<SEC-DOCUMENT>0001654954-18-008385.txt : 20180802
<SEC-HEADER>0001654954-18-008385.hdr.sgml : 20180802
<ACCEPTANCE-DATETIME>20180802170612
ACCESSION NUMBER:		0001654954-18-008385
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20180802
DATE AS OF CHANGE:		20180802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISSUER DIRECT CORP
		CENTRAL INDEX KEY:			0000843006
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				261331503
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-226530
		FILM NUMBER:		18989356

	BUSINESS ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560
		BUSINESS PHONE:		9194611600

	MAIL ADDRESS:	
		STREET 1:		500 PERIMETER PARK DRIVE
		STREET 2:		SUITE D
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INC
		DATE OF NAME CHANGE:	20071002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DOCUCON INCORPORATED
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>isdr_s3.htm
<DESCRIPTION>FORM S-3
<TEXT>
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As filed with the Securities and Exchange Commission on August 2,
2018</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">Registration No.
333-</font></font></font></div>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Washington, D.C. 20549</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
FORM S-3</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
ISSUER DIRECT CORPORATION</font></div>
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(Exact name of registrant as specified in its charter)</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Delaware</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(State or other jurisdiction of incorporation or
organization)</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
26-1331503</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
I.R.S. Employer Identification Number</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
500 Perimeter Park Drive, Suite 400</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Morrisville, North Carolina 27560</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(919) 481-4000</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;(Address, including zip code, and telephone number, including
area code of registrant&#x2019;s principal executive
offices)</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Brian R. Balbirnie</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Chief Executive Officer</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Issuer Direct Corporation</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
500 Perimeter Park Drive, Suite 400</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Morrisville, North Carolina 27560</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(919) 481-4000</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;(Name, address, including zip code, and telephone number,
including area code, of agent for service)</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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With a copy to:</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Jeffrey M. Quick, Esq.</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Quick Law Group PC</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1035 Pearl Street, Suite 404</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Boulder, Colorado 80302</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Phone: (720) 259-3393</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Fax: (303) 845-7315</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this registration
statement.</font>&#xA0;<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">If
the only securities being registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check
the following box. [ ]</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">If
any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 of
the Securities Act of 1933, other than securities offered only in
connection with dividend or interest reinvestment plans, check the
following box. [X]</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">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. [ ]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">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. [
]</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">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, please check the following box. [
]</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">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, please check the following
box. [ ]</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">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 &#x201C;large accelerated
filer,&#x201D; &#x201C;accelerated filer,&#x201D; &#x201C;smaller
reporting company&#x201D; and &#x201C;emerging growth company&#x201D;
in Rule 12b-2 of the Exchange Act. (Check one):</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Large
accelerated filer</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[ ]</font></div>
</td>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accelerated
filer</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[ ]</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Non-accelerated
filer</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[ ]</font></div>
</td>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Smaller
reporting company</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[X]</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(Do
not check if a smaller reporting company)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 36%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Emerging growth company</font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[ ]</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of Securities
Act. [ ]</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
CALCULATION OF REGISTRATION FEE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; margin: 0px auto 0px 0px; width: 100%; font-size: inherit;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
<div>
<div style="margin-left: 0px;">
<div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px"><font style="font-weight: bold; color: #000">Title of each class of securities
to be registered</font></font></div>
</div>
</div>
</div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size:11px;"><font style="color:#000;font-weight:bold;">Amount to be
Registered</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size:11px;"><font style="color:#000;font-weight:bold;">Proposed Maximum Offering Price Per
Unit</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size:11px;"><font style="color:#000;font-weight:bold;">Proposed Maximum Aggregate Offering
Price</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size:11px;"><font style="color:#000;font-weight:bold;">Amount of Registration Fee
(3)</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px;"><font style="color: #000; font-family: Times New Roman">Common Stock, par value
$0.001 per share</font></font></div>
</td>
<td style="width: 1%;">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(1)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">&#x2014;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px;"><font style="color: #000; font-family: Times New Roman">Preferred Stock, par
value $0.001 per share</font></font></div>
</td>
<td style="width: 1%;">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(1)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">&#x2014;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px;"><font style="color: #000; font-family: Times New Roman">Debt
Securities</font></font></div>
</td>
<td style="width: 1%;">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(1)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">&#x2014;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 13px;"><font style="color: #000; font-family: Times New Roman">Warrants</font></font></div>
</td>
<td style="width: 1%;">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(1)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">&#x2014;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 13px;"><font style="color: #000; font-family: Times New Roman">Units</font></font></div>
</td>
<td style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); display: inline-block; width: 5%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); display: inline-block; width: 75%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">(1)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">&#x2014;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 52%; border-bottom: 4px double rgb(0, 0, 0);">
<div>
<div><font style="font-size: 13px;">
<div>
<div>
<div style="margin-left: 0px;">
<div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font><font style="color: #000; font-family: Times New Roman">Total</font></font></div>
</div>
</div>
</div>
</div>
</font></div>
</div>
</td>
<td style="width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); display: inline-block; width: 5%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); display: inline-block; width: 75%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">(1)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><br></font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font><font style="text-align: center; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;"><font style="font-size: 70%; vertical-align: top">(2)</font></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;"><font style="font-size: 70%; vertical-align: top">&#xA0;</font></font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">30,000,000<br></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">3,735<br></font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">There
are being registered hereunder such indeterminate number of shares
of common stock and preferred stock, such indeterminate principal
amount of debt securities and such indeterminate number of warrants
and units as shall have an aggregate offering price not to exceed
$30,000,000. If any debt securities are issued at an original issue
discount, then the principal amount of such debt securities shall
be in such greater amount as shall result in an aggregate offering
price not to exceed $30,000,000, less the aggregate dollar amount
of all securities previously issued hereunder. Any securities
registered hereunder may be sold separately or as units with other
securities registered hereunder. The securities registered also
include such indeterminate number of shares of common stock and
preferred stock and amount of debt securities as may be issued upon
conversion of or exchange for preferred stock or debt securities
that provide for conversion or exchange, upon exercise of warrants
or pursuant to the anti-dilution provisions of any such securities.
In addition, pursuant to Rule 416 under the Securities Act of 1933,
as amended (the &#x201C;Securities Act&#x201D;), the shares being
registered hereunder include such indeterminate number of shares of
common stock and preferred stock as may be issuable with respect to
the shares being registered hereunder as a result of stock splits,
stock dividends or similar transactions.</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
proposed maximum aggregate offering price per class of security
will be determined from time to time by the Registrant in
connection with the issuance by the Registrant of the securities
registered hereunder and is not specified as to each class of
security.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Calculated
pursuant to Rule 457(o) under the Securities Act.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Registrant hereby amends this registration statement on such
date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically
states that this registration statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of
1933 or until the registration statement shall become effective on
such date as the Commission, acting pursuant to said section 8(a),
may determine.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #FF0000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any
jurisdiction where the offer or sale is not permitted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FF0000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
PROSPECTUS</font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FF0000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
SUBJECT TO COMPLETION</font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FF0000; font-family: Times New Roman; font-size: 13px">
DATED AUGUST 2, 2018</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="isdr_s3000.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">$30,000,000</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Common
Stock</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Preferred
Stock</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Debt
Securities</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Warrants</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Units</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">From
time to time, we may offer and sell, in one or more offerings, up
to $30,000,000 of any combination of the securities described in
this prospectus. We may also offer securities as may be issuable
upon conversion, redemption, repurchase, exchange or exercise of
any securities registered hereunder, including any applicable
anti-dilution provisions.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus provides a general description of the securities we may
offer from time to time. Each time we offer securities, we will
provide specific terms of the securities offered in a supplement to
this prospectus. We may also authorize one or more free writing
prospectuses to be provided to you in connection with an offering.
The prospectus supplement and any related free writing prospectus
may also add, update or change information contained in this
prospectus. You should carefully read this prospectus, the
applicable prospectus supplement and any related free writing
prospectus, as well as any documents incorporated by reference,
before you invest in any of the securities being
offered.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Our
common stock is listed on the NYSE American under the symbol
&#x201C;ISDR&#x201D;. The last reported sale price of our common
stock on August 1, 2018 was $18.90 per share.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">We may
offer and sell our securities to or through one or more agents,
underwriters, dealers or other third parties or directly to one or
more purchasers on a continuous or delayed basis. If agents,
underwriters or dealers are used to sell our securities, we will
name them and describe their compensation in a prospectus
supplement. The price to the public of our securities and the net
proceeds we expect to receive from the sale of such securities will
also be set forth in a prospectus supplement. For additional
information on the methods of sale, you should refer to the section
entitled &#x201C;<font style="font-style: italic">Plan of
Distribution</font>&#x201D; in this prospectus</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As of
August 1, 2018, the aggregate market value of our outstanding
common stock held by non-affiliates was approximately $41.6
million, which was calculated based on 2,201,983 shares of
outstanding common stock held by non-affiliates, at a price per
share of $18.90. Pursuant to General Instruction I.B.6 of Form S-3,
in no event will we sell the securities described in this
prospectus in a public primary offering with a value exceeding more
than one-third of the aggregate market value of our common stock
held by non-affiliates in any 12-month period, so long as the
aggregate market value of our outstanding common stock held by
non-affiliates remains below $75 million. During the 12 calendar
months prior to and including the date of this prospectus, we have
not offered or sold any securities pursuant to General Instruction
I.B.6 of Form S-3.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Our
business and investing in shares of our common stock involves
significant risks. You should review carefully the risks and
uncertainties referenced under the heading &#x201C;<font style="font-style: italic">Risk Factors</font>&#x201D; on page 7 of this
prospectus, as well as those contained in the applicable prospectus
supplement and any related free writing prospectus, and in the
other documents that are incorporated by reference into this
prospectus or the applicable prospectus supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Neither
the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any
representation to the contrary is a criminal offense.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">The
date of this prospectus is [&#xA0; &#xA0;&#xA0; &#xA0; ],
2018</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUER
DIRECT CORPORATION</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="toc">T</a>ABLE OF CONTENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: middle; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
<font style="text-decoration: underline">PAGE</font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#aboutthisprospectus">About This
Prospectus</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#companyoverview">The Company<br></a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#riskfactors">Risk Factors</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#cautionarynotes">Cautionary Notes Regarding
Forward-Looking Statements</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
7<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#ratioofearnings">Ratio of Earnings to Fixed Charges and
Preferred Stock Dividends<br></a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#useofproceeds">Use of Proceeds</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#descriptionofcapitalstock">Description of our Capital
Stock</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
8<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#descriptionofdebtsecurities">Description of our Debt
Securities</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#descriptionofwarrants">Description of our
Warrants</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
17<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#descriptionofunits">Description of our
Units</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#overallotment">Description of Overallotment Purchase
Rights</a><br></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#planofdistribution">Plan of Distribution</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
22</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="#legalmatters">Legal Matters</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><a href="#experts">
Experts</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="#whereyoucanfindmoreinfo"><font style="font-family: Times New Roman; font-size: 13px;">Where You Can Find
More Information</font></a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 90%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><a href="#incorporationofcertaininfo">
Incorporation Of Certain Information By Reference</a></font></div>
</td>
<td style="vertical-align: middle; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">i</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="aboutthisprospectus">A</a>BOUT THIS PROSPECTUS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus is part of a registration statement filed with the
Securities and Exchange Commission (the &#x201C;SEC&#x201D;), using a
&#x201C;shelf&#x201D; registration process. Under this shelf
registration process, we may sell the securities described in this
prospectus in one or more offerings. This prospectus provides you
with a general description of the securities which may be offered.
