in certain instances as provided in Section&nbsp;1604.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In case the Company shall, by dividend
or otherwise, declare or make a distribution on its Common Stock referred to in paragraph (4)&nbsp;of Section&nbsp;1604, the Holder
of each Security, upon the conversion thereof pursuant to this Article&nbsp;Sixteen subsequent to the close of business on the
date fixed for the determination of stockholders entitled to receive such distribution and prior to the effectiveness of the Conversion
Price adjustment in respect of such distribution pursuant to paragraph (4)&nbsp;of Section&nbsp;1604, shall be entitled to receive
for each share of Common Stock into which such Security is converted, the portion of the evidence of indebtedness, shares of Capital
Stock or assets so distributed applicable to one share of Common Stock; <U>provided</U>, <U>however</U>, that, at the election
of the Company (whose election shall be evidenced by a Board Resolution filed with the Trustee) with respect to all Holders so
converting, the Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or
securities of the Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith
by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee).
If any conversion of a Security entitled to the benefits described in the immediately preceding sentence occurs prior to the payment
date for a distribution to holders of Common Stock which the Holder of the Security so converted is entitled to receive in accordance
with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with
the Trustee) to distribute to</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">76</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">such Holder a due bill for the evidences of indebtedness, shares
of Capital Stock or assets to which such Holder is so entitled, provided that such due bill (i)&nbsp;meets any applicable requirements
of the principal over-the-counter market or national securities exchange or other market on which the Common Stock is then traded,
and (ii)&nbsp;requires payment or delivery of such evidences of indebtedness or assets no later than the date of payment or delivery
thereof to holders of Common Stock receiving such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1602. <U>Exercise of Conversion
Privilege</U>. In order to exercise the conversion privilege, the Holder of any Security to be converted shall surrender such Security,
duly endorsed or assigned to the Company or in blank, at any office or agency maintained by the Company pursuant to Section&nbsp;1002,
accompanied by written notice to the Company at such office or agency that the Holder elects to convert such Security or, if less
than the entire principal amount thereof is to be converted, the portion thereof to be converted and shall comply with any additional
requirements set forth in such Security. Securities surrendered for conversion during the period from the close of business on
any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall
(except for Securities the Maturity of which is prior to such Interest Payment Date) be accompanied by payment in funds acceptable
to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of Securities being
surrendered for conversion and such interest shall be paid on such Interest Payment Date as provided in Section&nbsp;307. Except
as provided in the preceding sentence, no payment or adjustment shall be made upon any conversion on account of any interest accrued
on the Securities surrendered for conversion or on account of any dividends on the Common Stock issued upon conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company's delivery to the Holder
of the fixed number of shares of the Common Stock of the Company (and any cash in lieu of any fractional share of Common Stock)
into which the Security is convertible shall be deemed to satisfy the Company's obligation to pay the principal amount of the Security
and all accrued interest and original issue discount that has not previously been paid. The shares of Common Stock of the Company
so delivered shall be treated as issued first in payment of accrued interest and original issue discount and then in payment of
principal. Thus, accrued interest and original issue discount shall be treated as paid, rather than canceled, extinguished or forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Securities shall be deemed to have been
converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with
the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person
or Persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder
or holders of such Common Stock at such time. As promptly as practicable on or after the conversion date, the Company shall issue
and shall deliver at such office or agency a certificate or certificates for the number of full shares of Common Stock issuable
upon conversion, together with payment in lieu of any fraction of a share, as provided in Section&nbsp;1603.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In the case of any Security which is
converted in part only, as promptly as practicable on or after the conversion date the Company shall execute and the Trustee shall
authenticate and make available for delivery to the Holder thereof (or the Depositary in the case of a Global Security), at the
expense of the Company, a new Security or Securities, of authorized denominations in aggregate principal amount equal to the unconverted
portion of the principal amount of such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">77</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1603. <U>Fractions of Shares</U>. No
fractional shares of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered
for conversion at one time by the same Holder, the number of full shares of Common Stock which shall be issuable upon conversion
thereof shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered.
Instead of any fractional share of Common Stock which would otherwise be issuable upon conversion of any Security or Securities
(or specified portions thereof), the Company shall pay a cash adjustment (rounded to the nearest cent) in respect of such fraction
in an amount equal to the same fraction of the Closing Price per share of the Common Stock on the day of conversion (or, if such
day is not a Trading Day, on the Trading Day immediately preceding such day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1604. <U>Adjustment of Conversion
Price</U>. The Conversion Price shall be subject to adjustment from time to time as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) If the Company pays or
makes a dividend or other distribution (a)&nbsp;on its Common Stock exclusively in Common Stock or (b)&nbsp;on any other class
of Capital Stock of the Company, which dividend or distribution includes Common Stock of the Company, the Conversion Price in effect
at the opening of business on the day following the date fixed for the determination of stockholders entitled to receive such dividend
or other distribution (the &quot;Dividend Record Date&quot;) shall be reduced by multiplying such Conversion Price by a fraction
of which the numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the
Dividend Record Date and the denominator shall be the sum of such number of shares and the total number of shares constituting
such dividend or other distribution. Such reduction shall become effective immediately after the opening of business on the day
following the date fixed for such determination. For the purposes of this paragraph (1), the number of shares of Common Stock of
the Company at any time outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable
in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company shall not pay any dividend
or make any distribution on shares of Common Stock held in the treasury of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) Subject to paragraph (6)&nbsp;of
this Section, if the Company pays or makes a dividend or other distribution on its Common Stock consisting exclusively of Short
Term Rights (as defined below), or otherwise issues Short Term Rights to all holders of its Common Stock, the Conversion Price
in effect at the opening of business on the day following the record date for the determination of holders of Common Stock entitled
to receive such Short Term Rights (the &quot;Rights Record Date&quot;) shall be reduced by multiplying such Conversion Price by
a fraction of which the numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business
on the Rights Record Date plus the number of shares of Common Stock of the Company which the aggregate of the offering price of
the total number of shares of Common Stock so offered for subscription or purchase would purchase at such current market price
and the denominator shall be the number of shares of Common Stock of the Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">78</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">outstanding at the close of business on the Rights Record
Date plus the number of shares of Common Stock so offered for subscription or purchase. Such reduction shall become effective immediately
after the opening of business on the day following the Rights Record Date. For the purposes of this paragraph (2), the number of
shares of Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company, but
shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock of the Company.
The Company shall not issue any rights, options or warrants in respect of shares of its Common Stock held in the treasury of the
Company. When used in this Section&nbsp;1604, the term &quot;Short Term Rights&quot; shall mean rights, warrants or options entitling
the holders thereof (for a period commencing no earlier than the Rights Record Date and expiring not more than 45 days after the
Rights Record Date) to subscribe for or purchase shares of Common Stock of the Company at a price per share less than the current
market price per share (determined as provided in paragraph (7)&nbsp;of this Section&nbsp;1604) of the Common Stock of the Company
on the Rights Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) In case outstanding shares
of Common Stock of the Company shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect
at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately
reduced, and, conversely, in case outstanding shares of Common Stock of the Company shall be combined into a smaller number of
shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such
combination becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to become effective
immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) Subject to the last sentence
of this paragraph (4)&nbsp;of this Section, if the Company, by dividend or otherwise, (a)&nbsp;distributes to all holders of its
Common Stock evidences of its indebtedness, shares of any class of Capital Stock of the Company or other assets (other than cash
dividends out of current or retained earnings), or (b)&nbsp;distributes to substantially all holders of Common Stock rights or
warrants to subscribe for securities (other than Short Term Rights to which paragraph&nbsp;(2) of this Section&nbsp;1604 applies),
the Conversion Price shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the current
market price per share (determined as provided in paragraph (7)&nbsp;of this Section&nbsp;1604) of the Common Stock of the Company
on the Reference Date (as defined below) less the fair market value (as determined in good faith by the Board of Directors, whose
determination shall be conclusive and described in a Board Resolution filed with the Trustee), on the Reference Date, of the portion
of the evidences of indebtedness and other assets so distributed or of such subscription rights or warrants applicable to one share
of Common Stock (collectively, the &quot;Market Value of the Distribution&quot;) and the denominator shall be such current market
price per share of the Common Stock of the Company. Such reduction shall become effective immediately prior to the opening of business
on the day (the &quot;Reference Date&quot;) following the later of (a)&nbsp;the date fixed for the payment of such distribution
and (b)&nbsp;the date 20 days after notice relating to such distribution is required to be given pursuant to Section&nbsp;1606(a).
If the Board of Directors determines the fair market value of any distribution for purposes of this paragraph (4)&nbsp;by reference
to the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">79</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">actual or when issued trading market for any securities
comprising such distribution, it must in doing so consider the prices in such market over the same period used in computing the
current market price per share pursuant to paragraph (7)&nbsp;of this Section&nbsp;1604. In the event that, with respect to any
distribution to which this paragraph (4)&nbsp;of Section&nbsp;1604 would otherwise apply, the Market Value of the Distribution
is greater than the current market price per share of the Common Stock (such distribution being referred to herein as an &quot;Unadjusted
Distribution&quot;), then the adjustment provided by this paragraph (4)&nbsp;shall not be made and in lieu thereof the provisions
of Section&nbsp;1611 shall apply with respect to such Unadjusted Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) The Company may, but shall
not be required to, make such reductions in the Conversion Price, in addition to those required by paragraphs (1), (2), (3), and
(4)&nbsp;of this Section&nbsp;1604, as it considers to be advisable in order that any event treated for federal income tax purposes
as a dividend of stock or stock rights shall not be taxable to the recipients. In addition, the Company, from time to time, may
decrease the Conversion Price by any amount and for any reason, temporarily or otherwise, including situations where the Board
of Directors determines such decrease to be fair and appropriate with respect to transactions in which holders of Common Stock
have the right to participate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) Rights or warrants issued
or distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares
of Common Stock or Preferred Stock, which rights or warrants (i)&nbsp;are deemed to be transferred with such shares of Common Stock,
(ii)&nbsp;are not exercisable and (iii)&nbsp;are also issued or distributed in respect of future issuances of Common Stock, in
each case in clauses (i)&nbsp;through (iii)&nbsp;until the occurrence of a specified event or events (&quot;Trigger Events&quot;),
shall for purposes of this Section&nbsp;1604 not be deemed issued or distributed until the occurrence of the earliest Trigger Event.
Each share of Common Stock issued upon conversion of Securities pursuant to this Article Sixteen shall be entitled to receive the
appropriate number of Common Stock purchase rights (the &quot;Rights&quot;), if any, and the certificates representing the Common
Stock issued upon conversion shall bear such legends, if any. Notwithstanding anything to the contrary in this Article Sixteen,
there shall not be any adjustment to the Conversion Price as a result of (i)&nbsp;the distribution of separate certificates representing
the Rights; (ii)&nbsp;the occurrence of certain events entitling holders of Rights to receive, upon exercise thereof, Common Stock
or other securities of the Company or other securities of another corporation; or (iii)&nbsp;the exercise of such Rights. No adjustment
in the Conversion Price need be made for rights to purchase or the sale of Common Stock pursuant to a Company plan providing for
reinvestment of dividends or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) For the purpose of any
computation under paragraph (2), (4)&nbsp;or (5)&nbsp;of this Section&nbsp;1604, the &quot;current market price&quot; per share
of Common Stock of the Company on any date shall be deemed to be the average of the daily Closing Prices for the 15 consecutive
Trading Days selected by the Company commencing not more than 30 Trading Days before, and ending not later than, the date in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) No adjustment in the Conversion
Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price; <U>provided</U>,
<U>however</U>, that any adjustments which by reason of this paragraph (8)&nbsp;are not</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">80</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">required to be made shall be carried forward and taken
into account in any subsequent adjustment. All calculations under this Article Sixteen shall be made to the nearest cent or to
the nearest one-hundredth of a share of Common Stock, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) Anything herein to the
contrary notwithstanding, in the event the Company shall declare any dividend or distribution requiring an adjustment in the Conversion
Price hereunder and shall, thereafter and before the payment of such dividend or distribution to stockholders, legally abandon
its plan to pay such dividend or distribution, the Conversion Price then in effect hereunder, if changed to reflect such dividend
or distribution, shall upon the legal abandonment of such plan be changed to the Conversion Price which would have been in effect
at the time of such abandonment (after giving effect to all other adjustments not so legally abandoned pursuant to the provisions
of this Article Sixteen) had such dividend or distribution never been declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) Notwithstanding any other
provision of this Section&nbsp;1604, no adjustment to the Conversion Price shall reduce the Conversion Price below the then par
value per share of the Common Stock of the Company, and any such purported adjustment shall instead reduce the Conversion Price
to such par value. Notwithstanding the foregoing sentence, the Company hereby covenants that it will from time to time take all
such action as may be required to assure that the par value per share of the Common Stock is at all times equal to or less than
the Conversion Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) In the event that this
Article Sixteen requires adjustments to the Conversion Price under more than one of paragraphs&nbsp;(1), (2), (3)&nbsp;or (4)&nbsp;of
this Section&nbsp;1604, and the record or effective dates for the transaction giving rise to such adjustments shall occur on the
same date, then such adjustments shall be made by applying (to the extent they are applicable), first, the provisions of paragraph&nbsp;(3)
of this Section&nbsp;1604, second, the provisions of paragraph&nbsp;(1) of this Section&nbsp;1604, third, the provisions of paragraph&nbsp;(4)
of this Section&nbsp;1604 and, fourth, the provisions of paragraph&nbsp;(2) of this Section&nbsp;1604. Anything herein to the contrary
notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this Section&nbsp;1604.
After an adjustment to the Conversion Price under this Article&nbsp;Sixteen, any subsequent event requiring an adjustment under
this Article Sixteen shall cause an adjustment to the Conversion Price as so adjusted. If, after an adjustment, a Holder of a Security
upon conversion of such Security receives shares of two or more classes of Capital Stock of the Company, the Conversion Price shall
thereafter be subject to adjustment upon the occurrence of an action taken with respect to any such class of Capital Stock as is
contemplated by this Article Sixteen with respect to the Common Stock in this Article Sixteen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1605. <U>Notice of Adjustments
of Conversion Price</U>. Whenever the Conversion Price is adjusted as herein provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Company shall compute
the adjusted Conversion Price in accordance with Section&nbsp;1604 or Section&nbsp;1611 and shall prepare an Officer's Certificate
setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall forthwith be filed (with a copy to the Trustee) at each office or agency maintained for the purpose of conversion
of any Securities pursuant to Section&nbsp;1002; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">81</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(2) a notice stating that the Conversion
Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable
after it is required, such notice shall be mailed by the Company to all Holders at their last addresses as they shall appear in
the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1606. <U>Notice of Certain Corporate
Action</U>. In case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Company shall take
any action that would require a Conversion Price adjustment pursuant to Section&nbsp;1604 or Section&nbsp;1611; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) there shall occur any reclassification
of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock), or any
consolidation or merger to which the Company is a party, or the sale, transfer or lease of all or substantially all of the assets
of the Company and for which approval of any stockholders of the Company is required; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) there shall occur the voluntary
or involuntary dissolution, liquidation or winding up of the Company, then the Company shall cause to be filed at each office or
agency maintained for the purpose of conversion of Securities pursuant to Section&nbsp;1002, and shall cause to be mailed to all
Holders at their last addresses as they shall appear in the Security Register, at least 10 days prior to the applicable record,
effective or expiration date hereinafter specified, a notice stating (x)&nbsp;the date on which a record is to be taken for the
purpose of any dividend, distribution or granting of rights, warrants or options, or, if a record is not to be taken, the date
as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights, options or warrants are
to be determined, or (y)&nbsp;the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation
or winding up is expected to become effective, and, if applicable, the date as of which it is expected that holders of Common Stock
of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1607. <U>Company to Reserve Common
Stock</U>. The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued
Common Stock, for the purpose of effecting the conversion of Securities, a number of shares of Common Stock for the conversion
of all outstanding Securities of any series which is convertible into Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1608. <U>Taxes on Conversion</U>.
The Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion
of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of the Security or
Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid
to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1609. Covenants as to Common
Stock. The Company covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue
be</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">82</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">duly and validly issued, fully paid and nonassessable, free of preemptive
or any similar rights, and, except as provided in Section&nbsp;1608, the Company will pay all taxes, liens and charges with respect
to the issue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company will endeavor promptly to
comply with all Federal and state securities laws regulating the offer and delivery of shares of Common Stock upon conversion of
Securities, if any, and will list or cause to have quoted such shares of Common Stock on each national securities exchange or in
the over-the-counter market or such other market on which the Common Stock is then listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1610. <U>Cancellation of Converted
Securities</U>. All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction
of the Trustee, which shall dispose of the same as provided in Section&nbsp;309.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1611. <U>Provisions in Case of
Consolidation, Merger or Sale of Assets; Special Distributions</U>. If any of the following shall occur, namely: (i)&nbsp;any reclassification
or change of outstanding shares of Common Stock issuable upon conversion of Securities (other than a change in par value, or from
par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii)&nbsp;any consolidation
or merger to which the Company is a party other than a merger in which the Company is the continuing corporation and which does
not result in any reclassification of, or change (other than a change in name, or par value, or from par value to no par value,
or from no par value to par value or as a result of a subdivision or combination) in, outstanding shares of Common Stock or (iii)&nbsp;any
sale or conveyance of all or substantially all of the property or business of the Company as an entirety, then the Person formed
by such consolidation or resulting from such merger or which acquires such properties or assets, as the case may be, shall as a
condition precedent to such transaction execute and deliver to the Trustee a supplemental indenture providing that the Holder of
each Security then outstanding shall have the right thereafter, during the period such Security shall be convertible as specified
in Section&nbsp;1601, to convert such Security only into the kind and amount of securities, cash and other property receivable,
if any, upon such consolidation, merger, sale, transfer or lease by a holder of the number of shares of Common Stock of the Company
into which such Security might have been converted immediately prior to such consolidation, merger, sale, transfer or lease; provided
that the kind and amount of securities, cash and other property so receivable shall be determined on the basis of the following
assumptions. The holder of Common Stock referred to in the foregoing sentence:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) is not (a)&nbsp;a Person
with which the Company consolidated, (b)&nbsp;a Person into which the Company merged or which merged into the Company, or (c)&nbsp;a
Person to which such sale, transfer or lease was made (any Person described in the foregoing clauses (a), (b), or (c), hereinafter
referred to as a &quot;Constituent Person&quot;), or (d)&nbsp;an Affiliate of a Constituent Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) failed to exercise his
rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such consolidation,
merger, sale, transfer or lease (provided that if the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale transfer or lease is not the same for each share of Common Stock of the Company in respect of which
such rights of election shall</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">83</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">not have been exercised, then for the purpose of this
Section&nbsp;1611 the kind and amount of securities, cash and other property receivable upon such consolidation, merger, sale,
transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares of Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Such supplemental indenture shall provide
for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Article&nbsp;Sixteen. If, in the case of any such consolidation,
merger, sale transfer or lease the stock or other securities and property (including cash) receivable thereupon by a holder of
Common Stock includes shares of stock or other securities and property of a corporation other than the successor or purchasing
corporation, as the case may be, in such consolidation, merger, sale, transfer or lease then such supplemental indenture shall
also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders
of the Securities as the Board of Directors of the Company shall reasonably consider necessary by reason of the foregoing. The
above provisions of this Section&nbsp;1611 shall similarly apply to successive consolidations, mergers, sales, transfers or leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In the event the Company shall execute
a supplemental indenture pursuant to this Section&nbsp;1611, the Company shall promptly file with the Trustee an Officers' Certificate
briefly stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable
by Holders of the Securities upon the conversion of their Securities after any such reclassification, change, consolidation, merger,
sale, transfer or lease and any adjustment to be made with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If the Company makes a distribution to
all holders of its Common Stock that constitutes an Unadjusted Distribution pursuant to the last sentence of paragraph (4)&nbsp;of
Section&nbsp;1604, then, from and after the record date for determining the holders of Common Stock entitled to receive such distribution
(the &quot;Distribution Record Date&quot;), a Holder of a Security who converts such Security in accordance with the provisions
of this Indenture shall, upon conversion, be entitled to receive, in addition to the shares of Common Stock into which the Security
is convertible, the kind and amount of evidences of indebtedness, shares of Capital Stock, or other assets or subscription rights
or warrants, as the case may be, comprising the distribution that such Holder would have received if such Holder had converted
the Security immediately prior to the Distribution Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1612. <U>Trustee Adjustment Disclaimer;
Company Determination Final</U>. The Trustee has no duty to determine when an adjustment under this Article Sixteen should be made,
how it should be made or what it should be. The Trustee has no duty to determine whether a supplemental indenture under Section&nbsp;1611
need be entered into or whether any provisions of any supplemental indenture are correct. The Trustee shall not be accountable
for and makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities. The
Trustee shall not be responsible for the Company's failure to comply with this Article Sixteen. Any determination that the Company
or the Board of Directors must make pursuant to this Article&nbsp;Sixteen is conclusive, absent manifest error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">84</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1613. <U>When No Adjustment Required</U>.
Except as expressly set forth in Section&nbsp;1604, no adjustment in the Conversion Price shall be made because the Company issues,
in exchange for cash, property or services, shares of its Common Stock, or any securities convertible into or exchangeable for
shares of its Common Stock, or securities (including warrants, rights and options) carrying the right to subscribe for or purchase
shares of its Common Stock or such convertible or exchangeable securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) Notwithstanding anything
herein to the contrary, no adjustment in the Conversion Price shall be made pursuant to Section&nbsp;1604 in respect of any dividend
or distribution if the Holders may participate therein (on a basis to be determined in good faith by the Board of Directors) and
receive the same consideration they would have received if they had converted the Securities immediately prior to the record date
with respect to such dividend or distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1614. <U>Equivalent Adjustments</U>.
In the event that, as a result of an adjustment made pursuant to Section&nbsp;1604 above, the holder of any Security thereafter
surrendered for conversion shall become entitled to receive any shares of Capital Stock of the Company other than shares of its
Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion of any Securities shall be subject
to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to
Common Stock contained in this Article&nbsp;Sixteen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">85</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed all as of the day and year first above written.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 11%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 86%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Trustee</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">86</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORM OF REDEEMABLE OR NON-REDEEMABLE SENIOR
SECURITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">[Face of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[If the Holder of this Security (as indicated below) is The
Depository Trust Company (&quot;DTC&quot;) or a nominee of DTC, this Security is a Global Security and the following three legends
apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>This Security is a Global Security within the meaning set
forth in the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee of a Depository. This
Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the
limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of
the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or
its nominee to a successor Depository or its nominee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Unless this Security is presented by an authorized representative
of The Depository Trust Company a New York corporation (&quot;DTC&quot;) to the Company or its agent for registration of transfer,
conversion, exchange or payment, and such Security issued is registered in the name of Cede&nbsp;&amp; Co., or in such other name
as requested by an authorized representative of DTC (and any payment is made to Cede&nbsp;&amp; Co. or to such other entity as
is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede&nbsp;&amp; Co., has an interest herein. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Unless and until this Security is exchanged in whole or
in part for Securities in certificated form, this Security may not be transferred except as a whole by DTC to a nominee thereof
or by a nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such
successor.] </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If this Security is an Original Issue Discount Security,
insert</U> &mdash; FOR PURPOSES OF SECTION 1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT ON THIS SECURITY IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;, AND THE YIELD TO MATURITY IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. THE METHOD USED TO
DETERMINE THE AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;TO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;,
IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% OF THE PRINCIPAL AMOUNT OF THIS SECURITY.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">SOLITARIO EXPLORATION &amp; ROYALTY
CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">[Designation of Series]</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 52%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 47%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">No. <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$ <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">CUSIP&nbsp;No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">SOLITARIO EXPLORATION &amp; ROYALTY CORP., a Colorado corporation
(herein referred to as the &quot;Company,&quot; which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
registered assigns the principal sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the
&quot;Stated Maturity Date&quot;) [or <U>insert date fixed for earlier redemption</U> (the &quot;Redemption Date,&quot; and together
with the Stated Maturity Date with respect to principal repayable on such date, the &quot;Maturity Date.&quot;)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If the Security is to bear interest prior to Maturity,
insert</U> &mdash; and to pay interest thereon from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
from the most recent Interest Payment Date to which interest has been paid or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-1</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">duly provided for, semi-annually on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in each year (each, an &quot;Interest Payment Date&quot;),
commencing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
per annum, until the principal hereof is paid or duly provided for. 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 Holder 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date [at the office or agency of the Company maintained
for such purpose; <U>provided</U>, <U>however</U>, that such interest may be paid, at the Company's option, by mailing a check
to such Holder at its registered address or by transfer of funds to an account maintained by such Holder within the United States].
Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date, and may be paid to the Holder 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 may be paid
at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or securities exchange
on which the Securities of this series may be quoted or listed, and upon such notice as may be required by such market or exchange,
all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If the Security is not to bear interest prior to Maturity,
insert</U> &mdash; 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 the [Stated] Maturity Date and in such case the overdue principal of this Security shall
bear interest at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
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.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">The principal of this Security payable on the Stated Maturity
Date [or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest
on this Security payable on the Redemption Date] will be paid against presentation of this Security at the office or agency of
the Company maintained for that purpose in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, in such coin
or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Interest payable on this Security on any Interest Payment
Date and on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will include interest accrued from and including
the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, if no interest has been paid on this Security) to but
excluding such Interest Payment Date or the [Stated] Maturity Date [or Redemption Date, as the case may be.] If any Interest Payment
Date or the [Stated] Maturity Date or [Redemption Date] falls on a day that is not a Business Day, as defined below, principal,
premium or Make-Whole</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-2</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Amount, if any, and/or interest payable with respect to such Interest
Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day
with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount
so payable for the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case
may be.] &quot;Business Day&quot; means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which banking institutions in The City of New York are required or authorized by law, regulation or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If this Security is a Global Security, insert</U> &mdash;
All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Security will be made by the Company
in immediately available funds.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Unless the Certificate of Authentication hereon has been executed
by the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">IN WITNESS WHEREOF, the Company has caused this instrument
to be duly executed under its facsimile corporate seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 94%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 100%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Attest:</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Secretary</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-3</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Reverse of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">This Security is one of a duly authorized issue of securities
of the Company (herein called the &quot;Securities&quot;), issued and to be issued in one or more series under an</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;(herein called the &quot;Indenture&quot;) between the Company and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Trustee (herein called the &quot;Trustee,&quot; which term includes any successor trustee under the Indenture with respect to
the series of which this Security is a part), 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 Trustee and
the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the duly authorized series of Securities designated on the face hereof (collectively, the &quot;Securities&quot;),
[<U>if applicable, insert</U> &mdash; and the aggregate principal amount of the Securities to be issued under such series is limited
to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(except for Securities authenticated and delivered
upon transfer of, or in exchange for, or in lieu of other Securities).] All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">If an Event of Default, as defined in the Indenture, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If applicable, insert</U> &mdash; The Securities may not
be redeemed prior to the Stated Maturity Date.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If applicable, insert</U> &mdash; The Securities are subject
to redemption [ (l)&nbsp;<U>(If applicable, insert</U> &mdash; on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any year commencing with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the year
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through operation of the sinking fund for this series at
a Redemption Price equal to 100% of the principal amount, and (2)&nbsp;] [<U>If applicable, insert</U> &mdash; at any time [on
or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the principal amount):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">If redeemed on or before &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% and if redeemed during the 12-month period beginning &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the years indicated at the Redemption Prices indicated below.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 64%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 12%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 12%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 12%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Year</b></P></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Price</b></font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Year</b></font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Price</b></font></td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount, together in the case of any such redemption [<U>If applicable, insert</U> &mdash; (whether through operation
of the sinking fund or otherwise)] with accrued interest to the Redemption Date; <U>provided, however</U>, that installments of
interest on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security,
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.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-4</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">[<U>If applicable, insert</U> &mdash; The Securities
are subject to redemption (1)&nbsp;on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in any year commencing
with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;at any time [on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the years indicated,</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 36%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 31%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 31%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Year</b></P></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Redemption Price for</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Redemption Through</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center; border-bottom: black 0.75pt solid"><b>Operation
        of the Sinking Fund</b></P></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Redemption Price for</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Redemption Otherwise Than</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Through Operation of the</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center; border-bottom: black 0.75pt solid"><b>Sinking
        Fund</b></P></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
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; <U>provided</U>, <U>however</U>, that installments of interest on this Security whose
Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, 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.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[<U>If applicable, insert</U> &mdash;
Notwithstanding the foregoing, the Company may not, prior to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
redeem any Securities as contemplated by [Clause (2)&nbsp;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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[<U>If applicable, insert</U> &mdash;
The sinking fund for the Securities provides for the redemption on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
each year, beginning with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the
year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, of [not less than] $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
[(&quot;mandatory sinking fund&quot;) and not more than $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
aggregate principal amount of the Securities. [The Securities 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 in the
[<U>describe order</U>] order in which they become due.]]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notice of redemption will be given by
mail to Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-5</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In the event of redemption of this Security
in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the cancellation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[If applicable, insert conversion provisions
set forth in any Board Resolution or indenture supplemental to the Indenture.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of
not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding
and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate
principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company
with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority
of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all
of the Holders of Securities of such series, 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 other Securities issued upon the registration of transfer hereof or conversion or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 or Make-Whole Amount, if any) and interest on this Security at the times, places
and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As provided in the Indenture and subject
to certain limitations therein [and herein] set forth, the transfer of this Security is registrable in the Security Register of
the Company upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where
the principal of (and premium or Make-Whole Amount, if any) and interest on this Security are payable, 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 by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As provided in the Indenture and subject
to certain limitations therein [and herein] set forth, this Security is exchangeable for a like aggregate principal amount of Securities
of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering
the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Securities of this series are issuable
only in registered form [without coupons] in denominations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
any integral multiple thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-6</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">No service charge shall be made for any such
registration of transfer or conversion or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No recourse shall be had for the payment
of the principal of or premium or Make-Whole Amount, if any, or the interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past,
present or future stockholder, employee, officer or director, as such, of the Company or of any successor, either directly or through
the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Indenture and the Securities shall
be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed
entirely in such State.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-7</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORMS OF CERTIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">EXHIBIT B-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORM OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED TO RECEIVE BEARER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR
TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[Insert title or sufficient description
of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is to certify that, as of the date
hereof, and except as set forth below, the above-captioned Securities held by you for our account (i)&nbsp;are owned by person(s)
that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the
income of which is subject to United States Federal income taxation regardless of its source (&quot;United States person(s)&quot;),
(ii)&nbsp;are owned by United States person(s) that are (a)&nbsp;foreign branches of United States financial institutions (financial
institutions, as defined in United States Treasury Regulations Section&nbsp;2.165-12(c)(1)(v) are herein referred to as &quot;financial
institutions&quot;) purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who acquired the Securities
through foreign branches of United States financial institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a)&nbsp;or (b), each such United States financial institution hereby agrees,
on its own behalf or through its agent, that you may advise Solitario Exploration &amp; Royalty Corp. or its agent that such financial
institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the United States Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;are owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section&nbsp;1.163-5(c)(2)(i)(D)(7)),
and, in addition, if the owner is a United States or foreign financial institution described in clause (iii)&nbsp;above (whether
or not also described in clause (i)&nbsp;or (ii)), this is to further certify that such financial institution has not acquired
the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States
or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As used herein, &quot;United States&quot;
means the United States of America (including the States and the District of Columbia); and its &quot;possessions&quot; include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We undertake to advise you promptly by
tested telex or by telecopy on or prior to the date on which you intend to submit your certification relating to the above-captioned
Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct
on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This certificate excepts and does not
relate to [U.S.$] of such interest in the above-captioned Securities in respect of which we are not able to certify and as to which
we</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">B-1</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">understand an exchange for an interest in a permanent Global Security
or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made until we
do so certify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We understand that this certificate may
be required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[To be dated no earlier than the 15th
day prior to (i)&nbsp;the Exchange Date or (ii)&nbsp;the relevant Interest Payment Date occurring prior to the Exchange Date, as
applicable]</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 100%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">[Name of Person Making Certification]</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">(Authorized Signature)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Name:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Title:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">B-2</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT B-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
AND CLEARSTREAM S.A. IN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONNECTION WITH THE EXCHANGE OF A PORTION OF
A TEMPORARY GLOBAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR
TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[Insert title or sufficient description
of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is to certify that, based solely
on written certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons
appearing in our records as persons entitled to a portion of the principal amount set forth below (our &quot;Member Organizations&quot;)
substantially in the form attached hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i)&nbsp;is
owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any
estate or trust the income of which is subject to United States Federal income taxation regardless of its source (&quot;United
States person(s)&quot;), (ii)&nbsp;is owned by United States person(s) that are (a)&nbsp;foreign branches of United States financial
institutions (financial institutions, as defined in U.S. Treasury Regulations Section&nbsp;1.165-12(c)(1)(v) are herein referred
to as &quot;financial institutions&quot;) purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who
acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a)&nbsp;or (b), each such financial institution has
agreed, on its own behalf or through its agent, that we may advise Solitario Exploration &amp; Royalty Corp. or its agent that
such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;is owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section&nbsp;1.163-5(c)(2)(i)(D)(7)),
and, to the further effect, that financial institutions described in clause (iii)&nbsp;above (whether or not also described in
clause (i)&nbsp;or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As used herein, &quot;United States&quot;
means the United States of America (including the States and the District of Columbia); and its &quot;Possessions&quot; include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We further certify that (i)&nbsp;we are
not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary Global Security
representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii)&nbsp;as
of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements
made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection
of any interest) are no longer true and cannot be relied upon as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We understand that this certification
is required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">B-3</P>




<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[To be dated no earlier than the Exchange
Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[Morgan Guaranty Trust Company of New
York, Brussels Office, as Operator of the Euroclear System Clearstream Banking Luxembourg]</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 94%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Name:</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">Title:</font></td></tr>
</table>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>



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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 4.3 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">TO</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Indenture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">Subordinated Debt Securities</P>

<HR SIZE="3" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 16%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Page</b></font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION&nbsp;101.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Definitions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">1</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION&nbsp;102.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Compliance Certificates and Opinions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">11</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION&nbsp;103.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Form of Documents Delivered to Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">12</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 104.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Acts of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">13</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 105.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notices, etc., to Trustee and Company</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">14</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 106.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice to Holders; Waiver</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">15</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 107.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Counterparts; Effect of Headings and Table of Contents</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 108.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Successors and Assigns</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 109.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Severability Clause</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 110.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Benefits of Indenture</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 111.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Governing Law</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 112.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Legal Holidays</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 113.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">16</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 114.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Conflict with Trust Indenture Act</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE TWO - SECURITIES FORMS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 201.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Forms of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">17</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 202.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Form of Trustee's Certificate of Authentication</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 203.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Issuable in Global Form</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">18</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE THREE - THE SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 301.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Amount Unlimited; Issuable in Series</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">19</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 302.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Denominations</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">22</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 303.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Execution, Authentication, Delivery and Dating</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">22</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 304.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Temporary Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">25</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 305.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Registration, Registration of Transfer, Conversion and Exchange</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">27</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 306.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Mutilated, Destroyed, Lost and Stolen Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">31</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 307.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Payment of Interest; Interest Rights Preserved</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">32</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 308.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Persons Deemed Owners</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">34</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 309.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cancellation</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">34</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 310.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Computation of Interest</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">35</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 311.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">CUSIP Numbers</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">35</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE FOUR - SATISFACTION AND DISCHARGE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">35</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 401.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Satisfaction and Discharge of Indenture</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">35</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 402.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Application of Trust Funds</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">36</font></td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(i)</P>


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<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 16%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE FIVE - REMEDIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">37</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 501.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Events of Default</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">37</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 502.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Acceleration of Maturity; Rescission and Annulment</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">38</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 503.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Collection of Indebtedness and Suits for Enforcement by Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">39</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 504.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee May File Proofs of Claim</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">40</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 505.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee May Enforce Claims Without Possession of Securities or Coupons</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">41</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 506.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Application of Money Collected</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">41</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 507.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Limitation on Suits</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">41</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 508.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 509.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Restoration of Rights and Remedies</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 510.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Rights and Remedies Cumulative</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">42</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 511.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Delay or Omission Not Waiver</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 512.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Control by Holders of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 513.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Waiver of Past Defaults</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 514.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Waiver of Usury, Stay or Extension Laws</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">43</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 515.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Undertaking for Costs</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">44</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE SIX - THE TRUSTEE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">44</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 601.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Defaults</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">44</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 602.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Certain Rights of Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">44</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 603.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Not Responsible for Recitals or Issuance of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">46</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 604.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">May Hold Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">47</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 605.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Money Held in Trust</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">47</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 606.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Compensation and Reimbursement</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">47</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 607.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Corporate Trustee Required; Eligibility; Conflicting Interests</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">48</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 608.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Resignation and Removal; Appointment of Successor</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">48</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 609.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Acceptance of Appointment by Successor</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">49</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 610.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Merger, Conversion, Consolidation or Succession to Business</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">50</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 611.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Appointment of Authenticating Agent</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">51</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 612.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Certain Duties and Responsibilities of the Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">52</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE SEVEN - HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">53</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 701.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Disclosure of Names and Addresses of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">53</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 702.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reports by Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">54</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 703.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reports by Company</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">54</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 704.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Company to Furnish Trustee Names and Addresses of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">54</font></td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(ii)</P>


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<tr>
    <td style="width: 16%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">55</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 801.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">55</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 802.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Rights and Duties of Successor Corporation</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">55</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 803.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Officers' Certificate and Opinion of Counsel</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">56</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE NINE - SUPPLEMENTAL INDENTURES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">56</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 901.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Supplemental Indentures Without Consent of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">56</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 902.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Supplemental Indentures with Consent of Holders</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">57</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 903.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Execution of Supplemental Indentures</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">58</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 904.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Effect of Supplemental Indentures</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">59</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 905.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Conformity with Trust Indenture Act</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">59</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 906.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reference in Securities to Supplemental Indentures</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">59</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE TEN - COVENANTS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">59</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1001.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Payment of Principal, Premium or Make-Whole Amount, if any; and Interest</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">59</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1002.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Maintenance of Office or Agency</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">59</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1003.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Money for Securities Payments to Be Held in Trust</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">61</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1004.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Existence</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1005.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Maintenance of Properties</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">62</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1006.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Insurance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1007.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Payment of Taxes and Other Claims</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1008.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Statement as to Compliance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1009.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Waiver of Certain Covenants</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE ELEVEN - REDEMPTION OF SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1101.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1102.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Election to Redeem; Notice to Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">63</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1103.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Selection by Trustee of Securities to Be Redeemed</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">64</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1104.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Redemption</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">64</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1105.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Deposit of Redemption Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">65</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1106.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Payable on Redemption Date</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">66</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1107.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Redeemed in Part</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">66</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE TWELVE - SINKING FUNDS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1201.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1202.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Satisfaction of Sinking Fund Payments with Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1203.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Redemption of Securities for Sinking Fund</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">67</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">68</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1301.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">68</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1302.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Repayment of Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">68</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1303.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Exercise of Option</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">68</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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


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<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 16%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1304.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">When Securities Presented for Repayment Become Due and Payable</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">69</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1305.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Securities Repaid in Part</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1401.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1402.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Defeasance and Discharge</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">70</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1403.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Covenant Defeasance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">71</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1404.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Conditions to Defeasance or Covenant Defeasance</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">71</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1405.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">73</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">74</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1501.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Purposes for Which Meetings May Be Called</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">74</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1502.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Call, Notice and Place of Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">74</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1503.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Persons Entitled to Vote at Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">74</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1504.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Quorum; Action</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">74</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1505.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Determination of Voting Rights; Conduct and Adjournment of Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">76</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1506.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Counting Votes and Recording Action of Meetings</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">76</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE SIXTEEN - SUBORDINATION OF SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">77</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1601.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Agreement to Subordinate</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">77</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1602.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Payment Over of Proceeds upon Dissolution, Etc</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">77</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1603.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">No Payment When Senior Indebtedness in Default</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">78</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1604.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reliance by Senior Indebtedness on Subordination Provisions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">79</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1605.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Subrogation to Rights of Holders of Senior Indebtedness</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">79</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1606.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Provisions Solely to Define Relative Rights</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">80</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1607.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee to Effectuate Subordination</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">80</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1608.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">No Waiver of Subordination Provisions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">81</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1609.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice to Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">81</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1610.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Reliance on Judicial Order or Certificate of Liquidating Agent</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1611.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee Not Fiduciary for Holders of Senior Indebtedness</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1612.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee's Rights</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1613.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Article Applicable to Paying Agents</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">82</font></td></tr>
<tr>
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">ARTICLE SEVENTEEN - CONVERSION OF SECURITIES</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">83</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1701.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Applicability of Article; Conversion Privilege and Conversion Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">83</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1702.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Exercise of Conversion Privilege</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">84</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1703.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Fractions of Shares</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">85</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1704.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Adjustment of Conversion Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">85</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 16%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1705.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Adjustments of Conversion Price</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">88</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1706.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Notice of Certain Corporate Action</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">89</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1707.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Company to Reserve Common Stock</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">89</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1708.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Taxes on Conversion</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">89</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1709.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Covenants as to Common Stock</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">89</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1710.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Cancellation of Converted Securities</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">90</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1711.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">90</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1712.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Trustee Adjustment Disclaimer; Company Determination Final</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">91</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1713.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">When No Adjustment Required</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">92</font></td></tr>
<tr>
    <td nowrap style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">SECTION 1714.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Equivalent Adjustments</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">92</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Reconciliation and tie between the Trust
Indenture Act of 1939, as amended (the &quot;Trust Indenture Act&quot; or &quot;TIA&quot;) and the Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20 .</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 79%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Trust Indenture</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; border-bottom: black 0.75pt solid"><b>Act Section</b></P></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td nowrap colspan="5">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center; border-bottom: black 0.75pt solid"><b>Indenture
        Section</b></P></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 310(a)(1)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;607</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(a)(2)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;607</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(b)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;607,&nbsp;608</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 312(c)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;701</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 313(a)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;702</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(c)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;702</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 314(a)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;703</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(a)(4)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;1008</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(c)(1)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;102</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(c)(2)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;102</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(e)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;102</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 315(b)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;601</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 316(a) (last sentence)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;101(&quot;Outstanding&quot;)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(a)(1)(A)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;502, 512</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(a)(1)(B)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;513</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(b)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;508</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 317(a)(1)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;503</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(a)(2)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;504</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&sect; 318(a)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;111</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(c)</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;111</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Attention should also be directed to
Section&nbsp;318(c) of the Trust Indenture Act, which provides that the provisions of Sections 310 to and including 317 of the
Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein.</P>

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

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">INDENTURE, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20__, between SOLITARIO EXPLORATION &amp; ROYALTY CORP., a corporation organized under the laws of the State of Colorado (hereinafter
called the &quot;Company&quot;), having its principal office at 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as Trustee
hereunder (hereinafter called the &quot;Trustee&quot;), having a Corporate Trust Office at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">RECITALS OF THE COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company deems it necessary to issue
from time to time for its lawful purposes subordinated debt securities (hereinafter called the &quot;Securities&quot;) evidencing
its unsecured and subordinated indebtedness, and has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of the Securities, to be issued in one or more Series as provided in this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended (the &quot;Trust Indenture Act&quot; or &quot;TIA&quot;), that are deemed to be
incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All things necessary to make this Indenture
a valid and legally binding agreement of the Company, in accordance with its terms, have been done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of a Series thereof, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; text-align: center">ARTICLE ONE - DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 101. <U>Definitions</U>. For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the terms defined in this
Article have the meanings assigned to them in this Article, and include the plural as well as the singular;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) all other terms used herein
which are defined in the TIA, either directly or by reference therein, have the meanings assigned to them therein, and the terms
&quot;cash transactions&quot; and &quot;self-liquidating paper,&quot; as used in TIA Section&nbsp;311, shall have the meanings
assigned to them in the rules of the Commission adopted under the TIA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) any reference to an &quot;Article&quot;
or a &quot;Section&quot; refers to an Article or Section, as the case may be, of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) the words &quot;herein,&quot;
&quot;hereof &quot;and &quot;hereunder&quot; and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Act</U>,&quot; when used with respect