Each time we offer securities for sale, we will provide a
prospectus supplement that contains specific information about the
terms of that offering. Any prospectus supplement may also add or
update information contained in this prospectus. You should read
both this prospectus and any prospectus supplement together with
additional information described below under &#x201C;<font style="font-style: italic">Where You Can Find More
Information</font>&#x201D; and &#x201C;<font style="font-style: italic">Incorporation of Certain Information by
Reference</font>.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">You
should rely only on the information contained or incorporated by
reference in this prospectus, and in any prospectus supplement. We
have not authorized any other person to provide you with different
information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not making offers to
sell or solicitations to buy the securities described in this
prospectus in any jurisdiction in which an offer or solicitation is
not authorized, or in which the person making that offer or
solicitation is not qualified to do so or to anyone to whom it is
unlawful to make an offer or solicitation. You should not assume
that the information in this prospectus or any prospectus
supplement, as well as the information we file or previously filed
with the SEC that we incorporate by reference in this prospectus or
any prospectus supplement is accurate as of any date other than its
respective date. Our business, financial condition, results of
operations and prospects may have changed since those
dates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus contains summaries of certain provisions contained in
some of the documents described herein, but reference is made to
the actual documents for complete information. All of the summaries
are qualified in their entirety by the actual documents. Copies of
some of the documents referred to herein have been filed, will be
filed or will be incorporated by reference as exhibits to the
registration statement of which this prospectus is a part, and you
may obtain copies of those documents as described below under the
heading &#x201C;<font style="font-style: italic">Where You Can Find
More Information</font>&#x201D;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px">
All brand names or trademarks appearing in this report are the
property of their respective holders. Unless the context requires
otherwise, references in this prospectus to &#x201C;Issuer
Direct,&#x201D; the &#x201C;Company,&#x201D; &#x201C;we,&#x201D;
&#x201C;us,&#x201D; and &#x201C;our&#x201D; refer to Issuer Direct
Corporation, a Delaware corporation.</font><br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">THE
COMPANY</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #000000; background-color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Overview</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Issuer
Direct is an industry-leading global communications and compliance
company focusing on the needs of corporate issuers. Issuer Direct's
principal platform, Platform <font style="text-decoration: underline">id.</font>&#x2122;, empowers users by
thoughtfully integrating the most relevant tools, technologies and
products, thus eliminating the complexity associated with producing
and distributing their business communications and financial
information.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">We work
with a diverse customer base in the financial services industry,
including brokerage firms, banks and mutual funds. We also sell
products and services to corporate issuers, professional firms,
such as investor relations and public relations firms, and the
accounting and the legal communities. Corporate issuers and their
service providers utilize Platform <font style="text-decoration: underline">id.</font> and related services from
document creation all the way to dissemination to regulatory
bodies, platforms and shareholders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
order to provide a good representation of our business and reflect
our platform first engagement strategy, we report revenue in two
revenue streams: (i) Platform and Technology and (ii) Services. Due
to the adoption of Accounting Standards Codification
(&#x201C;ASC&#x201D;) 606 Revenue from Contracts with Customers as of
January 1, 2018, we reclassified revenue associated with the
Company&#x2019;s shareholder outreach offering that included both
electronic dissemination and physical delivery of a
customer&#x2019;s annual report. Historically, revenue from these
bundled contracts was reported in the Services revenue stream
because an allocation between electronic and physical hardcopy
distribution was not made, however, under ASC 606, a portion of the
revenue from these contracts is required to be allocated to the
Platform and Technology revenue stream in accordance with
stand-alone contracts for the shareholder outreach subscription.
Revenue of $186,000 and $393,000 for the three and six months ended
June 30, 2017, respectively, which was previously reported as
Services revenue was reclassified as Platform and Technology
revenue.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Set
forth below is an infographic depicting the modules included in
Platform <font style="text-decoration: underline">id.</font> and
the services we provide:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 10px; text-indent: 0px"><img src="isdr_s3001.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Platform and Technology</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As we
continue our transition to a cloud-based subscription business, we
expect the Platform and Technology portion of our business to
continue to increase over the next several years, both in terms of
overall revenue and as compared to the Services portion of our
business. Platform and Technology revenue grew to 59% of total
revenue for the second quarter of 2018, compared to 55% of our
revenue for 2017 and approximately 44% of our revenue in 2016. Our
ACCESSWIRE&#xAE; news business offering represented a majority of
the year over year growth in our Platform and Technology revenue
during 2017 and continues to lead our transition to a full platform
solution.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As part
of our Platform and Technology strategy, we have been working with
several select stock exchanges, whereby we make available certain
parts of our platform, under agreement, to integrate our offerings.
Such partnerships should yield increased exposure to a targeted
customer base that could impact our revenue and overall brand in
the market.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Additionally,
we plan to continue to invest in both our current Platform
<font style="text-decoration: underline">id.</font> offering as
well as additional offerings, which we believe provide long term
opportunity. These advancements will leverage our current
application technology framework and give us an opportunity to
further expand our customer and user base.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Platform <font style="text-decoration: underline">id.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Platform
<font style="text-decoration: underline">id.</font> is our primary
cloud-based subscription platform that efficiently and effectively
helps manage the events of our customers seeking to distribute
their messaging to key constituents, investors, markets and
regulatory systems around the globe. Currently, Platform
<font style="text-decoration: underline">id.</font> consists of
several related but distinct shareholder communications and
compliance modules. Certain of these capabilities were historically
part of our disclosure management and shareholder communications
offerings, but are now included into our fully integrated
platform.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Within
most of our target markets, customers require several individual
services and/or software providers to meet their investor
relations, communications and compliance needs. We believe Platform
<font style="text-decoration: underline">id.</font> can address all
those needs in a single, secure, cloud-based platform - one that
offers a company control, increases efficiencies, demonstrates a
clear value and, most importantly, delivers consistent and
compliant messaging from one centralized platform.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">While
the complete platform is available for a single subscription fee,
companies also have the flexibility to choose one or more of the
specific modules that fit their needs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Communications Modules</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
press release offering, which is marketed under the brand,
ACCESSWIRE, is a cost-effective Fair Disclosure, Regulation FD,
news dissemination and media outreach service. The ACCESSWIRE
product offering focuses on press release distribution for both
private and publicly held companies globally. ACCESSWIRE is fast
becoming a competitive alternative to the traditional newswires
because we have been able to integrate customer editing features
and improve our targeting and growing analytics reporting systems,
which we believe will enable us to add new customers for the
remainder of 2018 and beyond. We have also been able to maintain
flexible pricing by offering our customers the option to pay per
release or enter into longer-term subscriptions. Currently,
approximately 60% of our ACCESSWIRE revenue is on a subscription
basis.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On July
3, 2018, we completed the acquisition of Filing Services Canada
Inc. (&#x201C;FSCwire&#x201D;), which not only increased our customer
base, but more importantly increased our global footprint,
distribution capabilities and editorial team. Once the integration
of FSCwire is complete it will be rebranded ACCESSWIRE Canada,
which should be completed the by the end of the third quarter of
this year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
continue to brand our press release offerings under the name
ACCESSWIRE, which we believe will solidify our market position in
the newswire business. Our ACCESSWIRE news editing offering is
available within our core Platform <font style="text-decoration: underline">id.</font> subscription or as a
stand-alone module.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">ACCESSWIRE
is dependent upon several key partners for news distribution, some
of which are also partners that we rely on for other investor
outreach offerings. A disruption in any of these partnerships could
have a materially adverse impact on our business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Also
included in Platform <font style="text-decoration: underline">id.</font> is our targeting and
outreach database and intelligence analytics module. This module is
centered around both our shareholder communications and news
distribution offerings. We anticipate the analytics and peer review
components will become a focal point for Platform <font style="text-decoration: underline">id.</font> in the future, as customers
become increasingly interested in peer performance and real-time
alerts to vital data points throughout the day.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
believe our data-set is an attractive option for both investor
relations and public relations firms and for customers looking for
an alternative to current products in the market, based on price,
as well as data quality and quantity. During the fourth quarter of
2017, our dataset and analytics were integrated into our ACCESSWIRE
offering as a way to add value and expand distribution via highly
targeted lists of professionals from the dataset. We expect this to
increase future ACCESSWIRE revenues per press release as well as
ACCESSWIRE subscriptions throughout 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Over
the past year, we have been focused on refining the model of
digital distribution of our customers&#x2019; message to the
investment community and beyond. This has been accomplished by
integrating our shareholder outreach module, formerly known as
Investor Network, into and with Platform <font style="text-decoration: underline">id.</font> Most of the customers
subscribing to this module today are historical PrecisionIR
(&#x201C;PIR&#x201D;) &#x2013; Annual Report Service
(&#x201C;ARS&#x201D;) users, as well as new customers purchasing the
entire Platform <font style="text-decoration: underline">id.</font>
subscription. We have migrated many of the customers from the
traditional ARS business into this new digital subscription
business. However, there can be no assurances these customers will
continue using this digital platform in the long term if market
conditions or shareholder interest is not present.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
are over 5,000 companies in North America conducting earnings
events each quarter that include teleconference, webcast or both as
part of their events. Platform <font style="text-decoration: underline">id.</font> incorporates each element
of the earnings event including earnings date/call announcement,
earnings press release and SEC Form 8-K filings. There are a
handful of our competitors that can offer this today. However, we
believe our real-time event setup and integrated approach offers a
more effective way to manage the process as well as attract an
audience of investors.<br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
earnings event industry is a highly competitive space with the
majority of the business being driven from practitioners in the
investor relations and communications firms. In the past, we
invested time and financial resources developing and integrating
systems and processes within Platform <font style="text-decoration: underline">id.</font> by creating an application
programming interface (&#x201C;API&#x201D;) for the webcast
marketplace, that we will begin offering to partners and publishers
for their platforms under license. We believe this offering will
further increase our brand awareness. This API license will allow
publishers to query single or multiple companies' current and past
earnings calls and present those webcasts on their platforms, under
a subscription to Platform <font style="text-decoration: underline">id.</font> Additionally, as a
commitment to broadening the reach of our webcast platform, all
events will be broadcast live within our shareholder outreach
module, which will drive new audiences and give companies the
ability to view their analytics and engagement of each event. We
believe these analytics will increase the demand for our webcasting
platform among the corporate issuer community.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
investor relations content network is another component of Platform
<font style="text-decoration: underline">id.</font>, which is used
to create the investor relations&#x2019; tab of a public
company&#x2019;s website. This investor relations content network is
a robust series of data feeds including news feeds, stock feeds,
fundamentals, regulatory filings, corporate governance and many
other components that are aggregated from a majority of the major
exchanges and news distribution outlets around the world. Customers
can subscribe to one or more of these data feeds from us or as a
component of a fully designed and hosted website for pre-IPO,
reporting companies and partners seeking to display our content on
their corporate sites. The clear benefit to our investor relations
module is its integration into and with the rest of Platform
<font style="text-decoration: underline">id.</font>, meaning
companies can produce content for public distribution and it is
automatically linked to their corporate site, distributed to
targeted groups and placed into and with our data feed
partners.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Compliance Modules</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Platform
<font style="text-decoration: underline">id.</font>&#x2019;s
disclosure reporting module is a document conversion, editing and
filing offering, which is designed for reporting companies and
professionals seeking to insource the document drafting, editing
and filing processes to the SEC and SEDAR, which is the Canadian
equivalent of EDGAR. This module is available in both a secure
public cloud within our Platform <font style="text-decoration: underline">id.</font> subscription, as well as in
a private cloud option for corporations, mutual funds and the legal
community looking to further enhance their internal document
process. We believe that once this module is fully marketed and
adopted by our customers, we will see a negative impact on our
legacy disclosure conversion services business in the future.
However, the margins associated with our Platform and Technology
business compared to our Services business are higher and align
with our long-term strategy, and as such, we believe this module
will have a positive impact on our compliance
business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Toward
the latter part of 2017, we completed upgrades to our disclosure
reporting product to include tagging functionality that meets newly
mandated SEC requirements. On June 28, 2018, the SEC voted to adopt
rules mandating the use of Inline XBRL (Inline Extensible Business
Reporting Language or &#x201C;iXBRL&#x201D;) for the submission of
financial statement information to the SEC. The new requirements
for iXBRL will have a three-year phase in beginning for large
accelerated filers that use U.S. GAAP to be compliant for fiscal
periods ending on or after June 15, 2019, for accelerated filers to
begin reporting for fiscal periods ending on or after June 15, 2020
and for all other filers to begin reporting for fiscal periods
ending on or after June 15, 2021. These upgrades also include
meeting new SEC mandates for foreign filers that compile financial
statements using International Financial Reporting Standards
(&#x201C;IFRS&#x201D;) to be able to utilize our cloud-based
platform. Foreign filers with fiscal year&#x2019;s ending on or
after December 15, 2017, are now required to begin reporting their
financial statements in XBRL with the SEC in 2018. Issuer Direct's
Platform <font style="text-decoration: underline">id.</font> has
adopted the new IFRS taxonomy into and with its new disclosure
upgrade for iXBRL to ensure our customers are able to meet these
new mandates.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
whistleblower module is an add-on product within Platform
<font style="text-decoration: underline">id.</font> This system
delivers secure notifications and basic incident workflow
management processes that align with a company&#x2019;s corporate
governance whistleblower policy. As a supported and subsidized
bundle product of the New York Stock Exchange (&#x201C;NYSE&#x201D;)
offerings, we hope we will gain relationships with new IPO
customers and other larger cap customers listed on the
NYSE.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
valued subscription add-on in our Platform <font style="text-decoration: underline">id.</font> offering is the ability for
our customers to gain access to real-time information of their
shareholders, stock ledgers, reports, and issue new shares from our
cloud-based stock transfer module. Managing the capitalization
table of a public company or pre-IPO company is the cornerstone of
corporate governance and transparency, and as such companies and
community banks have chosen us to assist with their stock transfer
needs, including bond offerings and dividend management. This is an
industry which has experienced declining overall revenues as it was
affected by the replacement of paper certificates with digital
certificates. However, we have recently been focused on selling
subscriptions of the stock transfer component of our platform,
allowing customers to gain access to our cloud-based system in
order to move shares or query shareholders, which has significantly
changed the long term dynamics for both our customers and
us.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
October 2, 2017, we completed the acquisition of Interwest Transfer
Company, Inc. (&#x201C;Interwest&#x201D;), a company specializing in
stock registrar and transfer agent services. During the fourth
quarter of 2017 and first half of 2018, we have been combining the
stock information of both the legacy Issuer Direct customers and
the acquired customers from Interwest. We have also begun and will
continue to market the other modules of Platform <font style="text-decoration: underline">id.</font> and services to these new
customers to help them meet all of their shareholder communication
and compliance needs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
proxy module is marketed as a fully integrated, real-time voting
platform for our customers and their shareholders of record. This
module is utilized for every annual meeting and or special meeting
we manage for our customer base and offers both full-set mailing
and notice of internet availability options.</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
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<div id="hdr">
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As we
focus on expanding our cloud-based subscription business, we expect
to see a decrease in the overall revenues associated with our
Services business. Typically, Services revenues relate to
activities where substantial resources are required to perform the
work for our customers and or hard goods are utilized as part of
the engagement. To date, most of our Services have been related to
converting and editing SEC documents and XBRL tagging, which has
been our core disclosure business over the last 11 years. Services
also include telecommunications services and print, fulfillment and
delivery of stock certificates, proxy materials or annual reports
depending on each customer&#x2019;s engagement. Services are not
required, but are optional for customers that utilize our Platform
<font style="text-decoration: underline">id.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
investor outreach and engagement offering, formerly known as the
ARS, was acquired from PIR. The ARS business has existed for over
20 years primarily as a physical hard copy delivery service of
annual reports and prospectuses. We continue to operate a portion
of this legacy system for those who opt to take advantage of
physical delivery of material. Additionally, we continue to attempt
to migrate the install base over to subscriptions of our digital
outreach engagement module within Platform <font style="text-decoration: underline">id.</font> We believe we will continue
to see further attrition of both customers and revenues in this
category as we focus our efforts on our Platform and Technology
business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Selected Risk Factors</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
business is subject to substantial risk. Please carefully consider
the section titled &#x201C;<font style="font-style: italic">Risk
Factors</font>&#x201D; on page 7 of this prospectus for a discussion
of the factors you should carefully consider before deciding to
purchase the securities offered by this prospectus. These risks
include, among others:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Legislative and
regulatory changes can influence demand for our solutions and could
adversely affect our business.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The environment in
which we compete is highly competitive, which creates adverse
pricing pressures and may harm our business and operating results
if we cannot compete effectively.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our revenue growth
rate in the recent period relating to our Platform and Technology
business may not be indicative of this business segment&#x2019;s
future performance.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The success of our
cloud-based software largely depends on our ability to provide
reliable solutions to our customers. If a customer were to
experience a product defect, a disruption in its ability to use our
solutions or a security flaw, demand for our solutions could be
diminished, we could be subject to substantial liability and our
business could suffer.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<br></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">A substantial
portion of our business is derived from our ACCESSWIRE brand, which
is dependent on technology and key partners.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Failure to manage
our growth may adversely affect our business or
operations.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">If we are unable to
retain our key employees and attract and retain other qualified
personnel, our business could suffer.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">If we fail to keep
our customers&#x2019; information confidential or if we handle their
information improperly, our business and reputation could be
significantly and adversely affected.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We must adapt to
rapid changes in technology and customer requirements to remain
competitive.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our business could
be materially harmed if we do not successfully manage the
integration of our October 2017 acquisition of Interwest Transfer
Company, Inc.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Additionally, our
business could be harmed if we do not successfully manage the
integration of any business that we may acquire in the
future.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">New issuers seeking
to raise capital and become SEC registrants may choose to utilize
Regulation A+ and we may see a significant decline in the number of
filings as part of our current disclosure management
business.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Revenue from
Platform <font style="text-decoration: underline">id.</font>
subscriptions and many of our service contracts is recognized
ratably over the term of the contract or subscription period. As a
result, downturns or upturns in sales may not be immediately
reflected in our operating results.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We cannot
accurately predict subscription renewal or upgrade rates and the
impact these rates may have on our future revenue and operating
results.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">Although we have generated positive cash flows
from operations for the past ten year</font>, w</font>e have
incurred operating losses in the past and may do so again in the
future</font></div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We continue to
transition our business from a services company to a software as a
service company, which makes it difficult to predict our future
operating results.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We are subject to
general litigation and regulatory requirements that may materially
adversely affect us.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">New and existing
laws make determining our income tax rate complex and subject to
uncertainty.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We are subject to
U.S. and foreign data privacy and protection laws and regulations
as well as contractual privacy obligations, and our failure to
comply could subject us to fines and damages and would harm our
reputation and business.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Our business may be
affected by factors outside of our control.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">If potential
customers take a long time to evaluate the use of our products, we
could incur additional selling expenses and require additional
working capital.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The seasonality of
business makes it difficult to predict future results based on
specific quarters.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">If we are unable to
successfully develop and timely introduce new technology-based
products or enhance existing technology-based products, our
business may be adversely affected.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The price of our
common stock may fluctuate significantly, which could lead to
losses for stockholders.</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px">The trading volume
of our common stock is currently very limited. As such, you may
find it difficult to dispose of our common stock at a price that is
acceptable to you.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We have two
non-affiliate stockholders who hold more than 5% but less than 10%
of our outstanding common stock. In the event either of those
stockholders elected to liquidate a substantial portion of their
position, our stock price may decline materially.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">You may lose your
investment in our shares.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Future sales and
issuances of our capital stock or rights to purchase capital stock
could result in additional dilution of the percentage ownership of
our stockholders and could cause our stock price to
decline.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We will continue to
incur significantly increased costs and devote substantial
management time as a result of operating as a public
company.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">A failure to
maintain adequate internal controls over our financial and
management systems could cause errors in our financial reporting,
which could cause a loss of investor confidence and result in a
decline in the price of our common stock.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Additional
risks and uncertainties not presently known to us or that we
currently deem immaterial may also impair our business operations.