to any Holder, has the meaning specified in Section&nbsp;104.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Affiliate</U>&quot; 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 the purposes of this definition, &quot;control&quot; when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms &quot;controlling&quot; and &quot;controlled&quot; have meanings correlative
to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Authenticating Agent</U>&quot;
means any Person authorized by the Trustee pursuant to Section&nbsp;611 hereof to act on behalf of the Trustee to authenticate
Securities of one or more Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Authorized Newspaper</U>&quot;
means a newspaper, printed in the English language or in an official language of the country of publication, customarily published
on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection
with which the term is used or in the financial community of each such place. Whenever successive publications are required to
be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in
the same city meeting the foregoing requirements and in each case on any Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Bankruptcy Law</U>&quot; has
the meaning specified in Section&nbsp;501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Bearer Security</U>&quot; means
any Security established pursuant to Section&nbsp;201 which is payable to the bearer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Board of Directors</U>&quot;
when used with reference to the Company, means the board of directors of the Company, or any committee of that board duly authorized
to act hereunder, or any director or directors and/or officer or officers of the Company, to whom the board or committee shall
have duly delegated its authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Board Resolution</U>&quot; means
a copy of (1)&nbsp;a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors or a duly authorized committee of the Board of Directors and to be in full force and effect on the date
of such certification, or (2)&nbsp;a certificate signed by the director or directors and/or officer or officers to whom the Board
of Directors shall have duly delegated its authority, together with a resolution certified by the Secretary or an Assistant Secretary
of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification
authorizing such delegation, and, in each case, delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Business Day</U>,&quot; when
used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities issued pursuant to Section&nbsp;301, any day, other than a Saturday
or Sunday, that is neither a legal holiday nor a day on which banking institutions in that Place of Payment or particular location
are authorized or required by law, regulation or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Capital Stock</U>&quot; means,
with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership
interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate
stock), warrants or options to purchase any thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Clearstream</U>&quot; means Clearstream
Banking Luxembourg, soci&eacute;t&eacute; anonyme, or its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Closing Price</U>&quot; means
the closing price of a share of Common Stock of the Company as reported on the NYSE Amex Equities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Code</U>&quot; means the Internal
Revenue Code of 1986, as amended, and the regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Commission</U>&quot; means the
Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after
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 on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Common Depository</U>&quot;
has the meaning specified in Section&nbsp;304.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Common Stock</U>&quot; means,
with respect to any Person, all shares of capital stock issued by such Person other than Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Company</U>&quot; means the
Person named as the &quot;Company&quot; in the first paragraph of this Indenture until a successor corporation shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &quot;Company&quot; shall mean such successor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Company Request</U>&quot; and
&quot;<U>Company Order</U>&quot; mean, respectively, a written request or order signed in the name of the Company by its Chairman
of the Board, the Chief Executive Officer, the President, or a Vice President, and by its Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Constituent Person</U>&quot;
has the meaning specified in Section&nbsp;1711.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Conversion Event</U>&quot; means
the cessation of use of (i)&nbsp;a Foreign Currency both by the government of the country which issued such currency and for the
settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii)&nbsp;the
ECU both within the European Monetary System and for the settlement of transactions by public institutions of or within the European
Communities or (iii)&nbsp;any currency unit (or composite currency) other than the ECU for the purposes for which it was established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Conversion Price</U>&quot; has
the meaning specified in Section&nbsp;1701.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Corporate Trust Office</U>&quot;
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>corporation</U>&quot; includes
corporations, associations, companies and business trusts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">3</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>coupon</U>&quot; means any interest
coupon appertaining to a Bearer Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Covenant Defeasance</U>&quot;
has the meaning specified in Section&nbsp;1403.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Custodian</U>&quot; has the
meaning specified in Section&nbsp;501.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Defaulted Interest</U>&quot;
has the meaning specified in Section&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Defeasance</U>&quot; has the
meaning specified in Section&nbsp;1402.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Distribution Record Date</U>&quot;
has the meaning specified in Section&nbsp;1711.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Dividend Record Date</U>&quot;
has the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Dollar</U>&quot; or the sign
&quot;<U>$</U>&quot; means a dollar or other equivalent unit in such coin or currency of the United States of America as at the
time of payment is legal tender for the payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>DTC</U>&quot; means The Depository
Trust Company and any successor to DTC in its capacity as depository for any Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>ECU</U>&quot; means the European
Currency Unit as defined and revised from time to time by the Council of the European Communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Euroclear</U>&quot; means Morgan
Guaranty Trust Company of New York, Brussels office, or its successor, as operator of the Euroclear System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>European Communities</U>&quot;
means the European Economic Community, the European Coal and Steel Community and the European Atomic Energy Community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>European Monetary System</U>&quot;
means the European Monetary System established by the Resolution of December&nbsp;5, 1978 of the Council of the European Communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Event of Default</U>&quot; has
the meaning specified in Article Five.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Exchange Act</U>&quot; means
the Securities Exchange Act of 1934, as amended, as in force at the date as of which this Indenture was executed; <U>provided</U>,
<U>however</U>, that in the event the Exchange Act is amended after such date, &quot;Exchange Act&quot; means to the extent required
by any such amendment, the Exchange Act as so amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Exchange Date</U>&quot; has
the meaning specified in Section&nbsp;304.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>FINRA</U>&quot; means the Financial
Industry Regulatory Authority, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Foreign Currency</U>&quot; means
any currency, currency unit or composite currency, including, without limitation, the ECU issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such governments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">4</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>GAAP</U>&quot; means, except as otherwise
provided herein, generally accepted accounting principles, as in effect from time to time, as used in the United States applied
on a consistent basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Global Security</U>&quot; means
a Security evidencing all or a part of a series of Securities issued to and registered in the name of the depository for such series,
or its nominee, in accordance with Section&nbsp;305, and bearing the legend prescribed in Section&nbsp;203.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Government Obligations</U>&quot;
means (i)&nbsp;securities which are (A)&nbsp;direct obligations of the United States of America or the government which issued
the Foreign Currency in which the Securities of a particular series are payable, for the payment of which its full faith and credit
is pledged or (B)&nbsp;obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America or such government which issued the Foreign Currency in which the Securities of such series are payable, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other
government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and (iii)&nbsp;a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of
interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository
receipt, <U>provided</U> that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation
or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Guaranty</U>&quot; by any Person
means any Obligation, contingent or otherwise, of such Person guaranteeing any Indebtedness of any other Person (the &quot;primary
obligor&quot;) in any manner, whether directly or indirectly, and including, without limitation, every Obligation of such Person
(i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to
advance or supply funds for the purchase of) any security for the payment of such Indebtedness, (ii)&nbsp;to purchase property,
securities or services for the purpose of assuring the holder of such Indebtedness of the payment of such Indebtedness or (iii)&nbsp;to
maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness; <U>provided</U>, <U>however</U>, that a Guaranty by any Person shall not include
endorsements by such Person for collection or deposit, in either case in the ordinary course of business. The terms &quot;<U>Guaranteed</U>,&quot;
&quot;<U>Guaranteeing</U>&quot; and &quot;<U>Guarantor</U>&quot; shall have meanings correlative to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Holder</U>&quot; means, in the
case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a
Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Indebtedness</U>&quot; means,
with respect to any Person, without duplication, (i)&nbsp;any Obligation of such Person relating to any indebtedness of such Person
(A)&nbsp;for borrowed money (whether or not the recourse of the lender is to the whole of the assets, of such person or only to
a portion thereof), (B)&nbsp;evidenced by notes, debentures or similar instruments (including purchase money obligations) given
in connection with the acquisition of any property or assets (other than trade</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">5</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">accounts payable for inventory or similar property acquired in the
ordinary course of business), including securities, for the payment of which such Person is liable, directly or indirectly, or
the payment of which is secured by a lien, charge or encumbrance on property or assets of such Person, (C)&nbsp;for goods, materials
or services purchased in the ordinary course of business (other than trade accounts payable arising in the ordinary course of business),
(D)&nbsp;with respect to letters of credit or bankers acceptances issued for the account of such Person or performance, surety
or similar bonds, (E)&nbsp;for the payment of money relating to a capitalized lease Obligation or (F)&nbsp;under interest rate
swaps, caps or similar agreements and foreign exchange contracts, currency swaps or similar agreements; (ii)&nbsp;any liability
of others of the kind described in the preceding clause (i), which such Person has Guaranteed or which is otherwise its legal liability;
and (iii)&nbsp;any and all deferrals, renewals, extensions and refunding of, or amendments, modifications or supplements to, any
liability of the kind described in any of the preceding clauses (i)&nbsp;or (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Indenture</U>&quot; means this
instrument as originally executed or as it may be supplemented or amended from time to time by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities
established as contemplated by Section&nbsp;301; <U>provided</U>, <U>however</U>, that, if at any time more than one Person is
acting as Trustee under this instrument, &quot;Indenture&quot; shall mean, with respect to any one or more series of Securities
for which such Person is Trustee, this instrument as originally executed or as it may be supplemented or amended from time to time
by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms
of the or those particular series of Securities for which such Person is Trustee established as contemplated by Section&nbsp;301,
exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is Trustee,
regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more
indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such
Trustee, was not a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Indexed Security</U>&quot; means
a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Interest</U>,&quot; when used
with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest
payable after Maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Interest Payment Date</U>,&quot;
when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Make-Whole Amount</U>,&quot;
when used with respect to any Security, means the amount, if any, in addition to principal (and accrued interest thereon, if any)
which is required by a Security, under the terms and conditions specified therein or as otherwise specified as contemplated by
Section&nbsp;301, to be paid by the Company to the Holder thereof in connection with any optional redemption or accelerated payment
of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>mandatory sinking fund payment</U>&quot;
has the meaning specified in Section&nbsp;1201.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Market Value of the Distribution</U>&quot;
has the meaning specified in Section&nbsp;1704.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">6</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Maturity</U>,&quot; when used with
respect to any Security, means the date on which the principal (or, if the context so requires, in the case of an Original Issue
Discount Security, or lesser amount or, in the case of an Indexed Security, an amount determined in accordance with the specified
terms of that Security) 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, notice of redemption, notice of option to elect repayment or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Obligation</U>&quot; of any
Person with respect to any specified Indebtedness means any obligation of such Person to pay principal, premium, interest (including
interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to such Person, whether or
not a claim for such post-petition interest is allowed in such proceeding), penalties, reimbursement or indemnification amounts,
fees, expenses or other amounts relating to such Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Officers' Certificate</U>&quot;
means a certificate signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or a Vice President
(whether or not designated by a number or word or words added before or after the title &quot;Vice President&quot;), and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Opinion of Counsel</U>&quot;
means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>optional sinking fund payment</U>&quot;
has the meaning specified in Section&nbsp;1201.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Original Issue Discount Security</U>&quot;
means any Security which provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less
than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section&nbsp;502.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Outstanding</U>,&quot; when
used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, <U>except</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) Securities theretofore
canceled by the Trustee or delivered to the Trustee for cancellation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) Securities, or portions
thereof, for whose payment or redemption (including repayment at the option of the Holder) 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 and any coupons appertaining
thereto; <U>provided</U>, <U>however</U>, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(iii) Securities, except to
the extent provided in Sections 1402 and 1403, with respect to which the Company has effected Defeasance and/or Covenant Defeasance
as provided in Article Fourteen; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">7</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt; text-indent: 24.5pt">(iv) Securities which have been
paid pursuant to Section&nbsp;306 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 bona fide purchaser in whose hands such Securities are valid obligations
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><U>provided</U>, <U>however</U>, 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 or are present at a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section&nbsp;313, (i)&nbsp;the principal amount of an Original Issue Discount Security that may be
counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal
to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination,
upon a declaration of acceleration of the maturity thereof pursuant to Section&nbsp;502, (ii)&nbsp;the principal amount of any
Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed
Outstanding for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section&nbsp;301 as of the date such
Security is originally issued by the Company, of the principal amount (or, in the case of an Original Issue Discount Security,
the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i)&nbsp;above) of such
Security, (iii)&nbsp;the principal amount of any Indexed Security that may be counted in making such determination or calculation
and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original
issuance, unless otherwise provided with respect to such Security pursuant to Section&nbsp;301, and (iv)&nbsp;Securities owned
by the Company 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 making such calculation
or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities owned as provided in clause (iv)&nbsp;above
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee's right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon
the Securities or any Affiliate of the Company or of such other obligor. In case of a dispute as to such right, the advice of counsel
shall be full protection in respect of any decision made by the Trustee in accordance with such advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Paying Agent</U>&quot; means
any Person authorized by the Company to pay the principal of (and premium or Make-Whole Amount, if any) or interest on any Securities
or coupons on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Payment Blockage Notice</U>&quot;
and &quot;<U>Payment Blockage Period</U>&quot; have the respective meanings specified in Section&nbsp;1603.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Person</U>&quot; means any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof, or any other entity or organization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">8</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Place of Payment</U>,&quot; when used
with respect to the Securities of or within any series, means the place or places where the principal of (and premium or Make-Whole
Amount, if any) and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Predecessor Security</U>&quot;
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&nbsp;306
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost
or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the
Security to which the mutilated, destroyed, lost or stolen coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Preferred Stock</U>&quot; means,
with respect to any Person, all capital stock issued by such Person that is entitled to a preference or priority over any other
capital stock issued by such Person with respect to any distribution of such Person's assets, whether by dividend or upon any voluntary
or involuntary liquidation, dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Proceeding</U>&quot; has the
meaning specified in Section&nbsp;1602.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Redemption Date</U>,&quot; when
used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant
to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Redemption Price</U>,&quot;
when used with respect to any Security to be redeemed, means the price specified in the related Officers' Certificate or supplemental
indenture contemplated by and pursuant to Section&nbsp;301, at which it is to be redeemed pursuant to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Reference Date</U>&quot; has
the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Registered Security</U>&quot;
shall mean any Security which is registered in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Regular Record Date</U>&quot;
for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified
for that purpose as contemplated by Section&nbsp;301, whether or not a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Repayment Date</U>&quot; means,
when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant
to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Repayment Price</U>&quot; means,
when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or pursuant
to this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Responsible Officer</U>,&quot;
when used with respect to the Trustee, means any Vice President (whether or not designated by a number or a word or words added
before or after the title &quot;Vice President&quot;), Assistant Vice President, Trust Officer or Assistant Trust Officer working
in its Corporate Trust Department, or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and working in its Corporate Trust Department, and also means, with respect to a particular
corporate trust matter,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">9</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any other officer to whom such matter is referred because of such
officer's knowledge and familiarity with the particular subject and who shall have direct responsibility for the administration
of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Rights</U>&quot; has the meaning
specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Rights Record Date</U>&quot;
has the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Securities Payment</U>&quot;
has the meaning specified in Section&nbsp;1602.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Security</U>&quot; and &quot;<U>Securities</U>&quot;
has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated
and delivered under this Indenture; <U>provided</U>, <U>however</U>, that, if at any time there is more than one Person acting
as Trustee under this Indenture, &quot;Securities&quot; with respect to the Indenture as to which such Person is Trustee shall
have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered
under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Security Register</U>&quot;
and &quot;<U>Security Registrar</U>&quot; have the respective meanings specified in Section&nbsp;305.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Senior Indebtedness</U>&quot;
means Indebtedness of the Company, whether outstanding on the date of this Indenture or thereafter created, incurred, assumed or
guaranteed by the Company, other than the following: (1)&nbsp;any Indebtedness as to which, in the instrument evidencing such Indebtedness
or pursuant to which such Indebtedness was issued, it is expressly provided that such Indebtedness is subordinate in right of payment
to all Indebtedness of the Company not expressly subordinated to such Indebtedness; (2)&nbsp;any Indebtedness which by its terms
refers explicitly to the Securities and states that such Indebtedness shall not be senior, shall be <U>pari passu</U> or shall
be subordinated in right of payment to the Securities; and (3)&nbsp;with respect to any series of Securities, any Indebtedness
of the Company evidenced by Securities of the same or of another series. Notwithstanding anything to the contrary in the foregoing,
Senior Indebtedness shall not include: (a)&nbsp;Indebtedness of or amounts owed by the Company for compensation to employees, or
for goods, materials or services purchased in the ordinary course of business, or (b)&nbsp;Indebtedness of the Company to a Subsidiary
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">A &quot;<U>Series</U>&quot; of Securities
means all securities denoted as part of the same series authorized by or pursuant to a particular Board Resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Short Term Rights</U>&quot;
has the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Significant Subsidiary</U>&quot;
means any Subsidiary which is a &quot;significant subsidiary&quot; (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act of 1933, as amended) of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Special Record Date</U>&quot;
for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Company
pursuant to Section&nbsp;307.</P>

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

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&quot;<U>Stated Maturity</U>,&quot; when used
with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security
or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment
of principal or interest is due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Subsidiary</U>&quot; means,
with respect to any Person, any corporation, limited liability company, partnership or other entity of which a majority of (i)&nbsp;the
voting power of the voting equity securities or (ii)&nbsp;the outstanding equity interests are owned, directly or indirectly, by
such Person. For the purposes of this definition, &quot;voting equity securities&quot; means equity securities having voting power
for the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason
of any contingency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Trading Day</U>&quot; means
any day on which the NYSE Amex Equities is open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Trigger Events</U>&quot; has
the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Trust Indenture Act</U>&quot;
or &quot;<U>TIA</U>&quot; means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture
was executed, except as provided in Section&nbsp;905.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Trustee</U>&quot; means the
Person named as the &quot;Trustee&quot; in the first paragraph of this Indenture until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter &quot;Trustee&quot; shall mean or include each Person who
is then a Trustee hereunder; <U>provided</U>, <U>however</U>, that if at any time there is more than one such Person, &quot;Trustee&quot;
as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Unadjusted Distribution</U>&quot;
has the meaning specified in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>United States</U>&quot; means,
unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301, the United States of America (including
the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>United States Person</U>&quot;
means, unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United
States or an estate or trust the income of which is subject to United States Federal income taxation regardless of its source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;<U>Yield to Maturity</U>&quot;
means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination
of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield
computation principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 102. <U>Compliance Certificates
and Opinions</U>. Upon any application or request by the Company to the Trustee to take any action under any provision of this
Indenture, the Company shall furnish to the Trustee an Officers' Certificate stating that all conditions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">11</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (including certificates delivered pursuant to Section&nbsp;1008)
shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) a statement that each individual
signing such certificate or opinion has read such condition or covenant and the definitions herein relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) 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 or not such condition or covenant has been complied with; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) a statement as to whether,
in the opinion of each such individual, such condition or covenant has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 103. <U>Form of Documents Delivered
to Trustee</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations
by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate
or representations 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 stating that the information as to such factual matters is in the possession of the Company,
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">12</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 104. <U>Acts of Holders</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding
Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. If Securities of a series
are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced
by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article
Fifteen, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the &quot;Act&quot; of the Holders signing such instrument or instruments or so voting at any
such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person
of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and
any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of
Securities shall be proved in the manner provided in Section&nbsp;1506.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 reasonable manner which the Trustee deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(c) The ownership of Registered Securities
shall be proved by the Security Register. As to any matter relating to beneficial ownership interests in any Global Security, the
appropriate depository's records shall be dispositive for purposes of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) The ownership of Bearer Securities
may be proved by the production of such Bearer Securities or by a certificate executed, as depository, by any trust company, bank,
banker or other depository, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that
at the date therein mentioned such Person had on deposit with such depository, or exhibited to it, the Bearer Securities therein
described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate
or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer
Security continues until (1)&nbsp;another certificate or affidavit bearing a later date issued in respect of the same Bearer Security
is produced, or (2)&nbsp;such Bearer Security is produced to the Trustee by some other Person, or (3)&nbsp;such Bearer Security
is surrendered in exchange for a Registered Security, or (4)&nbsp;such Bearer Security is no longer Outstanding. The ownership
of Bearer Securities may also be proved in any other manner which the Trustee deems sufficient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">13</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(e) If the Company shall solicit from the
Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled
to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation
to do so. Notwithstanding TIA Section&nbsp;316(c), such record date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection
therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date;
<U>provided</U> that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless
it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(f) 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 upon the conversion thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar,
any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon
such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 105. <U>Notices, etc., to Trustee
and Company</U>. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided
or permitted by this Indenture to be made upon, given or furnished to, or filed with,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee by any Holder
or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the
Trustee at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
or at any other address previously furnished in writing to the Company by the Trustee, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Company by the Trustee
or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first
paragraph of this Indenture or at any other address previously furnished in writing to the Trustee by the Company, Attention: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) either the Trustee or the
Company, by the other party or by any Holder, shall be sufficient for every purpose hereunder if given by facsimile transmission,
receipt confirmed by telephone followed by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile
number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
and if to the Company at facsimile number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">14</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 106. <U>Notice to Holders; Waiver</U>.
Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid,
to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date,
if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders
of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the
sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives
such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If by reason of the suspension of or
irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except as otherwise expressly provided
herein or otherwise specified with respect to any Securities pursuant to Section&nbsp;301, where this Indenture provides for notice
to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in
The City of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication
to be not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such
notice. Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on
the date of the first such publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure
to give notice by publication to any particular Holder of Bearer Securities as provided above, nor any defect in any notice so
published, shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of
any notice to Holders of Registered Securities given as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any request, demand, authorization, direction,
notice, consent or waiver 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">15</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 107. <U>Counterparts; Effect of Headings
and Table of Contents</U>. This Indenture 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 Indenture. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 108. <U>Successors and Assigns</U>.
All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 109. <U>Severability Clause</U>.
In case any provision in this Indenture or in any Security or coupon shall be held invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 110. <U>Benefits of Indenture</U>.
Nothing in this Indenture or in the Securities or coupons, if any, express or implied, shall give to any Person, other than the
parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders
any benefit or any legal or equitable right, remedy or claim under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 111. <U>Governing Law</U>. This
Indenture and the Securities and coupons shall be governed by and construed in accordance with the laws of the State of New York.
This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 112. <U>Legal Holidays</U>. In
any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity
of any Security or the last date on which a Holder has the right to convert or exchange a Security shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon other than a provision
in the Securities of any series which specifically states that such provision shall apply in lieu hereof), payment of interest
or principal (and premium or Make-Whole Amount, if any) or conversion or exchange of such Security need not be made at such Place
of Payment on such date, but (except as otherwise provided in the supplemental indenture with respect to such Security) 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, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity, or on such last day
for conversion or exchange, provided that no interest shall accrue on the amount so payable for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may
be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 113. <U>Limited Liability; Immunity
of Stockholders, Directors, Officers and Agents of the Company</U>. Notwithstanding any other provision of this Indenture or of
the Securities of any series to the contrary, no recourse under or upon any obligation, covenant or agreement contained in this
Indenture or in any Security, or for the payment of any sums due on</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">16</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">account of any indebtedness evidenced thereby, including without
limitation principal, premium or interest, if any, or for any claim based on this Indenture or any Security or otherwise in respect
of this Indenture or any Security, shall be had, whether by levy or execution or otherwise, against any past, present or future
stockholder, employee, officer, director or agent, as such, of the Company or any successor, either directly or through the Company
or any successor, under any rule of law, statute, constitutional provision or by the enforcement of any assessment or penalty,
or by any legal or equitable proceeding or otherwise, nor shall any such parties be personally liable for any such amounts, obligations
or claims, or liable for any deficiency judgment based thereon or with respect thereto, it being expressly understood that the
sole remedies hereunder or under any other document with respect to the Securities against such parties with respect to such amounts,
obligations or claims shall be against the Company and that all such liability of and recourse against such parties is expressly
waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 114. <U>Conflict with Trust Indenture
Act</U>. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to be
included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision 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 latter
provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE TWO - SECURITIES FORMS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 201. <U>Forms of Securities</U>.
The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be
substantially in the form of <U>Exhibit A</U> hereto or in such other form as shall be established in one or more indentures supplemental
hereto or approved from time to time by or pursuant to a Board Resolution in accordance with Section&nbsp;301, shall have such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture
supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements
placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may
be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any over-the-counter
market or securities exchange, on which the Securities may be quoted or listed, or to conform to usage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified as contemplated
by Section&nbsp;301, Bearer Securities shall have interest coupons attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The definitive Securities and coupons
shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel
engraved borders or mechanically reproduced on safety paper or may be produced in any other manner, all as determined by the officers
executing such Securities or coupons, as evidenced by their execution of such Securities or coupons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">17</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 202. <U>Form of Trustee's Certificate
of Authentication</U>. Subject to Section&nbsp;611, the Trustee's certificate of authentication shall be in substantially the following
form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is one of the Securities of the
series designated therein referred to in the within- mentioned Indenture.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 48%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 2%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 47%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">,</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;as&nbsp;Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-indent: 24pt"><font style="font-size: 10pt">Authorized Signatory</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 203. <U>Securities Issuable in
Global Form</U>. If Securities of or within a series are issuable in the form of one or more Global Securities, then, notwithstanding
clause (8)&nbsp;of Section&nbsp;301 and the provisions of Section&nbsp;302, any such Global Security or Securities may provide
that it or they shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is
permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement
of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders thereof,
of Outstanding Securities represented thereby shall be made (or caused to be made) by the Trustee in such manner or by such Person
or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section&nbsp;303 or
304. Subject to the provisions of Section&nbsp;303 and, if applicable, Section&nbsp;304, the Trustee shall deliver and redeliver
any Global Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein
or in the applicable Company Order. If a Company Order pursuant to Section&nbsp;303 or 304 has been, or simultaneously is, delivered,
any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in writing
but need not comply with Section&nbsp;102 and need not be accompanied by an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The provisions of the last sentence of
Section&nbsp;303 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 written instructions (which need not comply with
Section&nbsp;102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement contemplated by the last sentence of Section&nbsp;303.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of Section&nbsp;307,
unless otherwise specified as contemplated by Section&nbsp;301, payment of principal of and any premium or Make-Whole Amount, if
any, and interest on any Global Security in permanent global form shall be made to the registered Holder thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of Section&nbsp;308
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security (i)&nbsp;in the
case of a permanent Global Security in registered form, the Holder of such permanent Global Security in registered form, or (ii)&nbsp;in
the case of a permanent Global Security in bearer form, Euroclear or Clearstream.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">18</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Any Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&quot;This Security is a Global Security
within the meaning set forth in the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee
of a Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its
nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository
to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the
Depository or its nominee to a successor Depository or its nominee.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE THREE - THE SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 301. <U>Amount Unlimited; Issuable
in Series</U>. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Securities may be issued in one or
more series, each of which shall be authorized pursuant to Board Resolutions of the Company. There shall be established in one
or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section&nbsp;303, set
forth in an Officers' Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities
of any series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) The title of the Securities
of the series, including &quot;CUSIP&quot; numbers (which shall distinguish the Securities of such series from all other series
of Securities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) Any limit upon the aggregate
principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or upon conversion of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section&nbsp;304, 305, 306, 906, 1107 or 1305) and the minimum authorized denominations with respect
to the Securities of such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) The price (expressed as
a percentage of the principal amount thereof) at which such Securities will be issued and, if other than the principal amount thereof,
the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or (if applicable)
the portion of the principal amount of such Securities that is convertible into Common Stock or the method by which any such portion
shall be determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) If convertible, the terms
on which such Securities are convertible, including the initial conversion price or rate and the conversion period and any applicable
limitations on the ownership or transferability of Common Stock or Preferred Stock receivable on conversion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) The date or dates, or the
method for determining such date or dates, on which the principal of such Securities will be payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">19</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(6) The rate or rates (which may
be fixed or variable), or the method by which such rate or rates shall be determined, at which such Securities will bear interest,
if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) The date or dates, or the
method for determining such date or dates, from which any such interest will accrue, the Interest Payment Dates on which any such
interest will be payable, the Regular Record Dates for such Interest Payment Dates, or the method by which such dates shall be
determined, the Persons to whom such interest shall be payable, and the basis upon which interest shall be calculated if other
than that of a 360-day year of twelve 30-day months;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) The Make-Whole Amount,
if any, or method for determining the Make-Whole Amount, if any, payable with respect to such Securities, and the terms upon which
such amount, if any, will be payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) The place or places where
the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities will be payable, where such
Securities may be surrendered for registration of transfer or conversion or exchange and where notices or demands to or upon the
Company in respect of such Securities and this Indenture may be served;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) The period or periods,
if any, within which, the price or prices at which and the other terms and conditions upon which such Securities may, pursuant
to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, at the option of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) The obligation, if any,
of the Company to redeem, repay or purchase such Securities pursuant to any sinking fund or analogous provision or at the option
of a Holder thereof, and the period or periods within which, the price or prices at which and the other terms and conditions upon
which such Securities will be redeemed, repaid or purchased, as a whole or in part, pursuant to such obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(12) If other than Dollars,
the currency or currencies in which such Securities are denominated and payable, which may be a foreign currency or units of two
or more foreign currencies or a composite currency or currencies, the manner of determining the equivalent thereof in Dollars for
purposes of the definition of &quot;Outstanding&quot; in Section&nbsp;101, and the terms and conditions relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(13) Whether the amount of
payments of principal of (and premium or Make-Whole Amount, if any, including any amount due upon redemption, if any) or interest
on such Securities may be determined with reference to an index, formula or other method (which index, formula or method may, but
need not be, based on the yield on or trading price of other securities, including United States Treasury securities or on a currency,
currencies, currency unit or units, or composite currency or currencies) and the manner in which such amounts shall be determined;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(14) Whether the principal
of (and premium or Make-Whole Amount, if any) or interest on the Securities of the series are to be payable, at the election of
the Company or a Holder thereof, in a currency or currencies, currency unit or units or composite currency or currencies other
than that in which such Securities are denominated or stated to be payable, the period or periods within which, and the terms and
conditions upon which, such election may be made, and the time and manner of, and identity of the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">20</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">exchange rate agent with responsibility for, determining
the exchange rate between the currency or currencies, currency unit or units or composite currency or currencies in which such
Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency
or currencies in which such Securities are to be so payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(15) Provisions, if any, granting
special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(16) Any deletions from, modifications
of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(17) Whether and under what
circumstances the Company will pay any additional amounts on such Securities in respect of any tax, assessment or governmental
charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(18) Whether Securities of
the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable
to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged for
Registered Securities of the series and vice versa (if permitted by applicable laws and regulations), whether any Securities of