You should be able to bear a complete loss of your
investment.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Corporate information</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We were
organized in the State of Delaware on February 2006. Our principal
executive offices are located at 500 Perimeter Park Drive, Suite D,
Morrisville NC 27560. Our telephone number is (919) 481-4000. Our
website address is <font style="text-decoration: underline">www.issuerdirect.com</font>. The
information contained on our website is not part of this
prospectus. We have included our website address as a factual
reference and do not intend it to be an active link to our
website.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="riskfactors">R</a>ISK FACTORS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">An
investment in our securities involves a high degree of risk. You
should consider the risks, uncertainties and assumptions described
under Item 1A, &#x201C;<font style="font-style: italic">Risk
Factors</font>,&#x201D; in our Annual Report on Form 10-K/A for the
fiscal year ended December 31, 2017, as well as subsequently filed
Quarterly Reports on Form 10-Q, which risk factors are incorporated
herein by reference, and may be amended, supplemented or superseded
from time to time by other reports we file with the SEC in the
future and any prospectus supplement related to a particular
offering. The risks and uncertainties we have described in our
Annual Report on Form 10-K/A for the fiscal year ended December 31,
2017 and subsequent Quarterly Reports on Form 10-Q are not the only
ones we face. Additional risks and uncertainties not presently
known to us or that we currently deem immaterial may also affect
our operations. The occurrence of any of these known or unknown
risks might cause you to lose all or part of your investment in the
offered securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="cautionarynotes">C</a>AUTIONARY NOTES
REGARDING FORWARD-LOOKING STATEMENTS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
prospectus contains forward-looking statements that involve
substantial risks and uncertainties. All statements contained in
this prospectus and/or any applicable prospectus supplement other
than statements of historical facts, including statements regarding
our strategy, future operations, future financial position, future
revenue, projected costs, prospects, plans, objectives of
management and expected market growth, are forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
words &#x201C;anticipate,&#x201D; &#x201C;believe,&#x201D;
&#x201C;estimate,&#x201D; &#x201C;expect,&#x201D; &#x201C;intend,&#x201D;
&#x201C;may,&#x201D; &#x201C;plan,&#x201D; &#x201C;predict,&#x201D;
&#x201C;project,&#x201D; &#x201C;target,&#x201D;
&#x201C;potential,&#x201D; &#x201C;will,&#x201D; &#x201C;would,&#x201D;
&#x201C;could,&#x201D; &#x201C;should,&#x201D; &#x201C;continue,&#x201D;
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These forward-looking statements include,
among other things, statements about:</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our ability to
strategically re-align and invest in our Platform and Technology
sales team;</font></div>
</div>
</div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our ability to
continue to expand our customer base, generate profitable,
sustainable growth and generate increase cash flows from
operations;</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">regulatory
developments in the U.S. and foreign countries;</font></div>
</div>
</div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our ability to
migrate, integrate and capitalize on our various
acquisitions;</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our ability to
further expand our ACCESSWIRE distribution and customer
base;</font></div>
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</div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the size of the
potential markets for our product offerings and our ability to
serve those markets;</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our ability to
obtain and maintain intellectual property protection for our core
assets;</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the success of
competing product offerings by others that are or become available
for the services and products that we offer; and</font></div>
</div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">other risks and
uncertainties, including those described under Item 1A,
&#x201C;<font style="font-style: italic">Risk Factors</font>,&#x201D;
in our Annual Report on Form 10-K/A for the fiscal year ended
December 31, 2017 and subsequent Quarterly Reports on Form 10-Q,
which risk factors are incorporated herein by
reference.</font></div>
</div>
</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">These
forward-looking statements are only predictions and we may not
actually achieve the plans, intentions or expectations disclosed in
our forward-looking statements, so you should not place undue
reliance on our forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements we make.
We have based these forward-looking statements largely on our
current expectations and projections about future events and trends
that we believe may affect our business, financial condition and
operating results. We have included important factors in the
cautionary statements included in this prospectus, as well as
certain information incorporated by reference into this prospectus,
that could cause actual future results or events to differ
materially from the forward-looking statements that we make. Our
forward-looking statements do not reflect the potential impact of
any future acquisitions, mergers, dispositions, joint ventures or
investments we may make.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">You
should read this prospectus with the understanding that our actual
future results may be materially different from what we expect. We
do not assume any obligation to update any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by applicable law.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="ratioofearnings">R</a>ATIO OF
EARNINGS TO FIXED CHARGES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
ratio of earnings to fixed charges for recently completed fiscal
years and any required interim periods will be specified in a
prospectus supplement or in a document that we file with the SEC
and incorporated by reference in the future.</font></div>
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</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="useofproceeds">U</a>SE OF
PROCEEDS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise provided in the applicable prospectus supplement, we
intend to use the net proceeds from the sale of the securities
under this prospectus for general corporate purposes and to
in-license, acquire or invest in complementary businesses,
technologies, products or assets. However, we have no current
commitments or obligations to do so. We may set forth additional
information on the use of proceeds from the sale or the securities
we offer under this prospectus in a prospectus supplement relating
to the specific offering. We cannot currently allocate specific
percentages of the net proceeds that we may use for the purposes
specified above. As a result, our management will have broad
discretion in the allocation of the net proceeds. Pending the
application of the net proceeds, we intend to invest the net
proceeds in short- and intermediate-term, interest-bearing
obligations, investment-grade instruments, certificates of deposit
or direct or guaranteed obligations of the U.S.
government.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="descriptionofcapitalstock">D</a>ESCRIPTION OF OUR CAPITAL
STOCK</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
authorized capital stock consists of 20,000,000 shares of common
stock, $0.001 par value per share, and 1,000,000 shares of
preferred stock, $0.001 par value per share. The following is a
description of our common stock and certain provisions of our
certificate of incorporation, as amended
(&#x201C;Certificate&#x201D;), and our amended and restated bylaws
(&#x201C;Bylaws&#x201D;), and certain provisions of Delaware
law.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
August 2, 2018, there were issued and outstanding or reserved for
issuance:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">3,106,772 shares of
common stock outstanding held by approximately 144 stockholders of
record;</font></div>
</div>
</div>
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<div style="display: table-row">
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<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">106,413 shares of
common stock reserved for issuance upon exercise of outstanding
stock options under our 2010 Equity Incentive Plan and our 2014
Equity Incentive Plan, as amended, with a weighted average exercise
price of $11.63 per share;</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">45,669 shares of
unvested restricted stock units granted under our 2014 Equity
Incentive Plan, as amended; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">61,000 shares of
common stock reserved for future issuance in connection with future
grants under our 2014 Equity Incentive Plan, as
amended.</font></div>
</div>
</div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Common Stock</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This section describes the general terms of our common stock that
we may offer from time to time. For more detailed information, a
holder of our common stock should refer to our Certificate and our
Bylaws.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise expressly provided in our Certificate, or as required
by applicable law, all shares of our common stock have the same
rights and privileges and rank equally, share ratably and are
identical in all respects as to all matters, including, without
limitation, those described below. All outstanding shares of common
stock are fully paid and nonassessable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Voting Rights</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Each
holder of our common stock is entitled to cast one vote for each
share of common stock held on all matters submitted to a vote of
stockholders. Cumulative voting for election of directors is not
allowed under our Certificate, which means that a plurality of the
shares voted can elect all of the directors then outstanding for
election. Except as otherwise provided under Delaware law or our
Certificate, and Bylaws, on matters other than election of
directors, action on a matter is approved if the votes cast
favoring the action exceed the votes cast opposing the
action.</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Dividend Rights</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
holders of outstanding shares of our common stock are entitled to
receive dividends out of funds legally available, if our board of
directors, in its discretion, determines to issue dividend, and
only at the times and in the amounts that our board of directors
may determine. Our board of directors is not obligated to declare a
dividend.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Liquidation Rights</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Upon
our liquidation, dissolution or winding-up, the holders of our
common stock will be entitled to share equally, identically and
ratably in all assets remaining, subject to the prior satisfaction
of all outstanding debt and liabilities and the preferential rights
and payment of liquidation preferences, if any, on any outstanding
shares of preferred stock.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
No Preemptive or Similar Rights</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
common stock is not subject to conversion, redemption, sinking fund
or similar provisions.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Transfer Agent and Registrar</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
transfer agent and registrar for our common stock is Direct
Transfer, LLC, Morrisville, North Carolina, which is a wholly-owned
subsidiary of Issuer Direct.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Preferred Stock</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This section describes the general terms and provisions of our
outstanding shares of preferred stock, as well as preferred stock
that we may offer from time to time. The applicable prospectus
supplement will describe the specific terms of the shares of
preferred stock offered through that prospectus supplement, which
may differ from the terms we describe below. We will file a copy of
the certificate of designation that contains the terms of each new
series of preferred stock with the SEC each time we issue a new
series of preferred stock, and these certificates of designation
will be incorporated by reference into the registration statement
of which this prospectus is a part. Each certificate of designation
will establish the number of shares included in a designated series
and fix the designation, powers, privileges, preferences and rights
of the shares of each series as well as any applicable
qualifications, limitations or restrictions. A holder of our
preferred stock should refer to the applicable certificate of
designation, our Certificate and the applicable prospectus
supplement (and any related free writing prospectus that we may
authorize to be provided to you) for more specific
information.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">We are
authorized, subject to limitations prescribed by Delaware law, to
issue up to 1,000,000 shares of preferred stock in one or more
series, to establish from time to time the number of shares to be
included in each series and to fix the designation, powers,
preferences and rights of the shares of each series and any of its
qualifications, limitations or restrictions. Our board of directors
can increase or decrease the number of shares of any series, but
not below the number of shares of that series then outstanding,
without any further vote or action by our stockholders. Our board
of directors may authorize the issuance of preferred stock with
voting or conversion rights that could adversely affect the voting
power or other rights of the holders of the common stock. The
issuance of preferred stock, while providing flexibility in
connection with possible acquisitions and other corporate purposes,
could, among other things, have the effect of delaying, deferring
or preventing a change in control of the Company and may adversely
affect the market price of our common stock and the voting and
other rights of the holders of our common stock.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Outstanding Series of Preferred Stock</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Currently,
there are no shares of our preferred stock outstanding or
designated.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Shares of Preferred Stock Issuable Pursuant to this
Prospectus</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
incorporate by reference as an exhibit to the registration
statement, which includes this prospectus, the form of any
certificate of designation that describes the terms of the series
of preferred stock we are offering. This description and the
applicable prospectus supplement will include:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the title and
stated value;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the number of
shares authorized;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the liquidation
preference per share;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the purchase
price;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the dividend rate,
period and payment date, and method of calculation for
dividends;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether dividends
will be cumulative or non-cumulative and, if cumulative, the date
from which dividends will accumulate;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the procedures for
any auction and remarketing, if any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the provisions for
a sinking fund, if any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the provisions for
redemption or repurchase, if applicable, and any restrictions on
our ability to exercise such redemption and repurchase
rights;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any listing of the
preferred stock on any securities exchange or market;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether the
preferred stock will be convertible into our common stock, and, if
applicable, the conversion price, or how it will be calculated, and
the conversion period;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether the
preferred stock will be exchangeable into debt securities, and, if
applicable, the exchange price, or how it will be calculated, and
the exchange period;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">voting rights, if
any, of the preferred stock;</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">preemptive rights,
if any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">restrictions on
transfer, sale or other assignment, if any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a discussion of any
material United States federal income tax considerations applicable
to the preferred stock;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the relative
ranking and preferences of the preferred stock as to dividend
rights and rights if we liquidate, dissolve or wind up our
affairs;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any 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 if we liquidate, dissolve or wind up our affairs;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other specific
terms, preferences, rights or limitations of, or restrictions on,
the preferred stock.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">When we
issue shares of preferred stock under this prospectus, the shares
will fully be paid and nonassessable and will not have, or be
subject to, any preemptive or similar rights.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="descriptionofdebtsecurities">D</a>ESCRIPTION OF OUR DEBT
SECURITIES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This section describes the general terms and provisions of debt
securities that we may issue from time to time. We may issue debt
securities, in one or more series, as either senior or subordinated
debt or as senior or subordinated convertible debt. While the terms
we have summarized below will apply generally to any future debt
securities we may offer under this prospectus, the applicable
prospectus supplement or free writing prospectus will describe the
specific terms of any debt securities offered through that
prospectus supplement or free writing prospectus. The terms of any
debt securities we offer under a prospectus supplement or free
writing prospectus may differ from the terms we describe below.