the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in
permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security
may, or shall be required to, exchange such interests for Securities of such series and of like tenor of any authorized form and
denomination and the circumstances under which any such exchanges may, or shall be required to, occur, if other than in the manner
provided in the Indenture, and, if Registered Securities of the series are to be issuable as a Global Security, the identity of
the depository for such series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(19) The date as of which any
Bearer Securities of the series and any temporary Global Security representing outstanding Securities of the series shall be dated
if other than the date of original issuance of the first Security of the series to be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(20) The Person to whom any
interest on any Registered Security of the series shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest the manner
in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation
and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any
interest payable on a temporary Global Security on an Interest Payment Date will be paid if other than in the manner provided herein;
<U>provided</U>, <U>however</U>, in each case, that the manner of determining such Person or making such payment shall be acceptable
to the Trustee (as not imposing on it any undue administrative burden or risk of liability);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">21</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(21) The applicability, if any,
of the Defeasance and Covenant Defeasance provisions of Article Fourteen hereof to the Securities of the series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(22) The obligation, if any,
of the Company to permit the conversion of the Securities of such series into Common Stock or Preferred Stock, as the case may
be, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the initial conversion
price or rate, the conversion period, any adjustment of the applicable conversion price and any requirements relative to the reservation
of such shares for purposes of conversion);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(23) If the Securities of such
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, then the form and/or terms of
such certificates, documents or conditions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(24) Designation of the Trustee,
if different from the Trustee under the Indenture, with respect to such series and the terms applicable to such Trustee (which
shall be accepted by such Trustee by its execution and delivery of a supplemental indenture as provided therein); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(25) Any other terms of the
series (which terms shall not be inconsistent with the provisions of this Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All Securities of any one series and
the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered
Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section&nbsp;303)
and set forth in such Officers' Certificate or in any such indenture supplemental hereto. 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
issuances of additional Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any of the terms of the Securities
of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such
action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers' Certificate setting forth the terms of the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 302. <U>Denominations</U>. The
Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section&nbsp;301. With
respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities
of any series, the Securities of such series, other than Global Securities (which may be of any denomination), shall be issuable
in denominations of $1,000 and any integral multiple thereof or the equivalent amounts thereof in the case of Securities denominated
in the Foreign Currency or currency unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 303. <U>Execution, Authentication,
Delivery and Dating</U>. The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its
Chairman of the Board, its Chief Executive Officer, its President, or one of its Vice Presidents, under its corporate seal reproduced
thereon, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities
and coupons may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or
otherwise reproduced on the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Securities and coupons bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon appertaining
thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery
of such Securities (accompanied by a copy of the Board Resolution and the Officers' Certificate or supplemental indenture contemplated
by Section&nbsp;301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; <U>provided</U>,
<U>however</U>, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any
location in the United States; and <U>provided</U> <U>further</U> that, unless otherwise specified with respect to any series of
Securities pursuant to Section&nbsp;301, a Bearer Security may be delivered in connection with its original issuance only if the
Person entitled to receive such Bearer Security shall have furnished a certificate to Euroclear or Clearstream, as the case may
be, in the form set forth in <U>Exhibit B-1</U> to this Indenture or such other certificate as may be specified by the Company
with respect to any series of Securities pursuant to Section&nbsp;301, dated no earlier than 15 days prior to the earlier of the
date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such
Bearer Security in accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented
by a permanent Global Security, then, for purposes of this Section and Section&nbsp;304, the notation of a beneficial owner's interest
therein upon original issuance of such Security or upon exchange of a portion of a temporary Global Security shall be deemed to
be delivery in connection with its original issuance of such beneficial owner's interest in such permanent Global Security. Except
as permitted by Section&nbsp;306, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons
for interest then matured have been detached and canceled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If all the Securities of any series are
not to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such
Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms
of particular Securities of such series, such as interest rate or formula, maturity date, date of issuance and date from which
interest shall accrue. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive, and (subject to TIA Section&nbsp;315(a) through 315(d))
shall be fully protected in relying upon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) an Opinion of Counsel stating
that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 79.55pt; text-indent: 24.5pt">(a) the form or forms of such
Securities and any coupons have been established in conformity with the provisions of this Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">23</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 79.55pt; text-indent: 24.5pt">(b) the terms of such Securities
and any coupons have been established in conformity with the provisions of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 79.55pt; text-indent: 24.5pt">(c) such Securities, together
with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered by the Company to the
Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this
Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
legal, valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization and other similar laws of general applicability relating to or affecting
the enforcement of creditors' rights generally and to general equitable principles; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) an Officers' Certificate
stating that all conditions precedent provided for in this Indenture relating to the issuance of the Securities have been complied
with and that, to the best of the knowledge of the signers of such certificate, that no Event of Default with respect to any of
the Securities shall have occurred and be continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities (or to enter into the related supplemental indenture, if applicable)
if the issue of such Securities pursuant to this Indenture will affect the Trustee's own rights, duties, obligations or immunities
under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of Section&nbsp;301
and of the preceding paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary
to deliver an Officers' Certificate otherwise required pursuant to Section&nbsp;301 or a Company Order, or an Opinion of Counsel
or an Officers' Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of
such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall be
delivered at or before the time of issuance of the first Security of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Each Registered Security shall be dated
the date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section&nbsp;301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No Security or coupon shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security
to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by
the Trustee (subject to Section&nbsp;611) by manual signature of an authorized signatory, 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 (including a Global 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</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">24</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">provided in Section&nbsp;309 together with a written statement (which
need not comply with Section&nbsp;102 and need not be accompanied by an Opinion of Counsel) stating that such Security has never
been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 304. <U>Temporary Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) 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 which 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, in registered form, or, if authorized, in bearer form
with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations
as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. In the
case of Securities of any series, such temporary Securities may be in global form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except in the case of temporary Global
Securities (which shall be exchanged as otherwise provided herein or as otherwise provided in or pursuant to a Board Resolution
or supplemental indenture pursuant to Section&nbsp;301), 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 (accompanied by any
non-matured coupons appertaining thereto), the Company shall execute (in accordance with a Company Order delivered at or prior
to the authentication of the first definitive security to such series) and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series of authorized denominations; <U>provided</U>, <U>however</U>,
that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and <U>provided</U> <U>further</U>
that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions
set forth in Section&nbsp;303. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) Unless otherwise provided in or
pursuant to a Board Resolution or supplemental indenture pursuant to Section&nbsp;301, the following provisions of this Section&nbsp;304(b)
shall govern the exchange of temporary Securities other than through the facilities of the DTC. If any such temporary Security
is issued in global form, then such temporary Global Security shall, unless otherwise provided therein, be delivered to the London
office of a depository or common depository upon and pursuant to written direction of the Company (the &quot;Common Depository&quot;),
for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities
(or to such other accounts as they may direct).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">25</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Without unnecessary delay but in any event
not later than the date specified in, or determined pursuant to the terms of, any such temporary Global Security (the &quot;Exchange
Date&quot;), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary Global Security, executed by the Company. On or after the Exchange Date, such temporary Global Security
shall be surrendered by the Common Depository to the Trustee, as the Company's agent for such purpose, to be exchanged, in whole
or from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange
for each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the same series
of authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive
Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section&nbsp;301,
and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as directed by or pursuant to information
provided by the Common Depository); <U>provided</U>, <U>however</U>, that, unless otherwise specified in such temporary Global
Security, upon such presentation by the Common Depository, such temporary Global Security shall be accompanied by a certificate
dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global Security held for
its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to
the portion of such temporary Global Security held for its account then to be exchanged, each in the form set forth in <U>Exhibit
B-2</U> to this Indenture or in such other form as may be established pursuant to Section&nbsp;301; and <U>provided further</U>
that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security only in compliance
with the requirements of Section&nbsp;303.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified in such temporary
Global Security, the interest of a beneficial owner of Securities of a series in a temporary Global Security shall be exchanged
for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear
or Clearstream, as the case may be, to request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case
may be, a certificate in the form set forth in <U>Exhibit B-1</U> to this Indenture (or in such other form as may be established
pursuant to Section&nbsp;301), dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available
from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and
each Paying Agent. Unless otherwise specified in such temporary Global Security, any such exchange shall be made free of charge
to the beneficial owners of such temporary Global Security, except that a Person receiving definitive Securities must bear the
cost of insurance, postage, transportation and the like unless such Person takes delivery of such definitive Securities in person
at the offices of Euroclear or Clearstream. Definitive Securities in bearer form to be delivered in exchange for any portion of
a temporary Global Security shall be delivered only to an address located outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Until exchanged in full as hereinabove
provided, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by Section&nbsp;301, interest payable on a temporary Global</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">26</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Security on an Interest Payment Date for Securities of such series
occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon
delivery by Euroclear and Clearstream to the Trustee of a certificate or certificates in the form set forth in <U>Exhibit B-2</U>
to this Indenture (or in such other forms as may be established pursuant to Section&nbsp;301), for credit without further interest
on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such temporary Global
Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate
dated no earlier than 15 days prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth as
<U>Exhibit B-1</U> to this Indenture (or in such other forms as may be established pursuant to Section&nbsp;301). Notwithstanding
anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements
of the preceding two paragraphs of this Section&nbsp;304(b) and of the third paragraph of Section&nbsp;303 of this Indenture and
the interests of the Persons who are the beneficial owners of the temporary Global Security with respect to which such certification
was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange Date or the date of certification
if such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided
in this paragraph, no payments of principal or interest owing with respect to a beneficial interest in a temporary Global Security
will be made unless and until such interest in such temporary Global Security shall have been exchanged for an interest in a definitive
Security. Any interest so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the Trustee
prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">With respect to Exhibit B-1 or B-2 to
this Indenture, the Company may, in its discretion and if required or desirable under applicable law, substitute one or more other
forms of such exhibits for such exhibits, eliminate the requirement that any or all certificate be provided, or change the time
that any certificate may be required, <U>provided</U> <U>that</U> such substitute form or forms or notice of elimination or change
of such certification requirement have theretofore been delivered to the Trustee with a Company Request and such form or forms,
elimination or change is reasonably acceptable to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 305. <U>Registration, Registration
of Transfer, Conversion and Exchange</U>. The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in
any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in
such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively
as the &quot;Security Register&quot;) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written
form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust
Office, is hereby initially appointed &quot;Security Registrar&quot; for the purpose of registering Registered Securities and transfers
of Registered Securities on such Security Register as herein provided. In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine, and be provided a copy of, the Security Register at all reasonable times.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Subject to the provisions of this Section&nbsp;305,
upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in
a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations
and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Subject to the provisions of this Section&nbsp;305,
at the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series,
of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions,
upon surrender of the Registered Securities to be exchanged at any such office or agency. Whenever any such Registered Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive. Unless otherwise specified with respect to any series of Securities
as contemplated by Section&nbsp;301, Bearer Securities may not be issued in exchange for Registered Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If (but only if) permitted by the applicable
Board Resolution and (subject to Section&nbsp;303) set forth in the applicable Officers' Certificate, or in any indenture supplemental
hereto, delivered as contemplated by Section&nbsp;301, at the option of the Holder, Bearer Securities of any series may be exchanged
for Registered Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor,
upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured
coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons
or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company (or to the Trustee for the Security in case of matured coupons in default) in an amount
equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by
the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and
any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon
in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; <U>provided</U>,
<U>however</U>, that, except as otherwise provided in Section&nbsp;1002, interest represented by coupons shall be payable only
upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the
foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered
Security of the same series and like tenor after the close of business at such office or agency on (i)&nbsp;any Regular Record
Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii)&nbsp;any Special
Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest,
such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date for payment,
as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or
proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such coupon when due in accordance with the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">28</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">provisions of this Indenture. Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the foregoing, except
as otherwise specified as contemplated by Section&nbsp;301, any permanent Global Security shall be exchangeable only as provided
in this paragraph. If the depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly
permit such Global Security to be exchanged in whole or in part for definitive Securities, a Global Security may be transferred,
in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security
selected or approved by the Company or to a nominee of such successor to DTC. If at any time DTC notifies the Company that it is
unwilling or unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to
be a clearing agency registered under the Exchange Act if so required by applicable law or regulation, the Company shall appoint
a successor depository with respect to such Global Security or Securities. If (w)&nbsp;a successor depository for such Global Security
or Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such unwillingness,
inability or ineligibility, (x)&nbsp;the Company delivers to the Trustee for Securities of such series in registered form a Company
Order stating that the Securities of such series shall be exchangeable, (y)&nbsp;an Event of Default has occurred and is continuing
and the beneficial owners representing a majority in principal amount of the applicable series of Securities represented by such
Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or (z)&nbsp;the Company,
in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any series issued or
issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities, then
the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities of like series, rank, tenor and
terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities.
If any beneficial owner of an interest in a permanent global Security is otherwise entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated
by Section&nbsp;301 and provided that any applicable notice provided in the permanent Global Security shall have been given, then
without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company
shall execute, and the Trustee shall authenticate and deliver definitive Securities in aggregate principal amount equal to the
principal amount of such beneficial owner's interest in such permanent Global Security. On or after the earliest date on which
such interests may be so exchanged, such permanent Global Security shall be surrendered for exchange by DTC or such other depository
as shall be specified in the Company Order with respect thereto to the Trustee, as the Company's agent for such purpose; <U>provided</U>,
<U>however</U>, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection
of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be
among those selected for redemption; and <U>provided</U> <U>further</U> that no Bearer Security delivered in exchange for a portion
of a permanent Global Security shall be mailed or otherwise delivered to any location in the United States. If a Registered Security
is issued in exchange for any portion of a permanent Global Security after the close of business at the office or agency where
such exchange occurs on (i)&nbsp;any Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii)&nbsp;any Special</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">29</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Record Date and the opening of business at such office or agency
on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security,
but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom
interest in respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All Securities issued upon any registration
of transfer or conversion or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or conversion
or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Every Registered Security presented or
surrendered for registration of transfer or for conversion, exchange or redemption shall (if so required by the Company or the
Security Registrar) 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 his attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No service charge shall be made to the
Holder for any registration of transfer or conversion 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 conversion
or exchange of Securities, other than exchanges pursuant to Section&nbsp;304, 906, 1107 or 1305 not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company or the Trustee, as applicable,
shall not be required (i)&nbsp;to issue, register the transfer of or exchange any Security if such Security may be among those
selected for redemption during a period beginning at the opening of business 15 days before selection of the Securities to be redeemed
under Section&nbsp;1103 and ending at the close of business on (A)&nbsp;if such Securities are issuable only as Registered Securities,
the day of the mailing of the relevant notice of redemption and (B)&nbsp;if such Securities are issuable as Bearer Securities,
the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities
and there is no publication, the mailing of the relevant notice of redemption, or (ii)&nbsp;to register the transfer of or exchange
any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed
in part, the portion thereof not to be redeemed, or (iii)&nbsp;to exchange any Bearer Security so selected for redemption except
that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, <U>provided</U> that such
Registered Security shall be simultaneously surrendered for redemption, or (iv)&nbsp;to issue, register the transfer of or exchange
any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security
not to be so repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Furthermore, notwithstanding any other
provision of this Section&nbsp;305, the Company will not be required to exchange any Securities if, as a result of the exchange,
the Company would suffer adverse consequences under any United States law or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">30</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 306. <U>Mutilated, Destroyed, Lost
and Stolen Securities</U>. If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to
the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or the
Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions
and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to the
surrendered Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If there shall be delivered to the Company
and to the Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii)&nbsp;such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed,
lost or stolen), a new Security of the same series and principal amount, containing identical terms and provisions and bearing
a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the provisions of the
previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons,
if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon
appertains, pay such Security or coupon if the applicant for such payment shall furnish to the Company and the Trustee for such
Security such security or indemnity as may be required by them to save each of them harmless, and in the case of destruction, loss
or theft, evidence satisfactory to the Company and Trustee and any agent of any of them of the destruction, loss or theft of such
Security and the ownership thereof; <U>provided</U>, <U>however</U>, that payment of principal of (and premium or Make-Whole Amount,
if any), and interest, if any, on, Bearer Securities shall, except as otherwise provided in Section&nbsp;1002, be payable only
at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section&nbsp;301, any
interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Every new Security of any series with
its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security
to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon 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 and their coupons, if any, duly issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">31</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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 or coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 307. <U>Payment of Interest;
Interest Rights Preserved</U>. Except as otherwise specified with respect to a series of Securities in accordance with the provisions
of Section&nbsp;301, interest on any Registered 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 payment at the office or agency of the Company maintained for such
purpose pursuant to Section&nbsp;1002; <U>provided</U>, <U>however</U>, that each installment of interest on any Registered Security
may at the Company's option be paid by (i)&nbsp;mailing a check for such interest, payable to or upon the written order of the
Person entitled thereto pursuant to Section&nbsp;308, to the address of such Person as it appears on the Security Register or (ii)&nbsp;transfer
to an account maintained by the payee located inside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise provided as contemplated
by Section&nbsp;301 with respect to the Securities of any series, payment of interest may be made, in the case of a Bearer Security,
by transfer to an account maintained by the payee with a bank located outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise provided as contemplated
by Section&nbsp;301, every permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will
be paid to DTC, Euroclear and/or Clearstream, as the case may be, with respect to that portion of such permanent Global Security
held for its account by Cede&nbsp;&amp; Co. or the Common Depository, as the case may be, for the purpose of permitting such party
to credit the interest received by it in respect of such permanent Global Security to the accounts of the beneficial owners thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In case a Bearer Security of any series
is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place
of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment
Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for
such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">32</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Except as otherwise specified with respect
to a series of Securities in accordance with the provisions of Section&nbsp;301, any interest on any Registered Security of any
series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called &quot;Defaulted
Interest&quot;) shall forthwith cease to be payable to the registered Holder thereof 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 (1)&nbsp;or (2)&nbsp;below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Registered 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 Registered Security of such series and the date of the proposed payment (which shall not be less than
20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount
of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) 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 on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall 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,
to each Holder of Registered Securities of such series at his address as it appears in the Security Register not less than 10 days
prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar
notice to be published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a
condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names the Registered 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 (2). In case a Bearer Security of any
series is surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such
series after the close of business at such office or agency on any Special Record Date and before the opening of business at such
office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without
the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment
in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such
coupon when due in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) The Company may make payment
of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent with the requirements
of any over-the-counter market or securities exchange on which such Securities may be quoted or listed, and upon such notice as
may be required by such market or exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">33</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Subject to the foregoing provisions of this
Section and Section&nbsp;305, each Security delivered under this Indenture upon registration of transfer of or upon conversion
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 308. <U>Persons Deemed Owners</U>.
Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Security for the
purpose of receiving payment of principal of (and premium or Make-Whole Amount, if any), and (subject to Sections 305 and 307)
interest on, such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All
such payments so made to any such Person, or upon such Person's order, shall be valid, and, to the extent of the sum or sums so
paid, effectual to satisfy and discharge the liability for money payable upon any such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Title to any Bearer Security and any
coupons appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may treat
the Holder of any Bearer Security and the Holder of any coupon as the absolute owner of such Security or coupon for the purpose
of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No holder of any beneficial interest
in any Global Security held on its behalf by a depository shall have any rights under this Indenture with respect to such Global
Security and such depository (which is the Holder of such security) shall be treated by the Company, the Trustee, and any agent
of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee,
any Paying Agent or the Security Registrar 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the foregoing, with respect
to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from
giving effect to any written certification, proxy or other authorization furnished by any depository, as a Holder, with respect
to such Global Security or impair, as between such depository and owners of beneficial interests in such Global Security, the operation
of customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such Global Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 309. <U>Cancellation</U>. All
Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or
conversion 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 any such Securities and coupons and Securities and coupons surrendered directly to the Trustee
for any such purpose, upon direction by the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">34</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company, shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities
so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same
are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this Indenture. Cancelled Securities and coupons held by
the Trustee shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements
of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 310. <U>Computation of Interest</U>.
Except as otherwise specified as contemplated by Section&nbsp;301 with respect to Securities of any series, interest on the Securities
of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 311. <U>CUSIP Numbers</U>. The
Company in issuing the Securities may use &quot;CUSIP&quot; numbers (if then generally in use), and, if so, the Trustee shall use
&quot;CUSIP&quot; numbers in notices of redemption as a convenience to Holders; <U>provided</U>, <U>however</U>, that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the &quot;CUSIP&quot; numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE FOUR - SATISFACTION AND DISCHARGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 401. <U>Satisfaction and Discharge
of Indenture</U>. This Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities
specified in such Company Request (except as to any surviving rights of registration of transfer or conversion or exchange of Securities
of such series herein expressly provided for), and the Trustee, upon receipt of a Company Order, and at the expense of the Company,
shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge
of this Indenture as to such series when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) either</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) all Securities of such
series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i)&nbsp;coupons appertaining
to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not
required or has been waived as provided in Section&nbsp;305, (ii)&nbsp;Securities and coupons of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section&nbsp;306, (iii)&nbsp;coupons appertaining to Securities
called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section&nbsp;1106,
and (iv)&nbsp;Securities and coupons of such series for</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">35</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.95pt">whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided
in Section&nbsp;1003) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) all Securities of such
series and, in the case of (i)&nbsp;or (ii)&nbsp;below, any coupons appertaining thereto not theretofore delivered to the Trustee
for cancellation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) have become due and payable,
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) will become due and payable
at their Stated Maturity within one year, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(iii) if redeemable at the
option of the Company, 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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency
or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable, sufficient
to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee for cancellation,
for principal (and premium or Make-Whole Amount, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Company has paid or
caused to be paid all other sums payable hereunder by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) the Company has delivered
to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture as to such series have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee and any predecessor Trustee under Section&nbsp;606, the obligations of the Company
to any Authenticating Agent under Section&nbsp;611 and, if money shall have been deposited with and held by the Trustee pursuant
to subclause (B)&nbsp;of clause (1)&nbsp;of this Section, the obligations of the Trustee under Section&nbsp;402 and the last paragraph
of Section&nbsp;1003 shall survive such satisfaction and discharge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 402. <U>Application of Trust
Funds</U>. Subject to the provisions of the last paragraph of Section&nbsp;1003, all money deposited with the Trustee pursuant
to Section&nbsp;401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the coupons
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 premium or Make-Whole Amount, if any),
and any interest for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated
from other funds except to the extent required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">36</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 501. <U>Events of Default</U>.
&quot;Event of Default,&quot; wherever used herein with respect to any particular series of Securities, means any one of the following
events (whatever the reason for such Event of Default and whether or not 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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) default in the payment
of any interest on any Security of that series or of any coupon appertaining thereto, when such interest or coupon becomes due
and payable, and continuance of such default for a period of 30 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) default in the payment
of the principal of (or premium or Make-Whole Amount, if any, on) any Security of that series when it becomes due and payable at
its Maturity; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) default in the deposit
of any sinking fund payment, to the extent applicable to such series of Securities, when and as due by the terms of any Security
of that series; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) default in the performance,
or breach, of any covenant or warranty of the Company in this Indenture with respect to any Security of that series (other than
a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which
has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance
of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a &quot;Notice of Default&quot; hereunder; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) default under any bond,
debenture, note, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or
for which the Company is directly responsible or liable as obligor or guarantor), having an aggregate principal amount outstanding
of at least $30,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted
in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period
of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities of that series a written notice
specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be
rescinded or annulled and stating that such notice is a &quot;Notice of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">37</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">Default&quot; hereunder; <U>provided</U>, <U>however</U>,
that, subject to the provisions of Sections&nbsp;601 and 602, the Trustee shall not be deemed to have knowledge of such default
unless either (A)&nbsp;a Responsible Officer of the Trustee shall have knowledge of such default or (B)&nbsp;the Trustee shall
have received written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee
under any such mortgage, indenture or other instrument; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) the Company or any Significant
Subsidiary pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) commences a voluntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) consents to the entry of
an order for relief against it in an involuntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(C) consents to the appointment
of a Custodian of it or for all or substantially all of its property, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(D) makes a general assignment
for the benefit of its creditors; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) is for relief against the
Company or any Significant Subsidiary in an involuntary case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) appoints a Custodian of
the Company or any Significant Subsidiary or for all or substantially all of either of its property, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(C) orders the liquidation
of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) any other Event of Default
provided with respect to Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As used in this Section&nbsp;501, the
term &quot;Bankruptcy Law&quot; means title 11, U.S. Code or any similar Federal or state law for the relief of debtors and the
term &quot;Custodian&quot; means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 502. <U>Acceleration of Maturity;
Rescission and Annulment</U>. If an Event of Default with respect to Securities of any series at the time Outstanding occurs and
is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount (or, if Securities of that Series are Original Issue Discount Securities
or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all 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 the Holders), and upon
any such declaration such principal or specified portion thereof shall become immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">38</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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 provided, the Holders of a majority in principal amount of the Outstanding Securities
of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration of acceleration and its
consequences if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Company has paid or
deposited with the Trustee a sum sufficient to pay in the currency, currency unit or composite currency in which the Securities
of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(A) all overdue installments
of interest on all Outstanding Securities of that series and any related coupons,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(B) the principal of (and premium
or Make-Whole Amount, if any, on) any Outstanding Securities of that series which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(C) to the extent that payment
of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided for in such
Securities, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(D) 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) all Events of Default with
respect to Securities of that series, other than the nonpayment of the principal of (or premium or Make-Whole Amount, if any) or
interest on Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived
as provided in Section&nbsp;513.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">No such rescission shall affect any subsequent default or
impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 503. <U>Collection of Indebtedness
and Suits for Enforcement by Trustee</U>. The Company covenants that if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) default is made in the
payment of any installment of interest on any Security of any series and any related coupon when such interest becomes due and
payable and such default continues for a period of 30 days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) default is made in the
payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">then the Company will, upon demand of the Trustee, pay to
the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable
on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, with interest upon any overdue
principal (and premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally enforceable,
upon any overdue installments of interest at the rate or rates borne by or provided for in such Securities, and, in</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">39</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If the Company fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce
the same against the Company or any other obligor upon such Securities of such series and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such
series, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 and any related coupons by such appropriate judicial proceedings as
the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 504. <U>Trustee May File Proofs
of Claim</U>. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the
Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities of any
series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company for the payment of overdue principal, premium or Make-Whole Amount, if any, or interest)
shall be entitled and empowered, by intervention in such proceeding or otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) to file and prove a claim
for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of principal (and premium
or Make-Whole Amount, 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) to collect and receive
any moneys or other property payable or deliverable on any such claims and to distribute the same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and any custodian, receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such
series and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any
predecessor Trustee under Section&nbsp;606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">40</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or coupon any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or coupon in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In any proceedings brought by the Trustee
(and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the Securities, and it shall not be necessary to make any Holders of
the Securities parties to any such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 505. <U>Trustee May Enforce Claims
Without Possession of Securities or Coupons</U>. All rights of action and claims under this Indenture or any of the Securities
or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons 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
and coupons in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 506. <U>Application of Money
Collected</U>. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium or Make-Whole
Amount, if any) or interest, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">FIRST: To the payment of all amounts
due the Trustee and any predecessor Trustee under Section&nbsp;606;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECOND: To the payment of the amounts
then due and unpaid upon the Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any)
and interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">THIRD: To the payment of the remainder,
if any, to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 507. <U>Limitation on Suits</U>.
No Holder of any Security of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) such Holder has previously
given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">41</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(2) the Holders of not less than
25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) such Holder or Holders
have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be
incurred in compliance with such request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount
of the Outstanding Securities of that series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 508. <U>Unconditional Right of
Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest</U>. Notwithstanding any other provision in this
Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive payment of
the principal of (and premium or Make-Whole Amount, if any) and (subject to Sections 305 and 307) interest on such Security or
payment of such coupon on the respective due dates expressed in such Security or coupon (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 509. <U>Restoration of Rights
and Remedies</U>. If the Trustee or any Holder of a Security or coupon has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, the Company, the Trustee and the Holders of Securities and coupons
shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder
and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 510. <U>Rights and Remedies Cumulative</U>.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons
in the last paragraph of Section&nbsp;306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders
of Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">42</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 511. <U>Delay or Omission Not Waiver</U>.
No delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 512. <U>Control by Holders of
Securities</U>. The Holders of not less than a majority in principal amount of the Outstanding Securities of any series shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee with respect to the Securities of such series, <U>provided</U> that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) such direction shall not
be in conflict with any rule of law or with this Indenture,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such direction, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) the Trustee need not take
any action which might involve it in personal liability or be unduly prejudicial to the Holders of Securities of such series not
joining therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Nothing in this Indenture shall impair
the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such
direction by Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 513. <U>Waiver of Past Defaults</U>.
The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series and any related coupons waive any past default hereunder with respect to such series and its
consequences, except a default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) in the payment of the principal
of (or premium or Make-Whole Amount, if any) or interest on any Security of such series or any related coupons, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) in respect of a covenant
or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) in respect of a covenant
or provision hereof for the benefit or protection of the Trustee, without its express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 514. <U>Waiver of Usury, Stay
or Extension Laws</U>. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">43</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">plead, or in any manner whatsoever claim or take the benefit or
advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 515. <U>Undertaking for Costs</U>.
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims
or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium
or Make-Whole Amount, if any) or interest on any Security on or after the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on or after the Redemption Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE SIX - THE TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 601. <U>Notice of Defaults</U>.
Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit
in the manner and to the extent provided in TIA Section&nbsp;313(c), notice of such default hereunder known to the Trustee, unless
such default shall have been cured or waived; <U>provided</U>, <U>however</U>, that, except in the case of a default in the payment
of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such series, or in the payment of
any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of the Securities
and coupons of such series; and <U>provided</U> <U>further</U> that in the case of any default or breach of the character specified
in Section&nbsp;501(4) with respect to the Securities and coupons of such series, no such notice to Holders shall be given until
at least 60 days after the occurrence thereof. For the purpose of this Section, the term &quot;default&quot; means any event which
is, or after notice or lapse of time or both would become, an Event of Default with respect to the Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 602. <U>Certain Rights of Trustee</U>.
Subject to the provisions of TIA Section&nbsp;315(a) through 315(d):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee may conclusively
rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">44</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">report, notice, request, direction, consent, order,
bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form) reasonably believed by it
to be genuine and to have been signed or presented by the proper party or parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any
Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section&nbsp;303
which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced
by a Board Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) whenever in the administration
of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on
its part, rely upon an Officers' Certificate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) the Trustee may consult
with counsel of its own selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) the Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the
Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) the Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, unless requested
in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any
series; <U>provided</U> that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely
to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee
by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses
or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or,
if paid by the Trustee, shall be repaid by the Holders upon demand. 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, relevant to the facts or matters
that are the subject of its inquiry, personally or by agent or attorney at the expense of the Company and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) the Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and
the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">45</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(8) the Trustee shall not be liable
for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) any permissive right or
power available to the Trustee under this Indenture or any supplement hereto shall not be construed to be a mandatory duty or obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) the Trustee shall not
be charged with knowledge of any matter (including any default, other than as described in Section&nbsp;501(1), (2)&nbsp;or (3))&nbsp;unless
and except to the extent actually known to a Responsible Officer of the Trustee or to the extent written notice thereof is received
by the Trustee at the Corporate Trust Office;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) the Trustee shall have
no liability for any inaccuracy in the books and records of, or for any actions or omissions of, DTC, Euroclear or Clearstream
or any depository acting on behalf of any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(12) the rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
by the Trustee to act hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(13) the Trustee may request
that the Company deliver an Officers' 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 Officers' Certificate may be signed by any person authorized
to sign an Officers' Certificate, including any person specified as so authorized in any such certificate previously delivered
and not superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Trustee shall not be required 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except during the continuance of an Event
of Default, the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 603. <U>Not Responsible for Recitals
or Issuance of Securities</U>. The recitals contained herein and in the Securities, except the Trustee's certificate of authentication,
and in any coupons shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes
any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities or coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility with
respect to any information, statement or recital in any offering prospectus or other disclosure materials prepared or distributed
with respect to the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">46</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 604.&nbsp;<U>May Hold Securities</U>.
The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may
otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating
Agent or such other agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 605. <U>Money Held in Trust</U>.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 606. <U>Compensation and Reimbursement</U>.
The Company agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) to pay to the Trustee as
agreed upon in writing 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);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) except as otherwise expressly
provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, and
disbursements incurred by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel), except any such expense or disbursement as shall be determined
to have been caused by its own negligence, willful misconduct or bad faith; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) to indemnify each of the
Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred
without negligence, willful misconduct or bad faith on its part, 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 against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section&nbsp;501(7) or Section&nbsp;501(8), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or other similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As security for the performance of the
obligations of the Company under this Section, the Trustee shall have a lien for payment of the Trustee's fees and expenses 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 principal of (or premium or Make-Whole Amount, if any) or interest on particular Securities or any coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The provisions of this Section shall
survive the termination of this Indenture and the resignation or removal of the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">47</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 607. <U>Corporate Trustee Required;
Eligibility; Conflicting Interests</U>. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee
under TIA Section&nbsp;310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000 (or which shall
have a combined capital and surplus of at least $10,000,000 and whose ultimate parent holding company shall have a combined capital
and surplus of at least $50,000,000. If the Trustee publishes reports of condition at least annually, pursuant to law or the requirements
of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of the Trustee 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 the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the
Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve
as Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 608. <U>Resignation and Removal;
Appointment of Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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&nbsp;609.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 an instrument of acceptance
by a successor Trustee shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation,
the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 principal amount of the Outstanding Securities
of such series delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee may petition,
at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) If at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee shall fail
to comply with the provisions of TIA Section&nbsp;310(b) after written request therefor by the Company or by any Holder of a Security
who has been a bona fide Holder of a Security for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Trustee shall cease
to be eligible under Section&nbsp;607 and shall fail to resign after written request therefor by the Company or by any Holder of
a Security who has been a bona fide Holder of a Security for at least six months, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed
or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">48</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">then, in any such case, (i)&nbsp;the Company by or pursuant to a
Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii)&nbsp;subject to
TIA Section&nbsp;315(e), any Holder of a Security 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 or pursuant to 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). 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 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, 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 of Securities and accepted
appointment in the manner hereinafter provided, any Holder of a Security 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 Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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 in the manner provided for notices to the Holders of Securities in Section&nbsp;106.
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 609. <U>Acceptance of Appointment
by Successor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) In case of the appointment hereunder
of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for
in Section&nbsp;606.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">49</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(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 retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto,
pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and which (1)&nbsp;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, (2)&nbsp;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 (3)&nbsp;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 or any successor Trustee,
such retiring Trustee 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 that or those series to which the appointment of such successor Trustee relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(c) Upon request of any such successor
Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts referred to in paragraph (a)&nbsp;or (b)&nbsp;of this Section&nbsp;609, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 610. <U>Merger, Conversion, Consolidation
or Succession to Business</U>. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
<U>provided</U> such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing
of any paper or any further act on the part of any of the parties hereto. In case any Securities or coupons 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 or coupons so authenticated with the same effect as if such successor
Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been authenticated
by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in either its
own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of
authentication of the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">50</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 611. <U>Appointment of Authenticating
Agent</U>. At any time when any of the Securities remain Outstanding, 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 conversion or exchange, registration of transfer or partial redemption or repayment thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of
the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee'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 bank or trust company or corporation organized and doing business and in good standing under
the laws of the United States of America or of any state 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 authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements
of the aforesaid 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. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of 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 further act on the part of the Trustee
or the Authenticating Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">An Authenticating Agent for any series
of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company.
The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve
in the manner set forth in Section&nbsp;106. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">51</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">hereunder, with like effect as if originally named as an Authenticating
Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this
Section, subject to Section&nbsp;606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If an appointment with respect to one
or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in
lieu of the Trustee's certificate of authentication, an alternate certificate of authentication substantially in the following
form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is one of the Securities of the
series designated therein referred to in the within- mentioned Indenture.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 48%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 45%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Trustee</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Authenticating Agent</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Authenticating Agent</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 612. <U>Certain Duties and Responsibilities
of the Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) With respect to the Securities of
any series, except during the continuance of an Event of Default with respect to the Securities of such series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Trustee undertakes
to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) 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 which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture,
but shall not be under any duty to verify the contents or accuracy thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) In case an Event of Default with
respect to the Securities of any series has occurred and is continuing, the Trustee shall, with respect to Securities of such series,
exercise 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">52</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">(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 its own willful
misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(1) this Subsection shall not be construed
to limit the effect of Subsection (a)&nbsp;of this Section;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(2) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(3) 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 principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(4) 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; and, the Trustee shall be under
no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder shall
have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) Whether or not 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&nbsp;612.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(e) The Trustee shall not be liable
for interest on any money or assets held by it except to the extent the Trustee may agree in writing with the Company. Assets held
in trust by the Trustee need not be segregated from other assets except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE SEVEN - HOLDERS' LISTS AND
REPORTS BY TRUSTEE AND COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 701. <U>Disclosure of Names and
Addresses of Holders</U>. Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Security Registrar
shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities
in accordance with TIA Section&nbsp;312, 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 TIA Section&nbsp;312(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">53</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 702. <U>Reports by Trustee</U>. The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required by
TIA Section&nbsp;313 at the times and in the manner provided by the TIA, which shall initially be not less than every twelve months
commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;.
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each over-the-counter
market or securities exchange, if any, upon which any Securities are quoted or listed, with the Commission and with the Company.
The Company will notify the Trustee when any Securities are quoted or listed on any over-the-counter market or securities exchange
or delisted therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 703. <U>Reports by Company</U>.
The Company will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) file with the Trustee,
within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections,
then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section&nbsp;13
of the Exchange Act in respect of a security quoted or listed and registered on an over-the-counter market or national securities
exchange as may be prescribed from time to time in such rules and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) file with the Trustee and
the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) transmit by mail to the
Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA
Section&nbsp;313(c), such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(1)&nbsp;and (2)&nbsp;of this Section as may be required by rules and regulations prescribed from time to time by the Commission;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 704. <U>Company to Furnish Trustee
Names and Addresses of Holders</U>. The Company will furnish or cause to be furnished to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) semiannually, not later than 15
days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">54</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Record Date, or if there is no Regular Record Date for interest
for such series of Securities, semiannually, upon such dates as are set forth in the Board Resolution or indenture supplemental
hereto authorizing such series, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><U>provided</U>, <U>however</U>, that, so long as the Trustee
is the Security Registrar, no such list shall be required to be furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE EIGHT - CONSOLIDATION, MERGER,
SALE, LEASE OR CONVEYANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 801. <U>Consolidations and Mergers
of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions</U>. The Company may consolidate with, or
sell, lease or convey all or substantially all of its assets to, or merge with or into any other corporation, provided that in
any such case, (1)&nbsp;either the Company shall be the continuing corporation, or the successor corporation shall be a corporation
organized and existing under the laws of the United States or a State thereof and such successor corporation shall expressly assume
the due and punctual payment of the principal of (and premium or Make-Whole Amount, if any) and any interest on all of the Securities,
according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture
to be performed by the Company by supplemental indenture, complying with Article Nine hereof, satisfactory to the Trustee, executed
and delivered to the Trustee by such corporation, (2)&nbsp;immediately after giving effect to such transaction and treating any
indebtedness which becomes an obligation of the Company or any Subsidiary as a result thereof as having been incurred by the Company
or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or the lapse of time,
or both, would become an Event of Default, shall have occurred and be continuing and (3)&nbsp;the Company shall have delivered
to the Trustee the Officer's Certificate and Opinion of Counsel required pursuant to Section&nbsp;803 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 802. <U>Rights and Duties of
Successor Corporation</U>. In case of any such consolidation, merger, sale, lease or conveyance and upon any such assumption by
the successor corporation, such successor corporation shall succeed to and be substituted for the Company, with the same effect
as if it had been named herein as the party of the first part, and the predecessor corporation, except in the event of a lease,
shall be relieved of any further obligation under this Indenture and the Securities. Such successor corporation thereupon may cause
to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor
corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the
Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to
be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">55</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In case of any such consolidation, merger,
sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter
to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 803. <U>Officers' Certificate
and Opinion of Counsel</U>. Any consolidation, merger, sale, lease or conveyance permitted under Section&nbsp;801 is also subject
to the condition that the Trustee receive an Officers' Certificate and an Opinion of Counsel to the effect that any such consolidation,
merger, sale, lease or conveyance, and the assumption by any successor corporation, complies with the provisions of this Article
and that all conditions precedent herein provided for relating to such transaction have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE NINE - SUPPLEMENTAL INDENTURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 901. <U>Supplemental Indentures
Without Consent of Holders</U>. Without the consent of any Holders of Securities or coupons, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) to evidence the succession
of another Person to the Company and the assumption by any such successor of the covenants of the Company contained herein and
in the Securities; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) to add to the covenants
of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants 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; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) to add any additional Events
of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit
of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit
of such series); <U>provided</U>, <U>however</U>, that in respect of any such additional Events of Default such 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) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee
upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of
Securities to which such additional Events of Default apply to waive such default; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) to add to or change any
of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate
any restrictions on the payment of principal of or premium or Make-Whole Amount, if any, or interest on Bearer Securities, to permit
Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">56</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">Securities of other authorized denominations or to permit
or facilitate the issuance of Securities in uncertificated form, <U>provided</U> that any such action shall not adversely affect
the interests of the Holders of Securities of any series or any related coupons in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) to change or eliminate
any of the provisions of this Indenture, <U>provided</U> 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 supplemental indenture which is entitled to the
benefit of such provision; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) to secure the Securities;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) to establish the form or
terms of Securities of any series and any related coupons as permitted or contemplated by Sections 201 and 301; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) to evidence and provide
for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) to cure any ambiguity,
to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the
provisions of this Indenture, <U>provided</U> such provisions shall not adversely affect the interests of the Holders of Securities
of any series or any related coupons in any material respect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) to supplement any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the Defeasance and discharge of any series
of Securities pursuant to Sections 401, 1402 and 1403; <U>provided</U> that any such action shall not adversely affect the interests
of the Holders of Securities of such series and any related coupons or any other series of Securities in any material respect;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) to make provisions with
respect to Holders' rights of conversion with respect to any series of Securities pursuant to Article Seventeen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 902. <U>Supplemental Indentures
with Consent of Holders</U>. With the consent of the Holders of not less than a majority in principal amount of all Outstanding
Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities and any related coupons under this Indenture; <U>provided</U>,
<U>however</U>, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected
thereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) change the Stated Maturity
of the principal of (or premium or Make-Whole Amount, if any, on) or any installment of principal of or interest on, any Security;
or reduce the principal amount thereof or the rate or amount of interest thereon, or any premium or Make-Whole Amount payable upon
the redemption thereof, or reduce the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">57</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">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&nbsp;502
or the amount thereof provable in bankruptcy pursuant to Section&nbsp;504, or adversely affect any right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite
currency or currencies in which, any Security or any premium or Make-Whole Amount 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 or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be),
or (if Securities of such series are convertible) adversely affect the right of the Holder to convert any Security as provided
in Article Seventeen, or modify the provisions of this Indenture with respect to the subordination of the Securities in a manner
materially adverse to the Holders; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver with respect to such series (or compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section&nbsp;1504 for quorum or voting, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) modify any of the provisions
of this Section, Section&nbsp;513 or Section&nbsp;1009, except to increase the required percentage to effect such action 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, <U>provided</U>, <U>however</U>, that this clause shall not be deemed to require the consent
of any Holder with respect to changes in the references to &quot;the Trustee&quot; and concomitant changes in this Section&nbsp;902
and Section&nbsp;1009, or the deletion of this proviso, in accordance with the requirements of Sections 609(b) and 901(11).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">It shall not be necessary for any Act
of Holders under this Section&nbsp;902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">A supplemental indenture which changes
or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one
or more particular series of Securities, or which 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 903. <U>Execution of Supplemental
Indentures</U>. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article
or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section&nbsp;612) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under this Indenture or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">58</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 904. <U>Effect of Supplemental Indentures</U>.
Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore
or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto shall be bound thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 905. <U>Conformity with Trust
Indenture Act</U>. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust
Indenture Act as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 906. <U>Reference in Securities
to Supplemental Indentures</U>. Securities of any series authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article 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 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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE TEN - COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1001. <U>Payment of Principal,
Premium or Make-Whole Amount, if any; and Interest</U>. The Company covenants and agrees for the benefit of the Holders of each
series of Securities that it will duly and punctually pay the principal of (and premium or Make-Whole Amount, if any) and interest
on the Securities of that series in accordance with the terms of such series of Securities, any coupons appertaining thereto and
this Indenture. Unless otherwise specified as contemplated by Section&nbsp;301 with respect to any series of Securities, any interest
due on Bearer Securities on or before Maturity shall be payable only upon presentation and surrender of the several coupons for
such interest installments as are evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities
of any series pursuant to Section&nbsp;301, at the option of the Company (upon written notice to the Trustee), all payments of
principal may be paid by check to the registered Holder of the Registered Security or other Person entitled thereto against surrender
of such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1002. <U>Maintenance of Office
or Agency</U>. If Securities of a series are issuable only as Registered Securities, the Company shall maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment
or conversion, where Securities of that series may be surrendered for registration of transfer or conversion 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. If Securities
of a series are issuable as Bearer Securities, the Company will maintain: (A)&nbsp;in the Borough of Manhattan, The City of New
York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment or conversion,
where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series
may be surrendered for conversion or exchange, where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">59</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">or surrendered for payment or conversion in the circumstances described
in the following paragraph (and not otherwise); (B)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment
for that series which is located outside the United States, an office or agency where Securities of that series and related coupons
may be presented and surrendered for payment; <U>provided</U>, <U>however</U>, that if the Securities of that series are listed
on any stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying
Agent for the Securities of that series in any required city located outside the United States, as the case may be, so long as
the Securities of that series are listed on such exchange; and (C)&nbsp;subject to any laws or regulations applicable thereto,
in a Place of Payment for that series located outside the United States an office or agency where any Registered Securities of
that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for conversion
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 each
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, except that Bearer Securities of that series and the related coupons may be presented and surrendered
for payment or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the same
as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee
its agent to receive all such presentations, surrenders, notices and demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified with respect
to any Securities pursuant to Section&nbsp;301, no payment of principal, premium or Make-Whole Amount or interest on Bearer Securities
shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States
or by transfer to an account maintained with a bank located in the United States; <U>provided</U>, <U>however</U>, that, if the
Securities of a series are payable in Dollars, payment of principal of and any premium or Make-Whole Amount and interest on any
Bearer Security shall be made at the office of the Company's Paying Agent in the Borough of Manhattan, The City of New York, if
(but only if) payment in Dollars of the full amount of such principal, premium or Make-Whole Amount, or interest, as the case may
be, at all offices or agencies outside the United States maintained for the purpose by the Company in accordance with this Indenture,
is illegal or effectively precluded by exchange controls or other similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company may from time to time designate
one or more other offices or agencies (in or outside the Place of Payment) where the Securities of one or more series may be presented
or surrendered for any or all of such purposes, and may from time to time rescind such designations; <U>provided</U>, <U>however</U>,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in accordance with the requirements set forth above for Securities of any series for such purposes. The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office
or agency. Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301 with respect to a series of Securities,
the Company hereby designates as a Place of Payment for each series of Securities, each of (i)&nbsp;the office or agency of the
Company in the Borough of Manhattan, The City of New York, and (ii)&nbsp;the Corporate Trust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">60</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office of the Trustee (as Paying Agent); and the Company hereby
initially appoints the Trustee at its Corporate Trust Office as Paying Agent in such city; and the Company hereby initially appoints
as its agent to receive all such presentations, surrenders, notices and demands each of the Trustee, at its Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified with respect
to any Securities pursuant to Section&nbsp;301, if and so long as the Securities of any series (i)&nbsp;are denominated in a Foreign
Currency or (ii)&nbsp;may be payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture,
then the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent
(of which it shall give written notice to the Trustee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1003. <U>Money for Securities
Payments to Be Held in Trust</U>. If the Company shall at any time act as its own Paying Agent with respect to any series of any
Securities and any related coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount,
if any), 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 in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities
of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) sufficient
to pay the principal (and premium or Make-Whole Amount, if any) or 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Whenever the Company shall have one or
more Paying Agents for any series of Securities and any related coupons, it will, on or before each due date of the principal of
(and premium or Make-Whole Amount, if any), or interest on any Securities of that series, deposit with a Paying Agent a sum (in
the currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient
to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or Make-Whole Amount, if any, or interest and (unless such Paying Agent
is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) hold all sums held by it
for the payment of principal of (and premium or Make-Whole Amount, if any) or interest on Securities 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) give the Trustee notice
of any default by the Company (or any other obligor upon the Securities) in the making of any such payment of principal (and premium
or Make-Whole Amount, if any) or interest on the Securities of that series; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">61</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or 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 sums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except as otherwise provided in the Securities
of any series, and subject to applicable 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 (and premium or Make-Whole Amount, if any) or interest on any Security of any series
and remaining unclaimed for two years after such principal (and premium or Make-Whole Amount, if any) or interest has become due
and payable shall be paid to the Company upon 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 of such
principal of (and premium or Make-Whole Amount, if any) or interest on any Security, without interest thereon, 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; <U>provided</U>, <U>however</U>, 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 an Authorized Newspaper, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1004. <U>Existence</U>. Subject
to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence, all material rights (by articles of incorporation, by-laws and statute) and material franchises; <U>provided</U>,
<U>however</U>, that the Company 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1005. <U>Maintenance of Properties</U>.
The Company will cause all of its material properties used or useful in the conduct of its business or the business of any Subsidiary
to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted,
and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments
and improvements thereof (and the Company may take out of service for a period of time, any of its properties that have been condemned
or suffered any loss due to casualty in order to make such repairs, betterments and improvements), all as in the judgment of the
Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at
all times; <U>provided</U>, <U>however</U>, that the Company and its Subsidiaries shall not be prevented from (i)&nbsp;removing
permanently any property that has been condemned or suffered a loss due to casualty based on the Company's reasonable judgment
that such removal is in the best interest of the Company, or (ii)&nbsp;selling or otherwise disposing of their properties for value
in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">62</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1006. <U>Insurance</U>. The Company
will cause each of its and its Subsidiaries' insurable properties to be insured against loss or damage in an amount deemed reasonable
by the Board of Directors with insurers of recognized responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1007. <U>Payment of Taxes and
Other Claims</U>. The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent,
(1)&nbsp;all taxes, assessments and governmental charges levied or imposed upon it or any Subsidiary or upon the income, profits
or property of the Company or any Subsidiary, and (2)&nbsp;all lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien upon the property of the Company or any Subsidiary; <U>provided</U>, <U>however</U>, that the Company
shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1008. <U>Statement as to Compliance</U>.
The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from the principal
executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company's compliance
with all conditions and covenants under this Indenture and, in the event of any noncompliance, specifying such noncompliance and
the nature and status thereof. For purposes of this Section&nbsp;1008, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1009. <U>Waiver of Certain Covenants</U>.
The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008,
inclusive, if before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding
Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance
with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE ELEVEN - REDEMPTION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1101. <U>Applicability of Article</U>.
Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and
(except as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1102. <U>Election to Redeem;
Notice to Trustee</U>. The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution.
In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company shall, at
least 45 days prior to the giving of the notice of redemption in Section&nbsp;1104 (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.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">63</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1103. <U>Selection by Trustee of Securities
to Be Redeemed</U>. If less than all the Securities of any series issued on the same day with the same terms are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series issued on such date with the same terms not previously called for redemption, by such
method as the Trustee shall deem fair and appropriate 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Trustee shall promptly notify the
Company and the Security Registrar (if other than itself) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1104. <U>Notice of Redemption</U>.
Notice of redemption shall be given in the manner provided in Section&nbsp;106, not less than 30 days nor more than 60 days prior
to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section&nbsp;301,
to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any
Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other such Security or portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any notice that is mailed to the Holders
of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
Holder receives the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">All notices of redemption shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Redemption Date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) the Redemption Price, accrued
interest to the Redemption Date payable as provided in Section&nbsp;1106, if any,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) if less than all Outstanding
Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount)
of the particular Security or Securities to be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) in case any Security is
to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon
surrender of such Security, the holder will receive, without a charge, a new Security or Securities of authorized denominations
for the principal amount thereof remaining unredeemed,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">64</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(5) that on the Redemption Date
the Redemption Price and accrued interest to the Redemption Date payable as provided in Section&nbsp;1106, if any, will become
due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall
cease to accrue on and after said date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) the Place or Places of
Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if any, maturing
after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, or for conversion,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) that the redemption is
for a sinking fund, if such is the case,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) that, unless otherwise
specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all coupons
maturing subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be deducted from
the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and any Paying Agent
is furnished,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) if Bearer Securities of
any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer Securities
may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section&nbsp;305 or otherwise,
the last date, as determined by the Company, on which such exchanges may be made,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) the CUSIP number of such
Security, if any, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) if applicable, that a
Holder of Securities who desires to convert Securities for redemption must satisfy the requirements for conversion contained in
such Securities, the then existing conversion price or rate, the place or places where such Securities may be surrendered for conversion,
and the date and time when the option to convert shall expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notice of redemption of Securities to
be redeemed at the election of the Company shall be given by the Company or, at the Company's request, by the Trustee in the name
and at the expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1105. <U>Deposit of Redemption
Price</U>. On or 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, which it may not do in the case of a sinking fund payment under Article Twelve, segregate and
hold in trust as provided in Section&nbsp;1003) an amount of money in the currency or currencies, currency unit or units or composite
currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301
for the Securities of such series) sufficient to pay on the Redemption Date the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof which are to be redeemed on
that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Securities called for redemption
are converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption
of such Security shall be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such
trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">65</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1106. <U>Securities Payable on Redemption
Date</U>. 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 in the currency or currencies, currency unit or units or composite
currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301
for the Securities of such series) (together with accrued interest, if any, to the Redemption Date), and from and after such date
(unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall, if the same
were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be
redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance
with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; <U>provided</U>,
<U>however</U>, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section&nbsp;1002)
and, unless otherwise specified as contemplated by Section&nbsp;301, only upon presentation and surrender of coupons for such interest;
and <U>provided</U> <U>further</U> that except as otherwise provided with respect to Securities convertible into the Company's
Common Stock or Preferred Stock, installments of interest on Registered Securities whose Stated Maturity 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&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Bearer Security surrendered for
redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after
deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they
may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the
Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; <U>provided</U>, <U>however</U>, that interest represented by
coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section&nbsp;1002)
and, unless otherwise specified as contemplated by Section&nbsp;301, only upon presentation and surrender of those coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal (and premium or Make-Whole Amount, if any) shall, until
paid, bear interest from the Redemption Date at the rate borne by the Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1107. <U>Securities Redeemed
in Part</U>. Any Registered Security which is to be redeemed only in part (pursuant to the provisions of this Article or of Article
Twelve) 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
his 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, of any authorized</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">66</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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. If a Global Security
is so surrendered, the Company shall execute and the Trustee shall authenticate and deliver to the depository, without service
charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global
Security so surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE TWELVE - SINKING FUNDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1201. <U>Applicability of Article</U>.