Unless the context requires otherwise, whenever we refer to the
&#x201C;indentures,&#x201D; we also are referring to any supplemental
indentures that specify the terms of a particular series of debt
securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In the
event that we issue any debt securities, we will issue such senior
debt securities under a senior indenture that we will enter into
with the trustee named in such senior indenture. We will file forms
of these documents as exhibits to the registration statement, of
which this prospectus is a part, and supplemental indentures and
forms of debt securities containing the terms of the debt
securities being offered will be filed as exhibits to the
registration statement of which this prospectus is a part or will
be incorporated by reference from reports that we file with the
SEC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
indentures will be qualified under the Trust Indenture Act of 1939,
as amended, (the &#x201C;Trust Indenture Act&#x201D;). We use the
term &#x201C;trustee&#x201D; to refer to either the trustee under the
senior indenture or the trustee under the subordinated indenture,
as applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following summaries of material provisions of potential senior debt
securities, subordinated debt securities and the indentures are
subject to, and qualified in their entirety by reference to, all of
the provisions of the indenture applicable to a particular series
of debt securities. We urge you to read the applicable prospectus
supplement or free writing prospectus and any related free writing
prospectuses related to the debt securities that we may offer under
this prospectus, as well as the complete applicable indenture that
contains the terms of the debt securities. Except as we may
otherwise indicate, the terms of the senior indenture and the
subordinated indenture are identical.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
describe in the applicable prospectus supplement or free writing
prospectus the terms of the series of debt securities being
offered, including:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the
title;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the principal
amount being offered, and if a series, the total amount authorized
and the total amount outstanding;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any limit on the
amount that may be issued;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether or not we
will issue the series of debt securities in global form, and, if
so, the terms and who the depository will be;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the maturity
date;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether and under
what circumstances, if any, we will pay additional amounts on any
debt securities held by a person who is not a United States person
for tax purposes, and whether we can redeem the debt securities if
we have to pay such additional amounts;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the annual interest
rate, which may be fixed or variable, or the method for determining
the rate and the date interest will begin to accrue, the dates
interest will be payable and the regular record dates for interest
payment dates or the method for determining such
dates;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether or not the
debt securities will be secured or unsecured, and the terms of any
secured debt;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the terms of the
subordination of any series of subordinated debt;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the place where
payments will be payable;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">restrictions on
transfer, sale or other assignment, if any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our right, if any,
to defer payment of interest and the maximum length of any such
deferral period;<font style="font-size: 13px">&#xA0;</font>the
date, if any, after which, the conditions upon which, and the price
at which, we may, at our option, redeem the series of debt
securities pursuant to any optional or provisional redemption
provisions and the terms of those redemption
provisions;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date, if any,
on which, and the price at which we are obligated, pursuant to any
mandatory sinking fund or analogous fund provisions or otherwise,
to redeem, or at the holder&#x2019;s option, to purchase, the series
of debt securities and the currency or currency unit in which the
debt securities are payable;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether the
indenture will restrict our ability or the ability of our
subsidiaries to:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">incur additional
indebtedness;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">issue additional
securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">create
liens;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">pay dividends or
make distributions in respect of our capital stock or the capital
stock of our subsidiaries;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">redeem capital
stock;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">place restrictions
on our subsidiaries&#x2019; ability to pay dividends, make
distributions or transfer assets;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">make investments or
other restricted payments;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">sell or otherwise
dispose of assets;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">enter into
sale-leaseback transactions;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">engage in
transactions with stockholders or affiliates;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">issue or sell stock
of our subsidiaries; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">effect a
consolidation or merger;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether the
indenture will require us to maintain any interest coverage, fixed
charge, cash flow-based, asset-based or other financial
ratios;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a discussion of
certain material or special United States federal income tax
considerations applicable to the debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">information
describing any book-entry features;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">provisions for a
sinking fund purchase or other analogous fund, if any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the applicability
of the provisions in the indenture on discharge;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">whether the debt
securities are to be offered at a price such that they will be
deemed to be offered at an &#x201C;original issue discount&#x201D; as
defined in paragraph (a) of Section 1273 of the Internal Revenue
Code of 1986, as amended;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the denominations
in which we will issue the series of debt securities, if other than
denominations of $1,000 and any integral multiple
thereof;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the currency of
payment of debt securities if other than U.S. dollars and the
manner of determining the equivalent amount in U.S. dollars;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other specific
terms, preferences, rights or limitations of, or restrictions on,
the debt securities, including any additional events of default or
covenants provided with respect to the debt securities, and any
terms that may be required by us or advisable under applicable laws
or regulations or advisable in connection with the marketing of the
debt securities.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Conversion or Exchange Rights</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
set forth in the applicable prospectus supplement or free writing
prospectus the terms on which a series of debt securities may be
convertible into or exchangeable for our common stock, our
preferred stock or other securities (including securities of a
third-party). We will include provisions as to whether conversion
or exchange is mandatory, at the option of the holder or at our
option. We may include provisions pursuant to which the number of
shares of our common stock, our preferred stock or other securities
(including securities of a third-party) that the holders of the
series of debt securities receive would be subject to
adjustment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Consolidation, Merger or Sale</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
we provide otherwise in the prospectus supplement or free writing
prospectus applicable to a particular series of debt securities,
the indentures will not contain any covenant that restricts our
ability to merge or consolidate, or sell, convey, transfer or
otherwise dispose of all or substantially all of our assets.
However, any successor to or acquirer of such assets must assume
all of our obligations under the indentures or the debt securities,
as appropriate. If the debt securities are convertible into or
exchangeable for other securities of ours or securities of other
entities, the person with whom we consolidate or merge or to whom
we sell all of our property must make provisions for the conversion
of the debt securities into securities that the holders of the debt
securities would have received if they had converted the debt
securities before the consolidation, merger or sale.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Events of Default Under the Indenture</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
we provide otherwise in the prospectus supplement or free writing
prospectus applicable to a particular series of debt securities,
the following are events of default under the indentures with
respect to any series of debt securities that we may
issue:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">if we fail to pay
interest when due and payable and our failure continues for 90 days
and the time for payment has not been extended;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">if we fail to pay
the principal, premium or sinking fund payment, if any, when due
and payable at maturity, upon redemption or repurchase or
otherwise, and the time for payment has not been
extended;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">if we fail to
observe or perform any other covenant contained in the debt
securities or the indentures, other than a covenant specifically
relating to another series of debt securities, and our failure
continues for 90 days after we receive notice from the trustee or
holders of at least 25% in aggregate principal amount of the
outstanding debt securities of the applicable series;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">if specified events
of bankruptcy, insolvency or reorganization occur.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
describe in each applicable prospectus supplement or free writing
prospectus any additional events of default relating to the
relevant series of debt securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If an
event of default with respect to debt securities of any series
occurs and is continuing, other than an event of default specified
in the last bullet point above, the trustee or the holders of at
least 25% in aggregate principal amount of the outstanding debt
securities of that series, by notice to us in writing, and to the
trustee if notice is given by such holders, may declare the unpaid
principal, premium, if any, and accrued interest, if any, due and
payable immediately. If an event of default specified in the last
bullet point above occurs with respect to us, the unpaid principal,
premium, if any, and accrued interest, if any, of each issue of
debt securities then outstanding shall be due and payable without
any notice or other action on the part of the trustee or any
holder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
holders of a majority in principal amount of the outstanding debt
securities of an affected series may waive any default or event of
default with respect to the series and its consequences, except
defaults or events of default regarding payment of principal,
premium, if any, or interest, unless we have cured the default or
event of default in accordance with the indenture. Any waiver shall
cure the default or event of default.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the terms of the indentures, if an event of default under an
indenture shall occur and be continuing, the trustee will be under
no obligation to exercise any of its rights or powers under such
indenture at the request or direction of any of the holders of the
applicable series of debt securities, unless such holders have
offered the trustee reasonable indemnity or security satisfactory
to it against any loss, liability or expense. The holders of a
majority in principal amount of the outstanding debt securities of
any series will have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the
trustee, or exercising any trust or power conferred on the trustee,
with respect to the debt securities of that series, provided
that:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the direction so
given by the holder is not in conflict with any law or the
applicable indenture; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">subject to its
duties under the Trust Indenture Act, the trustee need not take any
action that might involve it in personal liability or might be
unduly prejudicial to the holders not involved in the
proceeding.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
holder of the debt securities of any series will have the right to
institute a proceeding under the indentures or to appoint a
receiver or trustee, or to seek other remedies if:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the holder has
given written notice to the trustee of a continuing event of
default with respect to that series;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the holders of at
least 25% in aggregate principal amount of the outstanding debt
securities of that series have made written request, and such
holders have offered reasonable indemnity to the trustee or
security satisfactory to it against any loss, liability or expense
or to be incurred in compliance with instituting the proceeding as
trustee; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the trustee does
not institute the proceeding, and does not receive from the holders
of a majority in aggregate principal amount of the outstanding debt
securities of that series other conflicting directions within 90
days after the notice, request and offer.</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">These
limitations do not apply to a suit instituted by a holder of debt
securities if we default in the payment of the principal, premium,
if any, or interest on, the debt securities, or other defaults that
may be specified in the applicable prospectus supplement or free
writing prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
periodically file statements with the trustee regarding our
compliance with specified covenants in the indentures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Modification of Indenture; Waiver</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the terms of the indenture for any series of debt securities
that we may issue, we and the trustee may change an indenture
without the consent of any holders with respect to the following
specific matters:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to fix any
ambiguity, defect or inconsistency in the indenture;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to comply with the
provisions described above under &#x201C;<font style="font-style: italic">Description of Our Debt
Securities&#x2014;Consolidation, Merger or