The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise
specified as contemplated by Section&nbsp;301 for Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a &quot;mandatory sinking fund payment,&quot;
and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred
to as an &quot;optional sinking fund payment.&quot; If provided for by the terms of any Securities of any series, the cash amount
of any mandatory sinking fund payment may be subject to reduction as provided in Section&nbsp;1202. Each sinking fund payment shall
be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1202. <U>Satisfaction of Sinking
Fund Payments with Securities</U>. The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with
respect to the Securities of a series, (1)&nbsp;deliver Outstanding Securities of such series (other than any previously called
for redemption) together in the case of any Bearer Securities of such series with all unmatured coupons appertaining thereto and
(2)&nbsp;apply as a credit Securities of such series which 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, as provided for by the terms of such Securities, or which have otherwise been acquired by the Company; <U>provided</U>
that such Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received
and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through
operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1203. <U>Redemption of Securities
for Sinking Fund</U>. Not less than 60 days prior to each sinking fund payment date for Securities of any series, the Company will
deliver to the Trustee an Officers' Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the currency
or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except
as otherwise specified pursuant to Section&nbsp;301 for the Securities of such series) and the portion thereof, if any, which is
to be satisfied by delivering and crediting Securities of that series pursuant to Section&nbsp;1202, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities
to be so delivered and credited. If such Officers' Certificate shall specify an optional amount to be added</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">67</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in cash to the next ensuing mandatory sinking fund payment, the
Company shall thereupon be obligated to pay the amount therein specified. 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&nbsp;1103
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&nbsp;1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in
the manner stated in Sections 1106 and 1107.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE THIRTEEN - REPAYMENT AT THE
OPTION OF HOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1301. <U>Applicability of Article</U>.
Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance
with the terms of such Securities, if any, and (except as otherwise specified by the terms of such series established pursuant
to Section&nbsp;301) in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1302. <U>Repayment of Securities</U>.
Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided
in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon
accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that on or prior
to the Repayment Date it will 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&nbsp;1003) an amount of money in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant
to Section&nbsp;301 for the Securities of such series) sufficient to pay the principal (or, if so provided by the terms of the
Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date)
accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1303. <U>Exercise of Option</U>.
Securities of any series subject to repayment at the option of the Holders thereof will contain an &quot;Option to Elect Repayment&quot;
form on the reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee must receive
at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company
shall from time to time notify the Holders of such Securities) not earlier than 60 days nor later than 30 days prior to the Repayment
Date (1)&nbsp;the Security so providing for such repayment together with the &quot;Option to Elect Repayment&quot; form on the
reverse thereof duly completed by the Holder (or by the Holder's attorney duly authorized in writing) or (2)&nbsp;a telegram, telex,
facsimile transmission or a letter from a member of a national securities exchange, or the FINRA, or a commercial bank or trust
company in the United States setting forth the name of the Holder of the Security, the principal amount of the Security, the principal
amount of the Security to be repaid, the CUSIP number, if any, or a description of the tenor and terms of the Security, a statement
that the option to elect repayment is being exercised thereby and a guarantee that the Security to be repaid, together with the
duly completed form entitled &quot;Option to Elect Repayment&quot; on the reverse of the Security, will be received by the Trustee
not later than the fifth Business Day after the date of such telegram, telex, facsimile transmission or letter; <U>provided</U>,
<U>however</U>, that such telegram, telex, facsimile transmission or letter shall only be effective if such Security and form duly
completed are</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">68</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">received by the Trustee by such fifth Business Day. If less than
the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount
of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or
denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security
surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option
of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would
be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except
as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1304. <U>When Securities Presented
for Repayment Become Due and Payable</U>. If Securities of any series providing for repayment at the option of the Holders thereof
shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities
or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the
Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons
for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall be void. Upon
surrender of any such Security for repayment in accordance with such provisions, together with all coupons, if any, appertaining
thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by the Company,
together with accrued interest, if any, to the Repayment Date; <U>provided</U>, <U>however</U>, that coupons whose Stated Maturity
is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States (except as
otherwise provided in Section&nbsp;1002) and, unless otherwise specified pursuant to Section&nbsp;301, only upon presentation and
surrender of such coupons; and provided further that, in the case of Registered Securities, installments of interest, if any, whose
Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default
in the payment thereof) 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&nbsp;307.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If any Bearer Security surrendered for
repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after
deducting from the amount payable therefor as provided in Section&nbsp;1302 an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished
to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder
of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall
have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; <U>provided</U>,
<U>however</U>, that interest represented by coupons shall be payable only at an office or agency located outside the United States
(except as otherwise provided in Section&nbsp;1002) and, unless otherwise specified as contemplated by Section&nbsp;301, only upon
presentation and surrender of those coupons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">69</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued
to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in
the case of Original Issue Discount Securities) set forth in such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1305. <U>Securities Repaid in
Part</U>. Upon surrender of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal
amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE FOURTEEN - DEFEASANCE AND COVENANT
DEFEASANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1401. <U>Applicability of Article;
Company's Option to Effect Defeasance or Covenant Defeasance</U>. If, pursuant to Section&nbsp;301, provision is made for either
or both of (a)&nbsp;Defeasance of the Securities of or within a series under Section&nbsp;1402 or (b)&nbsp;Covenant Defeasance
of the Securities of or within a series under Section&nbsp;1403, then the provisions of such Section or Sections, as the case may
be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section&nbsp;301
with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and the Company may
at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to
have Section&nbsp;1402 (if applicable) or Section&nbsp;1403 (if applicable) be applied to such Outstanding Securities and any coupons
appertaining thereto upon compliance with the conditions set forth below in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1402. <U>Defeasance and Discharge</U>.
Upon the Company's exercise of the above option applicable to this Section with respect to any Securities of or within a series,
the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons
appertaining thereto on the date the conditions set forth in Section&nbsp;1404 are satisfied (hereinafter, &quot;Defeasance&quot;).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Outstanding Securities and any coupons appertaining thereto, which shall thereafter be deemed to be &quot;Outstanding&quot;
only for the purposes of Section&nbsp;1405 and the other Sections of this Indenture referred to in clauses (A)&nbsp;and (B)&nbsp;below,
and to have satisfied all of its other obligations under such Securities and any coupons appertaining thereto and this Indenture
insofar as such Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated
or discharged hereunder: (A)&nbsp;the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to
receive, solely from the trust fund described in Section&nbsp;1404 and as more fully set forth in such Section, payments in respect
of the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining
thereto when such</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">70</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">payments are due, (B)&nbsp;the Company's obligations with respect
to such Securities under Sections 305, 306, 1002 and 1003, and the Company's obligations under Section&nbsp;606 hereof (C)&nbsp;the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D)&nbsp;this Article. Subject to compliance with this
Article Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise of its option under
Section&nbsp;1403 with respect to such Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1403. <U>Covenant Defeasance</U>.
Upon the Company's exercise of the above option applicable to this Section with respect to any Securities of or within a series,
the Company shall be released from its obligations under Sections 1004 to 1009, inclusive, and, if specified pursuant to Section&nbsp;301,
its obligations under any other covenant contained herein or in any indenture supplemental hereto, with respect to such Outstanding
Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section&nbsp;1404 are satisfied
(hereinafter, &quot;Covenant Defeasance&quot;), and such Securities and any coupons appertaining thereto shall thereafter be deemed
to be not &quot;Outstanding&quot; for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection with Sections 1004 to 1009, inclusive, or such other covenant, but shall continue to
be deemed &quot;Outstanding&quot; for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with
respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with and shall have
no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference
in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall
not constitute a default or an Event of Default under Section&nbsp;501(4) or 501(8) or otherwise, as the case may be, but, except
as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected
thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1404. <U>Conditions to Defeasance
or Covenant Defeasance</U>. The following shall be the conditions to application of Section&nbsp;1402 or Section&nbsp;1403 to any
Outstanding Securities of or within a series and any coupons appertaining thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(a) The Company shall irrevocably have
deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section&nbsp;607 who shall
agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities
and any coupons appertaining thereto, (1)&nbsp;an amount in such currency, currencies or currency unit in which such Securities
and any coupons appertaining thereto are then specified as payable at Stated Maturity, or (2)&nbsp;Government Obligations applicable
to such Securities and coupons appertaining thereto (determined on the basis of the currency, currencies or currency unit in which
such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of
any payment of principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons
appertaining thereto, money in an amount, or (3)&nbsp;a combination thereof, in any case, in an amount, sufficient, without consideration
of any reinvestment of such principal and interest, in the opinion of a nationally</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">71</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other
qualifying trustee) to pay and discharge, (i)&nbsp;the principal of (and premium or Make-Whole Amount, if any) and interest, if
any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such principal or installment
of principal or interest and (ii)&nbsp;any mandatory sinking fund payments or analogous payments applicable to such Outstanding
Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(b) Such Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or
instrument to which the Company is a party or by which it is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(c) No Event of Default or event which
with notice or lapse of time or both would become an Event of Default with respect to such Securities and any coupons appertaining
thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections 501(6) and 501(7) are concerned,
at any time during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall
not be deemed satisfied until the expiration of such period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(d) In the case of an election under
Section&nbsp;1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i)&nbsp;the Company has
received from, or there has been published by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the date of execution
of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will not
recognize income, gain or loss for Federal income tax purposes as a result of such Defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(e) In the case of an election under
Section&nbsp;1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such
Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes
as a result of such Covenant Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such Covenant Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(f) The Company shall have delivered
to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Defeasance
under Section&nbsp;1402 or the Covenant Defeasance under Section&nbsp;1403 (as the case may be) have been complied with and an
Opinion of Counsel to the effect that either (i)&nbsp;as a result of a deposit pursuant to subsection (a)&nbsp;above and the related
exercise of the Company's option under Section&nbsp;1402 or Section&nbsp;1403 (as the case may be), registration is not required
under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit
or by the Trustee for such trust funds or (ii)&nbsp;all necessary registrations under said Act have been effected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">72</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">(g) Notwithstanding any other provisions of
this Section, such Defeasance or Covenant Defeasance shall be effected in compliance with any additional or substitute terms, conditions
or limitations which may be imposed on the Company in connection therewith pursuant to Section&nbsp;301.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">(h) The payment of amounts payable to
the Trustee pursuant to this Indenture shall be paid or provided for to the reasonable satisfaction of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1405. <U>Deposited Money and
Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</U>. Subject to the provisions of the last paragraph
of Section&nbsp;1003, all money and Government Obligations (or other property as may be provided pursuant to Section&nbsp;301)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section&nbsp;1405,
the &quot;Trustee&quot;) pursuant to Section&nbsp;1404 in respect of any Outstanding Securities of any series and any coupons appertaining
thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any coupons
appertaining thereto 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 Holders of such Securities and any coupons appertaining thereto of
all sums due and to become due thereon in respect of principal (and premium or Make-Whole Amount, if any) and interest, but such
money need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Unless otherwise specified with respect
to any Security pursuant to Section&nbsp;301, if, after a deposit referred to in Section&nbsp;1404(a) has been made, (a)&nbsp;the
Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section&nbsp;301 or
the terms of such Security to receive payment in a currency or currency unit other than that in which the deposit pursuant to Section&nbsp;1404(a)
has been made in respect of such Security, or (b)&nbsp;a Conversion Event occurs in respect of the currency or currency unit in
which the deposit pursuant to Section&nbsp;1404(a) has been made, the indebtedness represented by such Security and any coupons
appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal
of (and premium or Make-Whole Amount, if any), and interest, if any, on such Security as the same becomes due out of the proceeds
yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited
in respect of such Security into the currency or currency unit in which such Security becomes payable as a result of such election
or Conversion Event based on the applicable market exchange rate for such currency or currency unit in effect on the second Business
Day prior to each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly
as feasible) at the time of the Conversion Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section&nbsp;1404
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any coupons appertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Anything in this Article to the contrary
notwithstanding, subject to Section&nbsp;606, the Trustee shall deliver or pay to the Company from time to time upon Company Request
any</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">73</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">money or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section&nbsp;1404 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect a Defeasance or Covenant Defeasance, as applicable, in accordance with this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE FIFTEEN - MEETINGS OF HOLDERS
OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1501. <U>Purposes for Which Meetings
May Be Called</U>. A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to
this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be made, given or taken by Holders of Securities of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1502. <U>Call, Notice and Place
of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) The Trustee may at any time call
a meeting of Holders of Securities of any series for any purpose specified in Section&nbsp;1501, to be held at such time and at
such place as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time
and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner
provided in Section&nbsp;106, not less than 20 nor more than 180 days prior to the date fixed for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) In case at any time the Company,
pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding Securities of any series
shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section&nbsp;1501,
by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not
have made the first publication of the notice of such meeting within 20 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the
amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for
such purposes by giving notice thereof as provided in subsection (a)&nbsp;of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1503. <U>Persons Entitled to
Vote at Meetings</U>. To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1)&nbsp;a
Holder of one or more Outstanding Securities of such series, or (2)&nbsp;a Person appointed by an instrument in writing as proxy
for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall
be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote
at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and
its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1504. <U>Quorum; Action</U>.
The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum
for a meeting of Holders of Securities of such series; <U>provided</U>, <U>however</U>, that if any action is to be taken at such
meeting with respect to a consent or waiver which this Indenture expressly provides may be</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">74</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">given by the Holders of not less than a specified percentage in
principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal
amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after
the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series,
be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman
of the meeting prior to the adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting,
such adjourned meeting may be further adjourned for a period of not less than 10 days; at the reconvening of any meeting adjourned
or further adjourned for lack of a quorum, the Persons entitled to vote 25% in aggregate principal amount of the then Outstanding
Securities shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section&nbsp;1502(a), except that such notice need be given
only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Except as limited by the proviso to Section&nbsp;902,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
by the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities
represented at such meeting; <U>provided</U>, <U>however</U>, that, except as limited by the proviso to Section&nbsp;902, any resolution
with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly
provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount
of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding
Securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Any resolution passed or decision taken
at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders
of Securities of such series and the related coupons, whether or not present or represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notwithstanding the foregoing provisions
of this Section&nbsp;1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any
request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be
made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby,
or of the Holders of such series and one or more additional series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(i) there shall be no minimum
quorum requirement for such meeting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt; text-indent: 24.5pt">(ii) the principal amount of
the Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent,
waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice,
consent, waiver or other action has been made, given or taken under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">75</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1505. <U>Determination of Voting Rights;
Conduct and Adjournment of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(a) Notwithstanding any provisions of
this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities
of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted
or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section&nbsp;104 and
the appointment of any proxy shall be proved in the manner specified in Section&nbsp;104 or by having the signature of the Person
executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section&nbsp;104 to certify to the
holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face,
may be presumed valid and genuine without the proof specified in Section&nbsp;104 or other proof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(b) The Trustee shall, by an instrument
in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders
of Securities as provided in Section&nbsp;1502(b), in which case the Company or the Holders of Securities of the series calling
the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(c) At any meeting each Holder of a
Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities of
such series held or represented by him; <U>provided</U>, <U>however</U>, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman
of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 48.95pt">(d) Any meeting of Holders of Securities
of any series duly called pursuant to Section&nbsp;1502 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the
meeting may be held as so adjourned without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1506. <U>Counting Votes and Recording
Action of Meetings</U>. The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by
written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives
by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them.
The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities
of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">76</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section&nbsp;1502 and, if applicable, Section&nbsp;1504. Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company
and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE SIXTEEN - SUBORDINATION OF
SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1601. <U>Agreement to Subordinate</U>.
Notwithstanding anything in this Indenture to the contrary (other than Article&nbsp;Four of this Indenture), the Company covenants
and agrees, and each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in
the manner hereinafter set forth in this Article, the Indebtedness represented by the Securities and the payment of any Obligations
with respect to each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior
payment in full of all Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1602. <U>Payment Over of Proceeds
upon Dissolution, Etc</U>. In the event of (a)&nbsp;any insolvency or bankruptcy case or Proceeding, or any receivership, liquidation,
reorganization or other similar case or Proceeding in connection therewith, relative to the Company or to its creditors, as such,
or to its assets, or (b)&nbsp;any liquidation, dissolution or other winding up of the Company, whether voluntary or involuntary
and whether or not involving insolvency or bankruptcy, or (c)&nbsp;any assignment for the benefit of creditors or any other marshaling
of assets and liabilities of the Company, then and in any such event specified in (a), (b)&nbsp;or (c)&nbsp;above (each such event,
if any, herein sometimes referred to as a &quot;Proceeding&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 48.95pt">(1) the holders of Senior
Indebtedness shall first be entitled to receive payment in full of all Obligations due or to become due on or in respect of all
Senior Indebtedness, or provision shall be made for such payment in cash or cash equivalents or otherwise in a manner satisfactory
to the holders of Senior Indebtedness, before the Holders of the Securities are entitled to receive any payment or distribution
on account of principal of or premium, if any, or interest on or other Obligations in respect of the Securities or on account of
any purchase, redemption or other acquisition of Securities by the Company or any Subsidiary (individually and collectively, a
&quot;Securities Payment&quot;), and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 48.95pt">(2) any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or securities (other than Capital Stock or securities
of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization
or readjustment, the payment of which is subordinate, at least to the extent provided in this Article&nbsp;Sixteen with respect
to the Securities, to the payment in full, without diminution or modification by such plan, of all Senior Indebtedness), to which
the Holders would be entitled except for the provisions of this Article&nbsp;Sixteen, shall be paid by the liquidating trustee
or agent or other person making such a payment or distribution, directly to the holders of Senior Indebtedness) (or their representative(s)
or trustee(s) acting on their behalf), ratably according to the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">77</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">aggregate amounts remaining unpaid on account of the
principal of or interest on and other amounts due on the Senior Indebtedness held or represented by each, to the extent necessary
to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In the event that, notwithstanding the
foregoing provisions of this Section&nbsp;1602, the Trustee or the Holder of any Security shall have received any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or securities (other than Capital Stock or securities
of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization
or readjustment, the payment of which is subordinate, at least to the extent provided in this Article with respect to the Securities,
to the payment in full, without diminution or modification by such plan, of Senior Indebtedness), before all Senior Indebtedness
is paid in full or payment thereof provided for in cash or cash equivalents or otherwise in a manner satisfactory to the holders
of Senior Indebtedness, such payment or distribution shall be held in trust for the benefit of, and be paid over to, the holders
of the Senior Indebtedness remaining unpaid (or their representative(s) or trustee(s) acting on their behalf), ratably as aforesaid,
for application to the payment of such Senior Indebtedness until such Senior Indebtedness shall have been paid in full, after giving
effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The consolidation of the Company with,
or the merger of the Company into, another Person or the liquidation or dissolution of the Company following the conveyance or
transfer of all or substantially all of its properties and assets as an entirety to another Person upon the terms and conditions
set forth in Article Eight shall not be deemed a Proceeding for the purposes of this Section&nbsp;1602 if the Person formed by
such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer such properties and
assets as an entirety, as the case may be, shall, as a part of such consolidation, merger, conveyance or transfer, comply with
the conditions set forth in Article Eight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1603. <U>No Payment When Senior
Indebtedness in Default</U>. Anything in this Indenture to the contrary notwithstanding, no payment on account of principal of
or redemption of, interest on or other amounts due on the Securities, and no redemption, purchase, or other acquisition of the
Securities, shall be made by or on behalf of the Company (i)&nbsp;unless full payment of amounts then due for principal and interest
and of all other obligations then due on all Senior Indebtedness has been made or duly provided for pursuant to the terms of the
instrument governing such Senior Indebtedness, (ii)&nbsp;if, at the time of such payment, redemption, purchase or other acquisition,
or immediately after giving effect thereto, there shall exist under any Senior Indebtedness, or any agreement pursuant to which
any Senior Indebtedness is issued, any default, which default shall not have been cured or waived and which default shall have
resulted in the full amount of such Senior Indebtedness being declared due and payable or (iii)&nbsp;if, at the time of such payment,
redemption, purchase or other acquisition, the Trustee shall have received written notice from the holder or holders of any Senior
Indebtedness or their representative or representatives (a &quot;Payment Blockage Notice&quot;) that there exists under such Senior
Indebtedness, or any agreement pursuant to which such Senior Indebtedness is issued, any default, which default shall not have
been cured or waived, permitting the holders thereof to declare the full amount of such Senior Indebtedness due and payable, but
only for the period (the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">78</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&quot;Payment Blockage Period&quot;) commencing on the date of receipt
of the Payment Blockage Notice and ending (unless earlier terminated by notice given to the Trustee by the Holders of such Senior
Indebtedness) on the earlier of (A)&nbsp;the date on which such event of default shall have been cured or waived or (B)&nbsp;180
days from the receipt of the Payment Blockage Notice. Upon termination of a Payment Blockage Period, payments on account of principal
of or interest on the Securities and redemptions, purchases or other acquisitions may be made by or on behalf of the Company. Notwithstanding
anything herein to the contrary, (A)&nbsp;only one Payment Blockage Notice may be given during any period of 360 consecutive days
with respect to the same event of default and any other events of default on the same issue of Senior Indebtedness existing and
known to the person giving such notice at the time of such notice and (B)&nbsp;no new Payment Blockage Period may be commenced
by the holder or holders of the same issue of Senior Indebtedness or their representative or representatives during any period
of 360 consecutive days unless all events of default which were the object of the immediately preceding Payment Blockage Notice,
and any other event of default on the same issue of Senior Indebtedness existing and known to the person giving such notice at
the time of such notice, have been cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In the event that, notwithstanding the
provisions of this Section&nbsp;1603, payments are made by or on behalf of the Company in contravention of the provisions of this
Section&nbsp;1603, such payments shall be held by the Trustee, any Paying Agent or the Holders, as applicable, in trust for the
benefit of, and shall be paid over to and delivered to, the holders of Senior Indebtedness or their representative or the trustee
under the indenture or other agreement (if any), pursuant to which any instruments evidencing any Senior Indebtedness may have
been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness remaining unpaid
to the extent necessary to pay all Senior Indebtedness in full in accordance with the terms of such Senior Indebtedness, after
giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The provisions of this Section shall
not apply to any payment with respect to which Section&nbsp;1602 would be applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1604. <U>Reliance by Senior Indebtedness
on Subordination Provisions</U>. Each Holder of any Security by his acceptance thereof acknowledges and agrees that the foregoing
subordination provisions are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness,
whether such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire and continue
to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively
to have relied on such subordination provisions in acquiring and continuing to hold or in continuing to hold such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1605. <U>Subrogation to Rights
of Holders of Senior Indebtedness</U>. Subject to the payment in full of all Obligations due or to become due on or in respect
of Senior Indebtedness, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to
the holders of Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions
made to the holders of such Senior Indebtedness pursuant to the provisions of this Article&nbsp;Sixteen to the rights of the holders
of such Senior Indebtedness to receive payments and distributions of cash, property and securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">79</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">applicable to the Senior Indebtedness until the principal of and
premium, if any, and interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions
to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee
would be entitled except for the provisions of this Article&nbsp;Sixteen, and no payments over pursuant to the provisions of this
Article&nbsp;Sixteen to the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company,
its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution
by the Company to or on account of the Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1606. <U>Provisions Solely to
Define Relative Rights</U>. The provisions of this Article&nbsp;Sixteen are and are intended solely for the purpose of defining
the relative rights of the Holders of the Securities on the one hand and the holders of Senior Indebtedness on the other hand.
Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall (a)&nbsp;impair,
as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, the obligation
of the Company, which is absolute and unconditional (and which, subject to the rights under this Article&nbsp;Sixteen of the holders
of Senior Indebtedness, is intended to rank equally with all other general obligations of the Company), to pay to the Holders of
the Securities 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 (b)&nbsp;affect the relative rights against the Company of the Holders of the Securities and
creditors of the Company other than the holders of Senior Indebtedness; or (c)&nbsp;prevent the Trustee or the Holder of any Security
from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article of the holders of Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable
to the Trustee or such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1607. <U>Trustee to Effectuate
Subordination</U>. Each Holder of a Security by his acceptance thereof authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate, as between the Holders of the Securities and the holders of Senior
Indebtedness, the subordination provided in this Article&nbsp;Sixteen and appoints the Trustee his attorney-in-fact for any and
all such purposes, including, in the event of any dissolution, winding up or liquidation or reorganization under any applicable
bankruptcy law of the Company (whether in bankruptcy, insolvency or receivership Proceedings or otherwise), the timely filing of
a claim for the unpaid balance of such Holder's Securities in the form required in such Proceedings and the causing of such claim
to be approved. If the Trustee does not file a claim or proof of debt in the form required in such Proceedings prior to 30 days
before the expiration of the time to file such claims or proofs, then the holders of Senior Indebtedness, jointly, or their representatives
shall have the right to file an appropriate claim for and on behalf of the Holders and to demand, sue for, collect, receive and
receipt for the payments and distributions in respect of the Securities which are required to be paid or delivered to the holders
of Senior Indebtedness as provided in this Article Sixteen and to take all such other action in the name of the Holders or otherwise,
as such holder of Senior Indebtedness or representative thereof may determine to be necessary or appropriate for the enforcement
of the provisions of this Article&nbsp;Sixteen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">80</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1608. <U>No Waiver of Subordination
Provisions</U>. No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided
shall 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 any representative or trustee therefor, or by any non-compliance by the Company
with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Without in any way limiting the generality
of the foregoing paragraph, the holders of Senior Indebtedness may, at any time from time to time, without the consent of or notice
to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without
impairing or releasing the subordination provided in this Article&nbsp;Sixteen or the obligations hereunder of the Holders of the
Securities to the holders of Senior Indebtedness, do any one or more of the following: (i)&nbsp;change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, Senior Indebtedness, or otherwise amend or supplement in any manner
Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii)&nbsp;sell,
exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii)&nbsp;release
any Person liable in any manner for the collection of Senior Indebtedness and settle or compromise Senior Indebtedness (which,
to the extent so settled and compromised, shall be deemed to have been paid in full for all purposes hereof); (iv)&nbsp;apply any
amounts received to any liability of the Company owing to holders of Senior Indebtedness; and (v)&nbsp;exercise or refrain from
exercising any rights against the Company and any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1609. <U>Notice to Trustee</U>.
The Company shall give prompt written notice to the Trustee of any default or event of default with respect to any Senior Indebtedness
or of any fact known to the Company which would prohibit the making of any payment to or by the Trustee in respect of the Securities
pursuant to the provisions of this Article&nbsp;Sixteen. Notwithstanding the provisions of this Article&nbsp;Sixteen or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit
the making of any payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written
notice thereof from the Company or a holder of Senior Indebtedness or from any representative or trustee acting on their behalf;
and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section&nbsp;612, shall be entitled
in all respects to assume that no such facts exist; <U>provided</U>, <U>however</U>, that if the Trustee shall not have received
the notice provided for in this Section at least three Business Days prior to the date upon which by the terms hereof any money
may become payable for any purpose (including, without limitation, the payment of the principal of and premium, if any, or interest
on any Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority
to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice
to the contrary which may be received by it within three Business Days prior to such date. Nothing contained in this Article Sixteen
or any other Article of this Indenture or in any of the Securities shall prevent (a)&nbsp;the Company, at any time except during
the pendency of any Proceeding, or under the conditions described in Section&nbsp;1603, from making payments at any time in respect
of the Securities, or (b)&nbsp;the application by the Trustee of any money deposited with it hereunder to the payment of or on
account of the Securities, or the retention thereof by any Holder, if the Trustee did not have notice, as provided in this Section&nbsp;1609,
that such payment would have been prohibited by the provisions of this Article&nbsp;Sixteen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">81</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Subject to the provisions of Section&nbsp;612,
the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder
of Senior Indebtedness (or a representative or trustee therefor) to establish that such notice has been given by a holder of Senior
Indebtedness (or a trustee therefor). In the event that the Trustee determines in good faith that further evidence is required
with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant
to this Article&nbsp;Sixteen, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness 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&nbsp;Sixteen, and if such
evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such
Person to receive such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1610. <U>Reliance on Judicial
Order or Certificate of Liquidating Agent</U>. Upon any payment or distribution of assets of the Company referred to in this Article&nbsp;Sixteen,
the Trustee, subject to the provisions of Section&nbsp;612, and the Holders of the Securities shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which any Proceeding is pending, or a certificate of the trustee
in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such
payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1611. <U>Trustee Not Fiduciary
for Holders of Senior Indebtedness</U>. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness.
Nothing contained in this Article&nbsp;Sixteen or elsewhere in this Indenture, or in any of the Securities, shall prevent the application
by the Trustee of any moneys which were deposited with it hereunder, prior to its receipt of written notice of facts which would
prohibit such application, for the purpose of the payment of or on account of the principal of or interest on, the Securities unless,
prior to the date on which such application is made by the Trustee, the Trustee shall be charged with notice under Section&nbsp;1609
hereof of the facts which would prohibit the making of such application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1612. <U>Rights of Trustee as
Holder of Senior Indebtedness; Preservation of Trustee's Rights</U>. The Trustee in its individual capacity shall be entitled to
all the rights set forth in this Article&nbsp;Sixteen with respect to any Senior Indebtedness which may at any time be held by
it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to
Section&nbsp;606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1613. <U>Article Applicable to
Paying Agents</U>. In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be
then</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">82</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">acting hereunder, the term &quot;Trustee&quot; as used in this Article&nbsp;Sixteen
shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within
its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place
of the Trustee; <U>provided</U>, <U>however</U>, that Section&nbsp;1612 shall not apply to the Company or any Affiliate of the
Company if it or such Affiliate acts as Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">ARTICLE SEVENTEEN - CONVERSION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1701. <U>Applicability of Article;
Conversion Privilege and Conversion Price</U>. Securities of any series which are convertible shall be convertible in accordance
with their terms and (except as otherwise specified as contemplated by Section&nbsp;301 for Securities of any series) in accordance
with this Article Seventeen. Subject to and upon compliance with the provisions of this Article&nbsp;Seventeen, at any time during
the period specified in the Securities, at the option of the Holder thereof, any Security or any portion of the principal amount
thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, or of such portion
thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of Common
Stock of the Company, at the Conversion Price, determined as hereinafter provided, in effect at the time of conversion. In case
a Security or portion thereof is called for redemption, such conversion right in respect of the Security or portion so called shall
expire at the close of business on the Business Day immediately preceding the Redemption Date, unless the Company defaults in making
the payment due upon redemption, in which case such conversion right shall terminate on the date such default is cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The price at which shares of Common Stock
shall be delivered upon conversion (herein called the &quot;Conversion Price&quot;) of Securities of any series shall be specified
in such Securities. The Conversion Price shall be adjusted in certain instances as provided in Section&nbsp;1704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In case the Company shall, by dividend
or otherwise, declare or make a distribution on its Common Stock referred to in paragraph (4)&nbsp;of Section&nbsp;1704, the Holder
of each Security, upon the conversion thereof pursuant to this Article&nbsp;Seventeen subsequent to the close of business on the
date fixed for the determination of stockholders entitled to receive such distribution and prior to the effectiveness of the Conversion
Price adjustment in respect of such distribution pursuant to paragraph (4)&nbsp;of Section&nbsp;1704, shall be entitled to receive
for each share of Common Stock into which such Security is converted, the portion of the evidence of indebtedness, shares of Capital
Stock or assets so distributed applicable to one share of Common Stock; <U>provided</U>, <U>however</U>, that, at the election
of the Company (whose election shall be evidenced by a Board Resolution filed with the Trustee) with respect to all Holders so
converting, the Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or
securities of the Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith
by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee).
If any conversion of a Security entitled to the benefits described in the immediately preceding sentence occurs prior to the payment
date for a distribution to holders of Common Stock which the Holder of the Security so converted is entitled to receive in accordance
with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with
the Trustee) to distribute to such Holder a due bill for the evidences of indebtedness, shares of Capital Stock or assets to</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">83</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">which such Holder is so entitled, provided that such due bill (i)&nbsp;meets
any applicable requirements of the principal over-the-counter market or national securities exchange or other market on which the
Common Stock is then traded, and (ii)&nbsp;requires payment or delivery of such evidences of indebtedness or assets no later than
the date of payment or delivery thereof to holders of Common Stock receiving such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1702. <U>Exercise of Conversion
Privilege</U>. In order to exercise the conversion privilege, the Holder of any Security to be converted shall surrender such Security,
duly endorsed or assigned to the Company or in blank, at any office or agency maintained by the Company pursuant to Section&nbsp;1002,
accompanied by written notice to the Company at such office or agency that the Holder elects to convert such Security or, if less
than the entire principal amount thereof is to be converted, the portion thereof to be converted and shall comply with any additional
requirements set forth in such Security. Securities surrendered for conversion during the period from the close of business on
any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall
(except for Securities the Maturity of which is prior to such Interest Payment Date) be accompanied by payment in funds acceptable
to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of Securities being
surrendered for conversion and such interest shall be paid on such Interest Payment Date as provided in Section&nbsp;307. Except
as provided in the preceding sentence, no payment or adjustment shall be made upon any conversion on account of any interest accrued
on the Securities surrendered for conversion or on account of any dividends on the Common Stock issued upon conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company's delivery to the Holder
of the fixed number of shares of the Common Stock of the Company (and any cash in lieu of any fractional share of Common Stock)
into which the Security is convertible shall be deemed to satisfy the Company's obligation to pay the principal amount of the Security
and all accrued interest and original issue discount that has not previously been paid. The shares of Common Stock of the Company
so delivered shall be treated as issued first in payment of accrued interest and original issue discount and then in payment of
principal. Thus, accrued interest and original issue discount shall be treated as paid, rather than canceled, extinguished or forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Securities shall be deemed to have been
converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with
the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person
or Persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder
or holders of such Common Stock at such time. As promptly as practicable on or after the conversion date, the Company shall issue
and shall deliver at such office or agency a certificate or certificates for the number of full shares of Common Stock issuable
upon conversion, together with payment in lieu of any fraction of a share, as provided in Section&nbsp;1703.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In the case of any Security which is
converted in part only, as promptly as practicable on or after the conversion date the Company shall execute and the Trustee shall
authenticate and make available for delivery to the Holder thereof (or the Depositary in the case of a Global Security), at the
expense of the Company, a new Security or Securities, of authorized denominations in aggregate principal amount equal to the unconverted
portion of the principal amount of such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">84</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1703. <U>Fractions of Shares</U>. No
fractional shares of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered
for conversion at one time by the same Holder, the number of full shares of Common Stock which shall be issuable upon conversion
thereof shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered.
Instead of any fractional share of Common Stock which would otherwise be issuable upon conversion of any Security or Securities
(or specified portions thereof), the Company shall pay a cash adjustment (rounded to the nearest cent) in respect of such fraction
in an amount equal to the same fraction of the Closing Price per share of the Common Stock on the day of conversion (or, if such
day is not a Trading Day, on the Trading Day immediately preceding such day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1704. <U>Adjustment of Conversion
Price</U>. The Conversion Price shall be subject to adjustment from time to time as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) If the Company pays or
makes a dividend or other distribution (a)&nbsp;on its Common Stock exclusively in Common Stock or (b)&nbsp;on any other class
of Capital Stock of the Company, which dividend or distribution includes Common Stock of the Company, the Conversion Price in effect
at the opening of business on the day following the date fixed for the determination of stockholders entitled to receive such dividend
or other distribution (the &quot;Dividend Record Date&quot;) shall be reduced by multiplying such Conversion Price by a fraction
of which the numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the
Dividend Record Date and the denominator shall be the sum of such number of shares and the total number of shares constituting
such dividend or other distribution. Such reduction shall become effective immediately after the opening of business on the day
following the date fixed for such determination. For the purposes of this paragraph (1), the number of shares of Common Stock of
the Company at any time outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable
in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company shall not pay any dividend
or make any distribution on shares of Common Stock held in the treasury of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) Subject to paragraph (6)&nbsp;of
this Section, if the Company pays or makes a dividend or other distribution on its Common Stock consisting exclusively of Short
Term Rights (as defined below), or otherwise issues Short Term Rights to all holders of its Common Stock, the Conversion Price
in effect at the opening of business on the day following the record date for the determination of holders of Common Stock entitled
to receive such Short Term Rights (the &quot;Rights Record Date&quot;) shall be reduced by multiplying such Conversion Price by
a fraction of which the numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business
on the Rights Record Date plus the number of shares of Common Stock of the Company which the aggregate of the offering price of
the total number of shares of Common Stock so offered for subscription or purchase would purchase at such current market price
and the denominator shall be the number of shares of Common Stock of the Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">85</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">outstanding at the close of business on the Rights Record
Date plus the number of shares of Common Stock so offered for subscription or purchase. Such reduction shall become effective immediately
after the opening of business on the day following the Rights Record Date. For the purposes of this paragraph (2), the number of
shares of Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company, but
shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock of the Company.
The Company shall not issue any rights, options or warrants in respect of shares of its Common Stock held in the treasury of the
Company. When used in this Section&nbsp;1704, the term &quot;Short Term Rights&quot; shall mean rights, warrants or options entitling
the holders thereof (for a period commencing no earlier than the Rights Record Date and expiring not more than 45 days after the
Rights Record Date) to subscribe for or purchase shares of Common Stock of the Company at a price per share less than the current
market price per share (determined as provided in paragraph (7)&nbsp;of this Section&nbsp;1704) of the Common Stock of the Company
on the Rights Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) In case outstanding shares
of Common Stock of the Company shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect
at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately
reduced, and, conversely, in case outstanding shares of Common Stock of the Company shall be combined into a smaller number of
shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such
combination becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to become effective
immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(4) Subject to the last sentence
of this paragraph (4)&nbsp;of this Section, if the Company, by dividend or otherwise, (a)&nbsp;distributes to all holders of its
Common Stock evidences of its indebtedness, shares of any class of Capital Stock of the Company or other assets (other than cash
dividends out of current or retained earnings), or (b)&nbsp;distributes to substantially all holders of Common Stock rights or
warrants to subscribe for securities (other than Short Term Rights to which paragraph&nbsp;(2) of this Section&nbsp;1704 applies),
the Conversion Price shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the current
market price per share (determined as provided in paragraph (7)&nbsp;of this Section&nbsp;1704) of the Common Stock of the Company
on the Reference Date (as defined below) less the fair market value (as determined in good faith by the Board of Directors, whose
determination shall be conclusive and described in a Board Resolution filed with the Trustee), on the Reference Date, of the portion
of the evidences of indebtedness and other assets so distributed or of such subscription rights or warrants applicable to one share
of Common Stock (collectively, the &quot;Market Value of the Distribution&quot;) and the denominator shall be such current market
price per share of the Common Stock of the Company. Such reduction shall become effective immediately prior to the opening of business
on the day (the &quot;Reference Date&quot;) following the later of (a)&nbsp;the date fixed for the payment of such distribution
and (b)&nbsp;the date 20 days after notice relating to such distribution is required to be given pursuant to Section&nbsp;1706(a).
If the Board of Directors determines the fair market value of any distribution for purposes of this paragraph (4)&nbsp;by reference
to the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">86</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">actual or when issued trading market for any securities
comprising such distribution, it must in doing so consider the prices in such market over the same period used in computing the
current market price per share pursuant to paragraph (7)&nbsp;of this Section&nbsp;1704. In the event that, with respect to any
distribution to which this paragraph (4)&nbsp;of Section&nbsp;1704 would otherwise apply, the Market Value of the Distribution
is greater than the current market price per share of the Common Stock (such distribution being referred to herein as an &quot;Unadjusted
Distribution&quot;), then the adjustment provided by this paragraph (4)&nbsp;shall not be made and in lieu thereof the provisions
of Section&nbsp;1711 shall apply with respect to such Unadjusted Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(5) The Company may, but shall
not be required to, make such reductions in the Conversion Price, in addition to those required by paragraphs (1), (2), (3), and
(4)&nbsp;of this Section&nbsp;1704, as it considers to be advisable in order that any event treated for federal income tax purposes
as a dividend of stock or stock rights shall not be taxable to the recipients. In addition, the Company, from time to time, may
decrease the Conversion Price by any amount and for any reason, temporarily or otherwise, including situations where the Board
of Directors determines such decrease to be fair and appropriate with respect to transactions in which holders of Common Stock
have the right to participate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(6) Rights or warrants issued
or distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares
of Common Stock or Preferred Stock, which rights or warrants (i)&nbsp;are deemed to be transferred with such shares of Common Stock,
(ii)&nbsp;are not exercisable and (iii)&nbsp;are also issued or distributed in respect of future issuances of Common Stock, in
each case in clauses (i)&nbsp;through (iii)&nbsp;until the occurrence of a specified event or events (&quot;Trigger Events&quot;),
shall for purposes of this Section&nbsp;1704 not be deemed issued or distributed until the occurrence of the earliest Trigger Event.
Each share of Common Stock issued upon conversion of Securities pursuant to this Article Seventeen shall be entitled to receive
the appropriate number of Common Stock purchase rights (the &quot;Rights&quot;), if any, and the certificates representing the
Common Stock issued upon conversion shall bear such legends, if any. Notwithstanding anything to the contrary in this Article Seventeen,
there shall not be any adjustment to the Conversion Price as a result of (i)&nbsp;the distribution of separate certificates representing
the Rights; (ii)&nbsp;the occurrence of certain events entitling holders of Rights to receive, upon exercise thereof, Common Stock
or other securities of the Company or other securities of another corporation; or (iii)&nbsp;the exercise of such Rights. No adjustment
in the Conversion Price need be made for rights to purchase or the sale of Common Stock pursuant to a Company plan providing for
reinvestment of dividends or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(7) For the purpose of any
computation under paragraph (2), (4)&nbsp;or (5)&nbsp;of this Section&nbsp;1704, the &quot;current market price&quot; per share
of Common Stock of the Company on any date shall be deemed to be the average of the daily Closing Prices for the 15 consecutive
Trading Days selected by the Company commencing not more than 30 Trading Days before, and ending not later than, the date in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(8) No adjustment in the Conversion
Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price; <U>provided</U>,
<U>however</U>, that any adjustments which by reason of this paragraph (8)&nbsp;are not</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">87</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">required to be made shall be carried forward and taken
into account in any subsequent adjustment. All calculations under this Article Seventeen shall be made to the nearest cent or to
the nearest one-hundredth of a share of Common Stock, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(9) Anything herein to the
contrary notwithstanding, in the event the Company shall declare any dividend or distribution requiring an adjustment in the Conversion
Price hereunder and shall, thereafter and before the payment of such dividend or distribution to stockholders, legally abandon
its plan to pay such dividend or distribution, the Conversion Price then in effect hereunder, if changed to reflect such dividend
or distribution, shall upon the legal abandonment of such plan be changed to the Conversion Price which would have been in effect
at the time of such abandonment (after giving effect to all other adjustments not so legally abandoned pursuant to the provisions
of this Article Seventeen) had such dividend or distribution never been declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(10) Notwithstanding any other
provision of this Section&nbsp;1704, no adjustment to the Conversion Price shall reduce the Conversion Price below the then par
value per share of the Common Stock of the Company, and any such purported adjustment shall instead reduce the Conversion Price
to such par value. Notwithstanding the foregoing sentence, the Company hereby covenants that it will from time to time take all
such action as may be required to assure that the par value per share of the Common Stock is at all times equal to or less than
the Conversion Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(11) In the event that this
Article Seventeen requires adjustments to the Conversion Price under more than one of paragraphs&nbsp;(1), (2), (3)&nbsp;or (4)&nbsp;of
this Section&nbsp;1704, and the record or effective dates for the transaction giving rise to such adjustments shall occur on the
same date, then such adjustments shall be made by applying (to the extent they are applicable), first, the provisions of paragraph&nbsp;(3)
of this Section&nbsp;1704, second, the provisions of paragraph&nbsp;(1) of this Section&nbsp;1704, third, the provisions of paragraph&nbsp;(4)
of this Section&nbsp;1704 and, fourth, the provisions of paragraph&nbsp;(2) of this Section&nbsp;1704. Anything herein to the contrary
notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this Section&nbsp;1704.
After an adjustment to the Conversion Price under this Article&nbsp;Seventeen, any subsequent event requiring an adjustment under
this Article Seventeen shall cause an adjustment to the Conversion Price as so adjusted. If, after an adjustment, a Holder of a
Security upon conversion of such Security receives shares of two or more classes of Capital Stock of the Company, the Conversion
Price shall thereafter be subject to adjustment upon the occurrence of an action taken with respect to any such class of Capital
Stock as is contemplated by this Article Seventeen with respect to the Common Stock in this Article Seventeen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1705. <U>Notice of Adjustments
of Conversion Price</U>. Whenever the Conversion Price is adjusted as herein provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Company shall compute
the adjusted Conversion Price in accordance with Section&nbsp;1704 or Section&nbsp;1711 and shall prepare an Officer's Certificate
setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall forthwith be filed (with a copy to the Trustee) at each office or agency maintained for the purpose of conversion
of any Securities pursuant to Section&nbsp;1002; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">88</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 24.5pt">(2) a notice stating that the Conversion
Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable
after it is required, such notice shall be mailed by the Company to all Holders at their last addresses as they shall appear in
the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1706. <U>Notice of Certain Corporate
Action</U>. In case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) the Company shall take
any action that would require a Conversion Price adjustment pursuant to Section&nbsp;1704 or Section&nbsp;1711; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) there shall occur any reclassification
of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock), or any
consolidation or merger to which the Company is a party, or the sale, transfer or lease of all or substantially all of the assets
of the Company and for which approval of any stockholders of the Company is required; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(3) there shall occur the voluntary
or involuntary dissolution, liquidation or winding up of the Company, then the Company shall cause to be filed at each office or
agency maintained for the purpose of conversion of Securities pursuant to Section&nbsp;1002, and shall cause to be mailed to all
Holders at their last addresses as they shall appear in the Security Register, at least 10 days prior to the applicable record,
effective or expiration date hereinafter specified, a notice stating (x)&nbsp;the date on which a record is to be taken for the
purpose of any dividend, distribution or granting of rights, warrants or options, or, if a record is not to be taken, the date
as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights, options or warrants are
to be determined, or (y)&nbsp;the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation
or winding up is expected to become effective, and, if applicable, the date as of which it is expected that holders of Common Stock
of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1707. <U>Company to Reserve Common
Stock</U>. The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued
Common Stock, for the purpose of effecting the conversion of Securities, a number of shares of Common Stock for the conversion
of all outstanding Securities of any series which is convertible into Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1708. <U>Taxes on Conversion</U>.
The Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion
of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of the Security or
Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid
to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1709. Covenants as to Common
Stock. The Company covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue
be</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">89</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">duly and validly issued, fully paid and nonassessable, free of preemptive
or any similar rights, and, except as provided in Section&nbsp;1708, the Company will pay all taxes, liens and charges with respect
to the issue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Company will endeavor promptly to
comply with all Federal and state securities laws regulating the offer and delivery of shares of Common Stock upon conversion of
Securities, if any, and will list or cause to have quoted such shares of Common Stock on each national securities exchange or in
the over-the-counter market or such other market on which the Common Stock is then listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1710. <U>Cancellation of Converted
Securities</U>. All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction
of the Trustee, which shall dispose of the same as provided in Section&nbsp;309.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1711. <U>Provisions in Case of
Consolidation, Merger or Sale of Assets; Special Distributions</U>. If any of the following shall occur, namely: (i)&nbsp;any reclassification
or change of outstanding shares of Common Stock issuable upon conversion of Securities (other than a change in par value, or from
par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii)&nbsp;any consolidation
or merger to which the Company is a party other than a merger in which the Company is the continuing corporation and which does
not result in any reclassification of, or change (other than a change in name, or par value, or from par value to no par value,
or from no par value to par value or as a result of a subdivision or combination) in, outstanding shares of Common Stock or (iii)&nbsp;any
sale or conveyance of all or substantially all of the property or business of the Company as an entirety, then the Person formed
by such consolidation or resulting from such merger or which acquires such properties or assets, as the case may be, shall as a
condition precedent to such transaction execute and deliver to the Trustee a supplemental indenture providing that the Holder of
each Security then outstanding shall have the right thereafter, during the period such Security shall be convertible as specified
in Section&nbsp;1701, to convert such Security only into the kind and amount of securities, cash and other property receivable,
if any, upon such consolidation, merger, sale, transfer or lease by a holder of the number of shares of Common Stock of the Company
into which such Security might have been converted immediately prior to such consolidation, merger, sale, transfer or lease; provided
that the kind and amount of securities, cash and other property so receivable shall be determined on the basis of the following
assumptions. The holder of Common Stock referred to in the foregoing sentence:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) is not (a)&nbsp;a Person
with which the Company consolidated, (b)&nbsp;a Person into which the Company merged or which merged into the Company, or (c)&nbsp;a
Person to which such sale, transfer or lease was made (any Person described in the foregoing clauses (a), (b), or (c), hereinafter
referred to as a &quot;Constituent Person&quot;), or (d)&nbsp;an Affiliate of a Constituent Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(2) failed to exercise his
rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such consolidation,
merger, sale, transfer or lease (provided that if the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale transfer or lease is not the same for each share of Common Stock of the Company in respect of which
such rights of election shall</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">90</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.45pt">not have been exercised, then for the purpose of this
Section&nbsp;1711 the kind and amount of securities, cash and other property receivable upon such consolidation, merger, sale,
transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares of Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Such supplemental indenture shall provide
for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Article&nbsp;Seventeen. If, in the case of any such consolidation,
merger, sale transfer or lease the stock or other securities and property (including cash) receivable thereupon by a holder of
Common Stock includes shares of stock or other securities and property of a corporation other than the successor or purchasing
corporation, as the case may be, in such consolidation, merger, sale, transfer or lease then such supplemental indenture shall
also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders
of the Securities as the Board of Directors of the Company shall reasonably consider necessary by reason of the foregoing. The
above provisions of this Section&nbsp;1711 shall similarly apply to successive consolidations, mergers, sales, transfers or leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">In the event the Company shall execute
a supplemental indenture pursuant to this Section&nbsp;1711, the Company shall promptly file with the Trustee an Officers' Certificate
briefly stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable
by Holders of the Securities upon the conversion of their Securities after any such reclassification, change, consolidation, merger,
sale, transfer or lease and any adjustment to be made with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">If the Company makes a distribution to
all holders of its Common Stock that constitutes an Unadjusted Distribution pursuant to the last sentence of paragraph (4)&nbsp;of
Section&nbsp;1704, then, from and after the record date for determining the holders of Common Stock entitled to receive such distribution
(the &quot;Distribution Record Date&quot;), a Holder of a Security who converts such Security in accordance with the provisions
of this Indenture shall, upon conversion, be entitled to receive, in addition to the shares of Common Stock into which the Security
is convertible, the kind and amount of evidences of indebtedness, shares of Capital Stock, or other assets or subscription rights
or warrants, as the case may be, comprising the distribution that such Holder would have received if such Holder had converted
the Security immediately prior to the Distribution Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1712. <U>Trustee Adjustment Disclaimer;
Company Determination Final</U>. The Trustee has no duty to determine when an adjustment under this Article Seventeen should be
made, how it should be made or what it should be. The Trustee has no duty to determine whether a supplemental indenture under Section&nbsp;1711
need be entered into or whether any provisions of any supplemental indenture are correct. The Trustee shall not be accountable
for and makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities. The
Trustee shall not be responsible for the Company's failure to comply with this Article Seventeen. Any determination that the Company
or the Board of Directors must make pursuant to this Article&nbsp;Seventeen is conclusive, absent manifest error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">91</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">SECTION 1713. <U>When No Adjustment Required</U>.