Sale</font>;&#x201D;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to comply with any
requirements of the SEC in connection with the qualification of any
indenture under the Trust Indenture Act;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to add to, delete
from or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication and
delivery of debt securities, as set forth in the
indenture;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to provide for the
issuance of and establish the form and terms and conditions of the
debt securities of any series as provided under &#x201C;<font style="font-style: italic">Description of Our Debt
Securities&#x2014;General</font> ,&#x201D; to establish the form of
any certifications required to be furnished pursuant to the terms
of the indenture or any series of debt securities, or to add to the
rights of the holders of any series of debt
securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to evidence and
provide for the acceptance of appointment hereunder by a successor
trustee;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to provide for
uncertificated debt securities and to make all appropriate changes
for such purpose;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to add to our
covenants such new covenants, restrictions, conditions or
provisions for the benefit of the holders, to make the occurrence,
or the occurrence and the continuance, of a default in any such
additional covenants, restrictions, conditions or provisions an
event of default or to surrender any right or power conferred to us
in the indenture; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to change anything
that does not materially adversely affect the interests of any
holder of debt securities of any series.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, under the indentures, the rights of holders of a series
of debt securities may be changed by us and the trustee with the
written consent of the holders of at least a majority in aggregate
principal amount of the outstanding debt securities of each series
that is affected. However, subject to the terms of the indenture
for any series of debt securities that we may issue or as otherwise
provided in the prospectus supplement or free writing prospectus
applicable to a particular series of debt securities, we and the
trustee may make the following changes only with the consent of
each holder of any outstanding debt securities
affected:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">extending the
stated maturity of the series of debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">reducing the
principal amount, reducing the rate of or extending the time of
payment of interest, or reducing any premium payable upon the
redemption or repurchase of any debt securities; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">reducing the
percentage of debt securities, the holders of which are required to
consent to any amendment, supplement, modification or
waiver.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Discharge</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Each
indenture provides that, subject to the terms of the indenture and
any limitation otherwise provided in the prospectus supplement or
free writing prospectus applicable to a particular series of debt
securities, we can elect to be discharged from our obligations with
respect to one or more series of debt securities, except for
specified obligations, including obligations to:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">register the
transfer or exchange of debt securities of the series;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">replace stolen,
lost or mutilated debt securities of the series;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">maintain paying
agencies;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">hold monies for
payment in trust;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">recover excess
money held by the trustee;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">compensate and
indemnify the trustee; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">appoint any
successor trustee.</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
order to exercise our rights to be discharged, we must deposit with
the trustee money or government obligations sufficient to pay all
the principal of, and any premium and interest on, the debt
securities of the series on the dates payments are
due.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Form, Exchange and Transfer</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In the
event that we issue debt securities, we will issue such debt
securities of each series only in fully registered form without
coupons and, unless we otherwise specify in the applicable
prospectus supplement or free writing prospectus, in denominations
of $1,000 and any integral multiple thereof. The indentures provide
that we may issue debt securities of a series in temporary or
permanent global form and as book-entry securities that will be
deposited with, or on behalf of, The Depository Trust Company or
another depository named by us and identified in a prospectus
supplement or free writing prospectus with respect to that
series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">At the
option of the holder, subject to the terms of the indentures and
the limitations applicable to global securities described in the
applicable prospectus supplement or free writing prospectus, the
holder of the debt securities of any series can exchange the debt
securities for other debt securities of the same series, in any
authorized denomination and of like tenor and aggregate principal
amount.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the terms of the indentures and the limitations applicable to
global securities set forth in the applicable prospectus supplement
or free writing prospectus, holders of the debt securities may
present the debt securities for exchange or for registration of
transfer, duly endorsed or with the form of transfer endorsed
thereon duly executed if so required by us or the security
registrar, at the office of the security registrar or at the office
of any transfer agent designated by us for this purpose. Unless
otherwise provided in the debt securities that the holder presents
for transfer or exchange, we will make no service charge for any
registration of transfer or exchange, but we may require payment of
any taxes or other governmental charges.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
name in the applicable prospectus supplement or free writing
prospectus the security registrar, and any transfer agent in
addition to the security registrar that we initially designate for
any debt securities. We may at any time designate additional
transfer agents or rescind the designation of any transfer agent or
approve a change in the office through which any transfer agent
acts, except that we will be required to maintain a transfer agent
in each place of payment for the debt securities of each series. If
we elect to redeem the debt securities of any series, we will not
be required to:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">issue, register the
transfer of, or exchange any debt securities of that series during
a period beginning at the opening of business 15 days before the
day of mailing of a notice of redemption of any debt securities
that may be selected for redemption and ending at the close of
business on the day of the mailing; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">register the
transfer of or exchange any debt securities so selected for
redemption, in whole or in part, except the unredeemed portion of
any debt securities we are redeeming in part.</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Information Concerning the Trustee</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
trustee, other than during the occurrence and continuance of an
event of default under an indenture, undertakes to perform only
those duties as are specifically set forth in the applicable
indenture. Upon an event of default under an indenture, the trustee
must use the same degree of care as a prudent person would exercise
or use in the conduct of his or her own affairs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to this provision, the trustee is under no obligation to exercise
any of the powers given it by the indentures at the request of any
holder of debt securities unless it is offered reasonable security
and indemnity against the costs, expenses and liabilities that it
might incur.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Payment and Paying Agents</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
we otherwise indicate in the applicable prospectus supplement or
free writing prospectus, we will make payment of the interest on
any debt securities on any interest payment date to the person in
whose name the debt securities, or one or more predecessor
securities, are registered at the close of business on the regular
record date for the interest.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
pay principal of and any premium and interest on the debt
securities of a particular series at the office of the paying
agents designated by us, except that unless we otherwise indicate
in the applicable prospectus supplement or free writing prospectus,
we will make interest payments by check that we will mail to the
holder or by wire transfer to certain holders. Unless we otherwise
indicate in the applicable prospectus supplement or free writing
prospectus, we will designate the corporate trust office of the
trustee as our sole paying agent for payments with respect to debt
securities of each series. We will name in the applicable
prospectus supplement or free writing prospectus any other paying
agents that we initially designate for the debt securities of a
particular series. We will maintain a paying agent in each place of
payment for the debt securities of a particular
series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">All
money we pay to a paying agent or the trustee for the payment of
the principal of or any premium or interest on any debt securities
that remains unclaimed at the end of two years after such
principal, premium or interest has become due and payable will be
repaid to us, and the holder of the debt security thereafter may
look only to us for payment thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Governing Law</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
indentures and the debt securities will be governed by and
construed in accordance with the laws of the State of Delaware,
except to the extent that the Trust Indenture Act is
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Ranking of Debt Securities</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
subordinated debt securities will be subordinate and junior in
priority of payment to certain of our other indebtedness to the
extent described in a prospectus supplement or free writing
prospectus. The subordinated indenture does not limit the amount of
subordinated debt securities that we may issue. It also does not
limit us from issuing any other secured or unsecured
debt.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
senior debt securities will rank equally in right of payment to all
our other senior unsecured debt. The senior indenture does not
limit the amount of senior debt securities that we may issue. It
also does not limit us from issuing any other secured or unsecured
debt.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="descriptionofwarrants">D</a>ESCRIPTION OF OUR
WARRANTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The following description, together with the additional information
we include in any applicable prospectus supplements or free writing
prospectus, summarizes the material terms and provisions of the
warrants that we may offer under this prospectus, which may consist
of warrants to purchase common stock, preferred stock and/or debt
securities in one or more series. Warrants may be offered
independently or together with common stock, preferred stock and/or
debt securities offered by any prospectus supplement or free
writing prospectus, and may be attached to or separate from those
securities. While the terms we have summarized below will generally
apply to any future warrants we may offer under this prospectus, we
will describe the particular terms of any warrants that we may
offer in more detail in the applicable prospectus supplement or
free writing prospectus. The terms of any warrants we offer under a
prospectus supplement or free writing prospectus may differ from
the terms we describe below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In the
event that we issue warrants, we will issue the warrants under a
warrant agreement which we will enter into with a warrant agent to
be selected by us. Forms of these warrant agreements and forms of
the warrant certificates representing the warrants, and the
complete warrant agreements and forms of warrant certificates
containing the terms of the warrants being offered, will be filed
as exhibits to the registration statement of which this prospectus
is a part or will be incorporated by reference from reports that we
file with the SEC. We use the term &#x201C;warrant agreement&#x201D;
to refer to any of these warrant agreements. We use the term
&#x201C;warrant agent&#x201D; to refer to the warrant agent under any
of these warrant agreements. The warrant agent will act solely as
an agent of ours in connection with the warrants and will not act
as an agent for the holders or beneficial owners of the
warrants.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following summaries of material provisions of the warrants and the
warrant agreements are subject to, and qualified in their entirety
by reference to, all the provisions of the warrant agreement
applicable to a particular series of warrants. We urge you to read
the applicable prospectus supplements or free writing prospectus
related to the warrants that we sell under this prospectus, as well
as the complete warrant agreements that contain the terms of the
warrants.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
describe in the applicable prospectus supplement or free writing
prospectus the terms relating to a series of warrants. If warrants
for the purchase of debt securities are offered, the prospectus
supplement or free writing prospectus will describe the following
terms, to the extent applicable:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the offering price
and the aggregate number of warrants offered;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the currencies in
which the warrants are being offered;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the designation,
aggregate principal amount, currencies, denominations and terms of
the series of debt securities that can be purchased if a holder
exercises a warrant;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the designation and
terms of any series of debt securities with which the warrants are
being offered and the number of warrants offered with each such
debt security;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date on and
after which the holder of the warrants can transfer them separately
from the related series of debt securities;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the principal
amount of the series of debt securities that can be purchased if a
holder exercises a warrant and the price at which and currencies in
which such principal amount may be purchased upon
exercise;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the terms of any
rights to redeem or call the warrants;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date on which
the right to exercise the warrants begins and the date on which
such right expires;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">federal income tax
consequences of holding or exercising the warrants;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other specific
terms, preferences, rights or limitations of, or restrictions on,
the warrants.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If
warrants for the purchase of common stock or preferred stock are
offered, the prospectus supplement or free writing prospectus will
describe the following terms, to the extent
applicable:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the offering price
and the aggregate number of warrants offered;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the total number of
shares that can be purchased if a holder of the warrants exercises
them and, in the case of warrants for preferred stock, the
designation, total number and terms of the series of preferred
stock that can be purchased upon exercise;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the designation and
terms of any series of preferred stock with which the warrants are
being offered and the number of warrants being offered with each
share of common stock or preferred stock;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date on and
after which the holder of the warrants can transfer them separately
from the related common stock or series of preferred
stock;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the number of
shares of common stock or preferred stock that can be purchased if
a holder exercises the warrant and the price at which such common
stock or preferred stock may be purchased upon exercise, including,
if applicable, any provisions for changes to or adjustments in the
exercise price and in the securities or other property receivable
upon exercise;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the terms of any
rights to redeem or call, or accelerate the expiration of, the
warrants;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date on which
the right to exercise the warrants begins and the date on which
that right expires;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">federal income tax
consequences of holding or exercising the warrants;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other specific
terms, preferences, rights or limitations of, or restrictions on,
the warrants.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exercise of Warrants</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Each
holder of a warrant is entitled to purchase the principal amount of
debt securities or number of shares of common stock or preferred
stock, as the case may be, at the exercise price described in the
applicable prospectus supplement or free writing prospectus. After
the close of business on the day when the right to exercise
terminates (or a later date if we extend the time for exercise),
unexercised warrants will become void.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
holder of warrants may exercise them by following the general
procedure outlined below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">delivering to the
warrant agent the payment required by the applicable prospectus
supplement or free writing prospectus to purchase the underlying
security;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">properly completing
and signing the reverse side of the warrant certificate
representing the warrants; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">delivering the
warrant certificate representing the warrants to the warrant agent
within five business days of the warrant agent receiving payment of
the exercise price.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If you
comply with the procedures described above, your warrants will be
considered to have been exercised when the warrant agent receives
payment of the exercise price, subject to the transfer books for
the securities issuable upon exercise of the warrant not being
closed on such date. After you have completed those procedures and
subject to the foregoing, we will, as soon as practicable, issue
and deliver to you the debt securities, common stock or preferred
stock that you purchased upon exercise. If you exercise fewer than
all of the warrants represented by a warrant certificate, a new
warrant certificate will be issued to you for the unexercised
amount of warrants. Holders of warrants will be required to pay any
tax or governmental charge that may be imposed in connection with
transferring the underlying securities in connection with the
exercise of the warrants.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Amendments and Supplements to the Warrant Agreements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We may
amend or supplement a warrant agreement without the consent of the
holders of the applicable warrants to cure ambiguities in the
warrant agreement, to cure or correct a defective provision in the
warrant agreement, or to provide for other matters under the
warrant agreement that we and the warrant agent deem necessary or
desirable, so long as, in each case, such amendments or supplements
do not materially adversely affect the interests of the holders of
the warrants.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Warrant Adjustments</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
the applicable prospectus supplement or free writing prospectus
states otherwise, the exercise price of, and the number of
securities covered by, a common stock warrant or preferred stock
warrant will be adjusted proportionately if we subdivide or combine
our common stock or preferred stock, as applicable. In addition,
unless the prospectus supplement or free writing prospectus states
otherwise, if we, without receiving payment:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">issue capital stock
or other securities convertible into or exchangeable for common
stock or preferred stock, or any rights to subscribe for, purchase
or otherwise acquire any of the foregoing, as a dividend or
distribution to holders of our common stock or preferred
stock;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">pay any cash to
holders of our common stock or preferred stock other than a cash
dividend paid out of our current or retained earnings or other than
in accordance with the terms of the preferred stock;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">issue any evidence
of our indebtedness or rights to subscribe for or purchase our
indebtedness to holders of our common stock or preferred stock;
or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">issue common stock
or preferred stock or additional stock or other securities or
property to holders of our common stock or preferred stock by way
of spinoff, split-up, reclassification, combination of shares or
similar corporate rearrangement,</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">then
the holders of common stock warrants and preferred stock warrants,
as applicable, will be entitled to receive upon exercise of the
warrants, in addition to the securities otherwise receivable upon
exercise of the warrants and without paying any additional
consideration, the amount of stock and other securities and
property such holders would have been entitled to receive had they
held the common stock or preferred stock, as applicable, issuable
under the warrants on the dates on which holders of those
securities received or became entitled to receive such additional
stock and other securities and property.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as stated above or as otherwise set forth in the applicable
prospectus supplement or free writing prospectus, the exercise
price and number of securities covered by a common stock warrant
and preferred stock warrant, and the amounts of other securities or
property to be received, if any, upon exercise of those warrants,
will not be adjusted or provided for if we issue those securities
or any securities convertible into or exchangeable for those
securities, or securities carrying the right to purchase those
securities or securities convertible into or exchangeable for those
securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Holders
of common stock warrants and preferred stock warrants may have
additional rights under the following circumstances:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">certain
reclassifications, capital reorganizations or changes of the common
stock or preferred stock, as applicable;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">certain share
exchanges, mergers, or similar transactions involving us and which
result in changes of the common stock or preferred stock, as
applicable; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">certain sales or
dispositions to another entity of all or substantially all of our
property and assets.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If one
of the above transactions occurs and holders of our common stock or
preferred stock are entitled to receive stock, securities or other
property with respect to or in exchange for their securities, the
holders of the common stock warrants and preferred stock warrants
then outstanding, as applicable, will be entitled to receive upon
exercise of their warrants the kind and amount of shares of stock
and other securities or property that they would have received upon
the applicable transaction if they had exercised their warrants
immediately before the transaction.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="descriptionofunits">D</a>ESCRIPTION OF OUR UNITS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
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 of any series of units will be described in the
applicable prospectus supplement or free writing prospectus. If so
described in a particular prospectus supplement or free writing
prospectus, the specific terms of any series of units may differ
from the general description of terms presented below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As
specified in the applicable prospectus supplement, we may issue
units consisting of one or more shares of common stock, shares of
preferred stock, debt securities, warrants or any combination of
such securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
applicable prospectus supplement will specify the following terms
of any units in respect of which this prospectus is being
delivered:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the terms of the
units and of any of the shares of common stock, shares of preferred
stock, debt securities, or warrants comprising the units, including
whether and under what circumstances the securities comprising the
units may be traded separately;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a description of
the terms of any unit agreement governing the units;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">if appropriate, a
discussion of material U.S. federal income tax considerations;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a description of
the provisions for the payment, settlement, transfer or exchange of
the units.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000"><a name="overallotment">D</a>ESCRIPTION</font> <font style="color: #000000">OF OVERALLOTMENT PURCHASE
RIGHTS</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
We summarize below some of the provisions that will apply to the
overallotment purchase rights unless the applicable prospectus
supplement provides</font> otherwise<font style="color: #000000">.
This summary may not contain all information that is important to
you. The complete terms of the overallotment purchase rights will
be contained in the applicable overallotment purchase rights
certificate and overallotment purchase rights agreement. These
documents have been or will be included or incorporated by
reference as exhibits to the registration statement of which this
prospectus is a part. You should read the overallotment purchase
rights certificate and the overallotment purchase rights agreement.
You should also read the prospectus supplement, which will contain
additional information and which may update or change some of the
information below.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We may issue, together with common or preferred stock or warrants
as units or separately, overallotment purchase rights for the
purchase of shares of our common or preferred stock or warrants.
The terms of each overallotment purchase right will be discussed in
the applicable prospectus supplement relating to the particular
series of overallotment purchase rights. The form(s) of certificate
representing the overallotment purchase rights and/or the
overallotment purchase right agreement, will be, in each case,
filed with the SEC as an exhibit to a document incorporated by
reference in the registration statement of which this prospectus is
a part on or prior to the date of any prospectus supplement
relating to an offering of the particular overallotment purchase
right. The following summary of material provisions of the
overallotment purchase rights and the overallotment purchase right
agreements is subject to, and qualified in their entirety by
reference to, all the provisions of the overallotment purchase
rights agreement and overallotment purchase rights certificate
applicable to a particular series of overallotment purchase
rights.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The prospectus supplement relating to any series of overallotment
purchase rights that are offered by this prospectus will describe,
among other things, the following terms to the extent they are
applicable to that series of overallotment purchase
rights:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the procedures and
conditions relating to the exercise of the overallotment purchase
rights;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the number of
shares of our common or preferred stock or warrants, if any, issued
with the overallotment purchase rights;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date, if any,
on and after which the overallotment purchase rights and any
related shares of our common or preferred stock or warrants will be
separately transferable;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the offering price
of the overallotment purchase rights, if any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the number of
shares of our common or preferred stock or warrants which may be
purchased upon exercise of the overallotment purchase rights and
the price or prices at which the shares or warrants may be
purchased upon exercise;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the date on which
the right to exercise the overallotment purchase rights will begin
and the date on which the right will expire;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a discussion of the
material United States federal income tax considerations applicable
to the exercise of the overallotment purchase rights;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">anti-dilution
provisions of the overallotment purchase rights, if
any;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">call provisions of
the overallotment purchase rights, if any; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any other material
terms of the overallotment purchase rights.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Each overallotment purchase right may entitle the holder to
purchase for cash, or, in limited circumstances, by effecting a
cashless exercise for, the number of shares of our common or
preferred stock or warrants at the exercise price that is described
in the applicable prospectus supplement. Overallotment purchase
rights will be exercisable during the period of time described in
the applicable prospectus supplement. After that period,
unexercised overallotment purchase rights will be void.