Except as expressly set forth in Section&nbsp;1704, no adjustment in the Conversion Price shall be made because the Company issues,
in exchange for cash, property or services, shares of its Common Stock, or any securities convertible into or exchangeable for
shares of its Common Stock, or securities (including warrants, rights and options) carrying the right to subscribe for or purchase
shares of its Common Stock or such convertible or exchangeable securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">(1) Notwithstanding anything
herein to the contrary, no adjustment in the Conversion Price shall be made pursuant to Section&nbsp;1704 in respect of any dividend
or distribution if the Holders may participate therein (on a basis to be determined in good faith by the Board of Directors) and
receive the same consideration they would have received if they had converted the Securities immediately prior to the record date
with respect to such dividend or distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">SECTION 1714. <U>Equivalent Adjustments</U>.
In the event that, as a result of an adjustment made pursuant to Section&nbsp;1704 above, the holder of any Security thereafter
surrendered for conversion shall become entitled to receive any shares of Capital Stock of the Company other than shares of its
Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion of any Securities shall be subject
to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to
Common Stock contained in this Article&nbsp;Seventeen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">92</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed all as of the day and year first above written.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
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    <td style="width: 11%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
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    <td style="width: 86%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
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    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
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    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td>
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    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
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    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
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    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td>
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<tr>
    <td colspan="3" style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">,</font></td></tr>
<tr>
    <td colspan="3" style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">as Trustee</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">93</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORM OF REDEEMABLE OR NON-REDEEMABLE SUBORDINATED
SECURITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">[Face of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[If the Holder of this Security (as indicated below) is The
Depository Trust Company (&quot;DTC&quot;) or a nominee of DTC, this Security is a Global Security and the following three legends
apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>This Security is a Global Security within the meaning set
forth in the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee of a Depository. This
Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the
limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of
the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or
its nominee to a successor Depository or its nominee.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Unless this Security is presented by an authorized representative
of The Depository Trust Company a New York corporation (&quot;DTC&quot;) to the Company or its agent for registration of transfer,
conversion, exchange or payment, and such Security issued is registered in the name of Cede&nbsp;&amp; Co., or in such other name
as requested by an authorized representative of DTC (and any payment is made to Cede&nbsp;&amp; Co. or to such other entity as
is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede&nbsp;&amp; Co., has an interest herein. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Unless and until this Security is exchanged in whole or
in part for Securities in certificated form, this Security may not be transferred except as a whole by DTC to a nominee thereof
or by a nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such
successor.] </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If this Security is an Original Issue Discount Security,
insert</U> &mdash; FOR PURPOSES OF SECTION 1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT ON THIS SECURITY IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% OF ITS PRINCIPAL AMOUNT,
THE ISSUE DATE IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;, AND THE
YIELD TO MATURITY IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. THE METHOD USED TO DETERMINE THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp; TO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;,
IS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% OF THE PRINCIPAL AMOUNT OF THIS SECURITY.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">SOLITARIO EXPLORATION &amp; ROYALTY
CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">[Designation of Series]</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 52%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 47%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 12pt; font-family: Times New Roman, Times, Serif; text-indent: -12pt"><font style="font-size: 10pt">No.<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">$<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">CUSIP No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">SOLITARIO EXPLORATION &amp; ROYALTY CORP., a Colorado corporation
(herein referred to as the &quot;Company,&quot; which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
registered assigns the principal sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the
&quot;Stated Maturity Date&quot;) [or <U>insert date fixed for earlier redemption</U> (the &quot;Redemption Date,&quot; and together
with the Stated Maturity Date with respect to principal repayable on such date, the &quot;Maturity Date.&quot;)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If the Security is to bear interest prior to Maturity,
insert</U> &mdash; and to pay interest thereon from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
from the most recent Interest Payment Date to which interest has been paid or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-1</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">duly provided for, semi-annually on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in each year (each, an &quot;Interest Payment Date&quot;),
commencing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
per annum, until the principal hereof is paid or duly provided for. 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 Holder 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date [at the office or agency of the Company maintained
for such purpose; <U>provided</U>, <U>however</U>, that such interest may be paid, at the Company's option, by mailing a check
to such Holder at its registered address or by transfer of funds to an account maintained by such Holder within the United States].
Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date, and may be paid to the Holder 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 may be paid
at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or securities exchange
on which the Securities of this series may be quoted or listed, and upon such notice as may be required by such market or exchange,
all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If the Security is not to bear interest prior to Maturity,
insert</U> &mdash; 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 the [Stated] Maturity Date and in such case the overdue principal of this Security shall
bear interest at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
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.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">The principal of this Security payable on the Stated Maturity
Date [or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest
on this Security payable on the Redemption Date] will be paid against presentation of this Security at the office or agency of
the Company maintained for that purpose in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, in such coin
or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Interest payable on this Security on any Interest Payment
Date and on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will include interest accrued from and including
the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, if no interest has been paid on this Security) to but
excluding such Interest Payment Date or the [Stated] Maturity Date [or Redemption Date, as the case may be.] If any Interest Payment
Date or the [Stated] Maturity Date or [Redemption Date] falls on a day that is not a Business Day, as defined below, principal,
premium or Make-Whole</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-2</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Amount, if any, and/or interest payable with respect to such Interest
Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day
with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount
so payable for the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case
may be.] &quot;Business Day&quot; means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which banking institutions in The City of New York are required or authorized by law, regulation or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If this Security is a Global Security, insert</U> &mdash;
All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Security will be made by the Company
in immediately available funds.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Unless the Certificate of Authentication hereon has been executed
by the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">IN WITNESS WHEREOF, the Company has caused this instrument
to be duly executed under its facsimile corporate seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 5%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 94%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 100%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Attest:</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Secretary</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-3</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Reverse of Security]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">This Security is one of a duly authorized issue of securities
of the Company (herein called the &quot;Securities&quot;), issued and to be issued in one or more series under an</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp; (herein called the &quot;Indenture&quot;) between the Company and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Trustee (herein called the &quot;Trustee,&quot; which term includes any successor trustee under the Indenture with respect to
the series of which this Security is a part), 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 Trustee and
the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the duly authorized series of Securities designated on the face hereof (collectively, the &quot;Securities&quot;),
[<U>if applicable, insert</U> &mdash; and the aggregate principal amount of the Securities to be issued under such series is limited
to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(except for Securities authenticated and delivered
upon transfer of, or in exchange for, or in lieu of other Securities).] All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">If an Event of Default, as defined in the Indenture, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If applicable, insert</U> &mdash; The Securities may not
be redeemed prior to the Stated Maturity Date.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">[<U>If applicable, insert</U> &mdash; The Securities are subject
to redemption [ (l)&nbsp;(<U>If applicable, insert</U> &mdash; on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any year commencing with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the year
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through operation of the sinking fund for this series at
a Redemption Price equal to 100% of the principal amount, and (2)&nbsp;] [<U>If applicable, insert</U> &mdash; at any time [on
or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the principal amount):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">If redeemed on or before &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% and if redeemed during the 12-month period beginning
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the years indicated at the Redemption Prices indicated
below.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 64%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 12%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 12%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 12%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Year</b></P></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Price</b></font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Year</b></font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Price</b></font></td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount, together in the case of any such redemption [<U>If applicable, insert</U> &mdash; (whether through operation
of the sinking fund or otherwise)] with accrued interest to the Redemption Date; <U>provided, however</U>, that installments of
interest on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security,
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.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-4</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">[<U>If applicable, insert</U> &mdash; The Securities
are subject to redemption (1)&nbsp;on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in any year commencing
with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;at any time [on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the years indicated,</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 46%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 27%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 27%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; border-bottom: black 0.75pt solid"><b>Year</b></P></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Price&nbsp;for</b></font><br>
<font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Through</b></font><br>
<font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Operation&nbsp;of&nbsp;the&nbsp;Sinking&nbsp; Fund</b></font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Price&nbsp;for</b></font><br>
<font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Redemption&nbsp;Otherwise&nbsp;Than</b></font><br>
<font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Through Operation of the</b></font><br>
<font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Sinking Fund</b> </font></td></tr>
<tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">and thereafter at a Redemption Price equal to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
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; <U>provided</U>, <U>however</U>, that installments of interest on this Security whose
Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, 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.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[<U>If applicable, insert</U> &mdash;
Notwithstanding the foregoing, the Company may not, prior to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
redeem any Securities as contemplated by [Clause (2)&nbsp;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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
per annum.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[<U>If applicable, insert</U> &mdash;
The sinking fund for the Securities provides for the redemption on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
each year, beginning with the year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and ending with the
year &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, of [not less than] $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
[(&quot;mandatory sinking fund&quot;) and not more than $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
aggregate principal amount of the Securities. [The Securities 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 in the
[<U>describe order</U>] order in which they become due.]]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Notice of redemption will be given by
mail to Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-5</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In the event of redemption of this Security
in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the cancellation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[If applicable, insert conversion provisions
set forth in any Board Resolution or indenture supplemental to the Indenture.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of
not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding
and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate
principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company
with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority
of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all
of the Holders of Securities of such series, 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 other Securities issued upon the registration of transfer hereof or conversion or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">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 or Make-Whole Amount, if any) and interest on this Security at the times, places
and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As provided in the Indenture and subject
to certain limitations therein [and herein] set forth, the transfer of this Security is registrable in the Security Register of
the Company upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where
the principal of (and premium or Make-Whole Amount, if any) and interest on this Security are payable, 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 by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As provided in the Indenture and subject
to certain limitations therein [and herein] set forth, this Security is exchangeable for a like aggregate principal amount of Securities
of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering
the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This Security is subordinated to the
prior payment in full in cash of Senior Indebtedness to the extent set forth in Article Sixteen of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-6</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Securities of this series are issuable
only in registered form [without coupons] in denominations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
any integral multiple thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No service charge shall be made for any
such registration of transfer or conversion or exchange, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">No recourse shall be had for the payment
of the principal of or premium or Make-Whole Amount, if any, or the interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past,
present or future stockholder, employee, officer or director, as such, of the Company or of any successor, either directly or through
the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The Indenture and the Securities shall
be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed
entirely in such State.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">A-7</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORMS OF CERTIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">EXHIBIT B-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORM OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED TO RECEIVE BEARER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR
TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[Insert title or sufficient description
of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is to certify that, as of the date
hereof, and except as set forth below, the above-captioned Securities held by you for our account (i)&nbsp;are owned by person(s)
that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the
income of which is subject to United States Federal income taxation regardless of its source (&quot;United States person(s)&quot;),
(ii)&nbsp;are owned by United States person(s) that are (a)&nbsp;foreign branches of United States financial institutions (financial
institutions, as defined in United States Treasury Regulations Section&nbsp;2.165-12(c)(1)(v) are herein referred to as &quot;financial
institutions&quot;) purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who acquired the Securities
through foreign branches of United States financial institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a)&nbsp;or (b), each such United States financial institution hereby agrees,
on its own behalf or through its agent, that you may advise Solitario Exploration &amp; Royalty Corp. or its agent that such financial
institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the United States Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;are owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section&nbsp;1.163-5(c)(2)(i)(D)(7)),
and, in addition, if the owner is a United States or foreign financial institution described in clause (iii)&nbsp;above (whether
or not also described in clause (i)&nbsp;or (ii)), this is to further certify that such financial institution has not acquired
the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States
or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As used herein, &quot;United States&quot;
means the United States of America (including the States and the District of Columbia); and its &quot;possessions&quot; include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We undertake to advise you promptly by
tested telex or by telecopy on or prior to the date on which you intend to submit your certification relating to the above-captioned
Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct
on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This certificate excepts and does not
relate to [U.S.$] of such interest in the above-captioned Securities in respect of which we are not able to certify and as to which
we</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">B-1</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">understand an exchange for an interest in a permanent Global Security
or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made until we
do so certify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We understand that this certificate may
be required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[To be dated no earlier than the 15th
day prior to (i)&nbsp;the Exchange Date or (ii)&nbsp;the relevant Interest Payment Date occurring prior to the Exchange Date, as
applicable]</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 100%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">[Name of Person Making Certification]</font></td></tr>
<tr>
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
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<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">(Authorized Signature)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">B-2</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT B-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
AND CLEARSTREAM S.A. IN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONNECTION WITH THE EXCHANGE OF A PORTION OF
A TEMPORARY GLOBAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR
TO THE EXCHANGE DATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[Insert title or sufficient description
of Securities to be delivered]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This is to certify that, based solely
on written certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons
appearing in our records as persons entitled to a portion of the principal amount set forth below (our &quot;Member Organizations&quot;)
substantially in the form attached hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i)&nbsp;is
owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any
estate or trust the income of which is subject to United States Federal income taxation regardless of its source (&quot;United
States person(s)&quot;), (ii)&nbsp;is owned by United States person(s) that are (a)&nbsp;foreign branches of United States financial
institutions (financial institutions, as defined in U.S. Treasury Regulations Section&nbsp;1.165-12(c)(1)(v) are herein referred
to as &quot;financial institutions&quot;) purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who
acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a)&nbsp;or (b), each such financial institution has
agreed, on its own behalf or through its agent, that we may advise Solitario Exploration &amp; Royalty Corp. or its agent that
such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii)&nbsp;is owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section&nbsp;1.163-5(c)(2)(i)(D)(7)),
and, to the further effect, that financial institutions described in clause (iii)&nbsp;above (whether or not also described in
clause (i)&nbsp;or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">As used herein, &quot;United States&quot;
means the United States of America (including the States and the District of Columbia); and its &quot;Possessions&quot; include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We further certify that (i)&nbsp;we are
not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary Global Security
representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii)&nbsp;as
of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements
made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection
of any interest) are no longer true and cannot be relied upon as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We understand that this certification
is required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">B-3</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[To be dated no earlier than the Exchange
Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">[Morgan Guaranty Trust Company of New
York, Brussels Office, as Operator of the Euroclear System Clearstream Banking Luxembourg]</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
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    <td style="width: 5%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="width: 94%; padding-bottom: 10pt; line-height: 115%">&nbsp;</td></tr>
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    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">By:</font></td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top">
<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.75pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
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    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Name:</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-bottom: 10pt; line-height: 115%"><font style="font: 10pt/115% Times New Roman, Times, Serif">Title:</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">B-4</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exh51.htm
<DESCRIPTION>MARCH 26, 2014
<TEXT>
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<P STYLE="font: 11.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right">Exhibit 5.1</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">March&nbsp;26, 2014</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">Solitario Exploration &amp; Royalty
Corp.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4251 Kipling Street, Suite 390</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wheat Ridge, Colorado 80033</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;This opinion
letter is furnished to you in connection with your filing of a Registration Statement on Form S-3 (as amended or supplemented,
the &ldquo;Registration Statement&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
relating to the registration of up to $75,000,000 of any combination of (i)&nbsp;shares of common stock, par value $0.01 per share
(the &ldquo;Common Stock&rdquo;), of Solitario Exploration &amp; Royalty Corp., a Colorado corporation (the &ldquo;Company&rdquo;),
(ii)&nbsp;shares of preferred stock, par value $0.01 per share, of the Company (the &ldquo;Preferred Stock&rdquo;), (iii)&nbsp;debt
securities of the Company (the &ldquo;Debt Securities&rdquo;), (iv)&nbsp;warrants to purchase shares of Common Stock or Preferred
Stock and/or Debt Securities (the &ldquo;Warrants&rdquo;), and (v)&nbsp;units comprised of shares of Common Stock and/or Preferred
Stock, Warrants, Debt Securities and/or other securities of the Company, in any combination (the &ldquo;Units&rdquo;). The Common
Stock, Preferred Stock, Debt Securities, Warrants and Units are sometimes referred to collectively herein as the &ldquo;Securities.&rdquo;
Securities may be issued in an unspecified number (with respect to Common Stock, Preferred Stock, Warrants and Units) or in an
unspecified principal amount (with respect to Debt Securities and Warrants). The Registration Statement provides that the Securities
may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more prospectus
supplements (each a &ldquo;Prospectus Supplement&rdquo;) to the prospectus contained in the Registration Statement.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;We have reviewed
such matters of law, made such inquiries and reviewed such documents and records as we have deemed necessary or appropriate to
enable us to express the opinions set forth in this letter. In additiona, we have examined and relied upon representations, statements
or certificates of public officials and officers and representatives of the Company. In expressing the opinions set forth below,
we have assumed, with your consent, that all documents submitted to us as originals are authentic, all documents submitted to us
as certified or photostatic copies conform to the original documents, and all signatures on all documents submitted to us for examination
are genuine and made by natural persons with legal capacity.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;We render
no opinion herein as to matters involving the laws of any jurisdiction other than the State of Colorado and the federal securities
laws of the United States of America. This opinion is limited to the facts as they presently exist and the effect of the present
state of the laws of the State of Colorado and the federal securities laws of the United States of America. We assume no obligation
to revise or supplement this opinion letter in the event of future changes in such laws or the interpretations thereof or such
facts. We express no opinion as to the application of the securities or blue sky laws of any states with respect to the offer or
sale of the Securities. Without limiting the generality of the foregoing, except as set forth herein, we express no opinion in
connection with the matters contemplated by the Registration Statement, and no opinion may be implied or inferred, except as expressly
set forth herein.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;For purposes
of the opinions expressed below, without limiting any other exceptions or qualifications set forth herein, we have assumed that
(i) after the issuance of any Securities offered pursuant to the Registration Statement, the total number of issued shares of Common
Stock or Preferred Stock, as applicable, together with the total number of shares of such stock reserved for issuance upon the
exercise, exchange, conversion or settlement, as the case may be, of any exercisable, exchangeable or convertible security, as
the case may be, then outstanding, will not exceed the total number of authorized shares of Common Stock or Preferred Stock, as
applicable, under the Company&rsquo;s Amended and Restated Articles of Incorporation, as amended and then in effect (the &ldquo;Articles&rdquo;),
and (ii) the Registration Statement (including all necessary post-effective amendments) has been declared effective by order of
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">For purposes of
the opinions expressed below, we refer to the following as the &ldquo;Future Authorization and Issuance&rdquo; of Securities:</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11.5pt">
<TR>
    <TD STYLE="width: 9%; padding-bottom: 10pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-bottom: 10pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font: 11.5pt/115% Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11.5pt">with respect to any of the Securities, (i)&nbsp;the appropriate and proper authorization by the Company of the terms and issuance of such Securities, including the consideration to be received for such Securities, in accordance with the Articles and applicable law (the &ldquo;Authorization&rdquo;), and (ii)&nbsp;the issuance of such Securities in accordance with the Authorization upon the receipt by the Company of the consideration (which, in the case of shares of Common Stock or Preferred Stock, is not less than the par value of such shares) to be paid therefor in accordance with the Authorization; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; padding-bottom: 10pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-bottom: 10pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 11.5pt/115% Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 89%; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11.5pt">with respect to Preferred Stock, (i)&nbsp;the establishment of the terms, rights and preferences of such Preferred Stock by the Company in accordance with the Articles and applicable law, and (ii)&nbsp;the execution, acknowledgement and filing with the Colorado Secretary of State, and the effectiveness of, an amendment to the Articles setting forth the terms, rights and preferences of such Preferred Stock in accordance with the Articles and applicable law; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 9%; padding-bottom: 10pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-bottom: 10pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 11.5pt/115% Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11.5pt">with respect to Debt Securities, (i)&nbsp;the authorization, execution and delivery of the indenture or a supplemental indenture relating to such Securities by the Company and the trustee thereunder, (ii)&nbsp;the establishment of the terms of such Securities by the Company in accordance with the applicable indenture or supplemental indenture and applicable law, and (iii)&nbsp;the execution, authentication and issuance of such Debt Securities in accordance with the applicable indenture or supplemental indenture and applicable law; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 9%; padding-bottom: 10pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-bottom: 10pt; text-align: justify; line-height: 115%"><FONT STYLE="font: 11.5pt/115% Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 10pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11.5pt">with respect to Warrants and/or Units, (i)&nbsp;the authorization, execution and delivery by the Company and the other parties thereto of any agreement under which such Securities are to be issued, and (ii)&nbsp;the establishment of the terms of such Warrants and/or Units by the Company, and the execution, issuance and delivery of such Securities, in accordance with any applicable agreement under which such Securities are to be issued and applicable law. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">Based upon the
foregoing, and subject to the limitations, qualifications and assumptions contained herein, we are of the opinion that:</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;1. &#9;Upon
the Future Authorization and Issuance of shares of Common Stock registered on the Registration Statement, such shares of Common
Stock will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;2. &#9;Upon
the Future Authorization and Issuance of shares of Preferred Stock registered on the Registration Statement, such shares of Preferred
Stock will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;3. &#9;Upon
the Future Authorization and Issuance of Debt Securities registered on the Registration Statement, such Debt Securities will be
valid and legally binding obligations of the Company.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;4. &#9;Upon
the Future Authorization and Issuance of Warrants registered on the Registration Statement, such Warrants will be valid and legally
binding obligations of the Company.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;5. &#9;Upon
the Future Authorization and Issuance of Units registered on the Registration Statement, such Units will be valid and legally binding
obligations of the Company.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;The opinions
expressed above, as they relate to the Debt Securities, and any Warrants or Units that include Debt Securities, are subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general application affecting
the rights and remedies of creditors and to general principles of equity.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">&#9;Our opinion
is furnished specifically for you, and may not be relied upon, assigned, quoted or otherwise used in any manner or for any purpose
by any other person or entity. Notwithstanding the preceding sentence, we hereby consent to the use of this opinion as Exhibit
5.1 to the Registration Statement and to the reference to our name under the caption &quot;Legal Matters&quot; in the Registration
Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under
Section 7 of the Securities Act or the rules and regulations of the SEC thereunder.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 11.5pt">
<TR>
    <TD STYLE="width: 100%; padding-bottom: 10pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font: 11.5pt/115% Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; text-align: justify; text-indent: -12pt; margin-right: 0; margin-left: 12pt">/s/
        Polsinelli PC</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">POLSINELLI PC</P></TD></TR>
</TABLE>
<P STYLE="font: 11.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>exh231.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit&nbsp;23.1 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We consent to the reference to our firm
under the caption &ldquo;Experts&rdquo; in the Registration Statement (Form S-3) and the related Prospectus of Solitario Exploration
&amp; Royalty Corp. for the registration of up to $75,000,000 of debt securities, preferred stock, common stock, warrants and units
and to the incorporation by reference therein of our report dated March&nbsp;7, 2014, with respect to the consolidated financial
statements of Solitario Exploration &amp; Royalty Corp. included in its Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2013, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 100%; padding-bottom: 10pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">/s/ EKS&amp;H LLLP</P>
        <P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March&nbsp;25, 2014</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Denver, Colorado</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>6
<FILENAME>exh233.htm
<DESCRIPTION>CONSENT OF SRK CONSULTING (US), INC.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: right"><B>Exhibit 23.3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>CONSENT OF SRK CONSULTING (US), Inc.
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The undersigned, SRK Consulting (US)
Inc., (&ldquo;SRK&rdquo;) hereby states as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Our firm prepared independent technical
reports, completed in 2009 and 2012 (the &ldquo;Technical Reports&rdquo;), concerning the Mt. Hamilton project currently owned
by Mt. Hamilton LLC of Wheat Ridge, Colorado (&ldquo;MH-LLC&rdquo;) a controlled subsidiary of Solitario Exploration &amp; Royalty
Corp. (&ldquo;Solitario&rdquo;). Portions of the Technical Reports are contained, summarized or referenced in the Annual Report
on Form 10-K of Solitario for the year ended December&nbsp;31, 2013, (the &ldquo;Form 10-K&rdquo;) filed with the United States
Securities and Exchange Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We hereby consent to the reference to
our firm under the caption &ldquo;Experts&rdquo; in the Registration Statement (Form S-3) and the related Prospectus of Solitario
Exploration &amp; Royalty Corp. for the registration of up to $75,000,000 of debt securities, preferred stock, common stock, warrants
and units.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">SRK Consulting (US), Inc.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-indent: 0.5in; border-bottom: black 0.75pt solid">&nbsp;/s/
        J.B. Pennington</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Name: J. B. Pennington</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;Practice Leader &ndash; SRK Reno</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Date: </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;March 25, 2014</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>logo.jpg
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