Overallotment purchase rights may be exercised in the manner
described in the applicable prospectus supplement.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A holder of an overallotment purchase right will not have any of
the rights of a holder of our common or preferred stock before the
stock is purchased upon exercise of the overallotment purchase
right. Therefore, before an overallotment purchase right is
exercised, the holder of the overallotment purchase right will not
be entitled to receive any dividend payments or exercise any voting
or other rights associated with shares of our common or preferred
stock which may be purchased when the overallotment purchase right
is exercised.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Transfer Agent and Registrar</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The transfer agent and registrar, if any, for any overallotment
purchase rights will be set forth in the applicable prospectus
supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="planofdistribution">P</a>LAN OF DISTRIBUTION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We may
sell the securities being offered hereby in one or more of the
following ways from time to time:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">through agents to
the public or to investors;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">to underwriters for
resale to the public or to investors;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">negotiated
transactions;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">block
trades;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">directly to
investors; or</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">through a
combination of any of these methods of sale.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As set
forth in more detail below, the securities may be distributed from
time to time in one or more transactions:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at a fixed price or
prices, which may be changed;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at market prices
prevailing at the time of sale;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at prices related
to such prevailing market prices; or</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">at negotiated
prices.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We will
set forth in a prospectus supplement the terms of that particular
offering of securities, including:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the name or names
of any agents or underwriters;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the purchase price
of the securities being offered and the proceeds we will receive
from the sale;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any over-allotment
options under which underwriters may purchase additional securities
from us;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any agency fees or
underwriting discounts and other items constituting agents' or
underwriters' compensation;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any initial public
offering price;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any discounts or
concessions allowed or reallowed or paid to dealers;
and</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 72px; margin-right: 5px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any securities
exchanges or markets on which such securities may be
listed.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Only
underwriters named in the prospectus supplement are underwriters of
the securities offered by the prospectus supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If
underwriters are used in an offering, we will execute an
underwriting agreement with such underwriters and will specify the
name of each underwriter and the terms of the transaction
(including any underwriting discounts and other terms constituting
compensation of the underwriters and any dealers) in a prospectus
supplement. The securities may be offered to the public either
through underwriting syndicates represented by managing
underwriters or directly by one or more investment banking firms or
others, as designated. If an underwriting syndicate is used, the
managing underwriter(s)&#xA0;will be specified on the cover of the
prospectus supplement. If underwriters are used in the sale, the
offered securities will be acquired by the underwriters for their
own accounts and may be resold from time to time in one or more
transactions, including negotiated transactions, at a fixed public
offering price or at varying prices determined at the time of sale.
Any public offering price and any discounts or concessions allowed
or reallowed or paid to dealers may be changed from time to time.
Unless otherwise set forth in the prospectus supplement, the
obligations of the underwriters to purchase the offered securities
will be subject to conditions precedent and the underwriters will
be obligated to purchase all of the offered securities if any are
purchased.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We may
grant to the underwriters options to purchase additional securities
to cover over-allotments, if any, at the public offering price,
with additional underwriting commissions or discounts, as may be
set forth in a related prospectus supplement. The terms of any
over-allotment option will be set forth in the prospectus
supplement for those securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If we
use a dealer in the sale of the securities being offered pursuant
to this prospectus or any prospectus supplement, we will sell the
securities to the dealer, as principal.&#xA0; The dealer may then
resell the securities to the public at varying prices to be
determined by the dealer at the time of resale.&#xA0; The names of
the dealers and the terms of the transaction will be specified in a
prospectus supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We may
sell the securities directly or through agents we designate from
time to time.&#xA0; 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, any agent will act on a best-efforts
basis for the period of its appointment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We may
authorize agents or underwriters to solicit offers by institutional
investors to purchase securities from us at the public offering
price set forth in the prospectus supplement pursuant to delayed
delivery contracts providing for payment and delivery on a
specified date in the future. We will describe the conditions to
these contracts and the commissions we must pay for solicitation of
these contracts in the prospectus supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
connection with the sale of the securities, underwriters, dealers
or agents may receive compensation from us or from purchasers of
the securities for whom they act as agents in the form of
discounts, concessions or commissions. Underwriters may sell the
securities to or through dealers, and those dealers may receive
compensation in the form of discounts, concessions or commissions
from the underwriters or commissions from the purchasers for whom
they may act as agents. Underwriters, dealers and agents that
participate in the distribution of the securities, and any
institutional investors or others that purchase securities directly
and then resell the securities, may be deemed to be underwriters,
and any discounts or commissions received by them from us and any
profit on the resale of the securities by them may be deemed to be
underwriting discounts and commissions under the Securities
Act.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We may
provide agents and underwriters with indemnification against
particular civil liabilities, including liabilities under the
Securities Act, or contribution with respect to payments that the
agents or underwriters may make with respect to such liabilities.
Agents and underwriters may engage in transactions with, or perform
services for, us in the ordinary course of business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, we may enter into derivative transactions with third
parties (including the writing of options), or sell securities not
covered by this prospectus to third parties in privately negotiated
transactions. If the applicable prospectus supplement indicates, in
connection with such a transaction, the third parties may, pursuant
to this prospectus and the applicable prospectus supplement, sell
securities covered by this prospectus and the applicable prospectus
supplement. If so, the third party may use securities borrowed from
us or others to settle such sales and may use securities received
from us to close out any related short positions. We may also loan
or pledge securities covered by this prospectus and the applicable
prospectus supplement to third parties, who may sell the loaned
securities or, in an event of default in the case of a pledge, sell
the pledged securities pursuant to this prospectus and the
applicable prospectus supplement. The third party in such sale
transactions will be an underwriter and will be identified in the
applicable prospectus supplement or in a post-effective
amendment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To
facilitate an offering of a series of securities, persons
participating in the offering may engage in transactions that
stabilize, maintain, or otherwise affect the market price of the
securities. This may include over-allotments or short sales of the
securities, which involves the sale by persons participating in the
offering of more securities than have been sold to them by us. In
those circumstances, such persons would cover such over-allotments
or short positions by purchasing in the open market or by
exercising the over-allotment option granted to those persons. In
addition, those persons may stabilize or maintain the price of the
securities by bidding for or purchasing securities in the open
market or by imposing penalty bids, whereby selling concessions
allowed to underwriters or dealers participating in any such
offering may be reclaimed if securities sold by them are
repurchased in connection with stabilization transactions. 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. Such transactions, if
commenced, may be discontinued at any time. We make no
representation or prediction as to the direction or magnitude of
any effect that the transactions described above, if implemented,
may have on the price of our securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise specified in the applicable prospectus supplement, each
class or series of securities will be a new issue with no
established trading market, other than our common stock, which is
listed on the NYSE American. We may elect to list any other class
or series of securities on any exchange or market, 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 securities, but the
underwriters will not be obligated to do so and may discontinue any
market making at any time without notice. We cannot give any
assurance as to the liquidity of the trading market for any of the
securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
order to comply with the securities laws of some states, if
applicable, the securities offered pursuant to this prospectus will
be sold in those states only through registered or licensed brokers
or dealers. In addition, in some states securities may not be sold
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 complied
with.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Any
underwriter may engage in overallotment, stabilizing transactions,
short covering transactions and penalty bids in accordance with the
Exchange Act or Regulation M under the Exchange Act. Overallotment
involves sales in excess of the offering size, which create a short
position. Stabilizing transactions permit bids to purchase the
underlying security so long as the stabilizing bids do not exceed a
specified maximum. Short covering transactions involve purchases of
the securities in the open market after the distribution is
completed to cover short positions. Penalty bids permit the
underwriters to reclaim a selling concession from a dealer when the
securities originally sold by the dealer are purchased in a
covering transaction to cover short positions. Those activities may
cause the price of the securities to be higher than it would
otherwise be. If commenced, the underwriters may discontinue any of
these activities at any time.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Any
underwriters who are qualified market makers on the NYSE American
may engage in passive market making transactions in the securities
on the NYSE American in accordance with Rule 103 of Regulation M,
during the business day prior to the pricing of the offering,
before the commencement of offers or sales of the securities.
Passive market makers must comply with applicable volume and price
limitations and must be identified as passive market makers. In
general, a passive market maker must display its bid at a price not
in excess of the highest independent bid for such security. If all
independent bids are lowered below the passive market maker's bid,
however, the passive market maker's bid must then be lowered when
certain purchase limits are exceeded.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">24</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
LEGAL MATTERS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
validity of the securities offered by this prospectus will be
passed upon by Quick Law Group PC, Boulder, Colorado. Certain legal
matters will passed upon for any underwriters, dealers or agents by
the law firm identified as counsel to such underwriters, dealers or
agents in the applicable prospectus supplement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXPERTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
financial statements of the Company incorporated in this prospectus
by reference to the Annual Report on Form 10-K/A for the fiscal
year ended December 31, 2017 have been audited by Cherry Bekaert
LLP, an independent registered public accounting firm, as set forth
in their report thereon,<font style="font-weight: bold; font-style: italic">&#xA0;</font>and are
included in reliance upon the report of such firm given upon its
authority as experts in accounting and auditing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
WHERE YOU CAN FIND MORE INFORMATION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We are
a public company and 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&#x2019;s public reference
room at 100 F Street, NE, Washington, D.C. 20549. You can request
copies of these documents by writing to the SEC and paying a fee
for the copying cost. Please call the SEC at 1-800-SEC-0330 for
more information about the operation of the public reference room.
Our SEC filings are also available, at no charge, to the public at
the SEC&#x2019;s website at <font style="color: #000000">http://www.sec.gov.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
announce material financial information to our investors using our
investor relations website, SEC filings, investor events, news and
earnings releases, public conference calls, webcasts and social
media. We use these channels to communicate with our investors and
the public about our company, our products and services and other
related matters. It is possible that information we post on some of
these channels could be deemed to be material information.
Therefore, we encourage investors, the media and others interested
in our company to review the information we post to all of our
channels, including our social media accounts.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="incorporationofcertaininfo">I</a>NCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following documents filed by us with the SEC are incorporated by
reference in this prospectus:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Annual Report on
Form 10-K/A for the fiscal year ended December 31, 2017, filed on
March 5, 2018, including the information specifically incorporated
by reference into the Annual Report on Form 10-K/A from the
Definitive Proxy Statement on Schedule 14A, filed on April 20,
2018;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Quarterly Report on
Form 10-Q for the quarter ended March 31, 2018, filed on May 3,
2018;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Quarterly Report on
Form 10-Q for the quarter ended June 30, 2018, filed on August 2,
2018</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Current Report on
Form 8-K, filed on March 1, 2018;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Current Report on
Form 8-K, filed on May 3, 2018;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Current Report on
Form 8-K filed on June 1, 2018;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Current Report on
Form 8-K filed on July 5, 2018;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Current Report on
Form 8-K filed on July 9, 2018;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Current Report on
Form 8-K filed on August 2, 2018; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The description of
our common stock contained in the Registration Statement on
Amendment No. 1 to Form S-1 filed pursuant to Section 12 of the
Exchange Act on January 29, 2014, including any amendment or report
filed with the SEC for the purpose of updating this
description.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We also
incorporate by reference all documents we file pursuant to Section
13(a), 13(c), 14 or 15 of the Exchange Act (other than any portions
of filings that are furnished rather than filed pursuant to Items
2.02 and 7.01 of a Current Report on Form 8-K) after the date of
the initial registration statement of which this prospectus is a
part and prior to effectiveness of such registration statement. All
documents we file in the future pursuant to Section 13(a), 13(c),
14 or 15(d) of the Exchange Act after the date of this prospectus
and prior to the termination of the offering are also incorporated
by reference and are an important part of this
prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Any
statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or
superseded for the purposes of this registration statement to the
extent that a statement contained herein or in any other
subsequently filed document which also is or deemed to be
incorporated by reference herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part
of this registration statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
We will provide to each person, including any beneficial owner, to
whom a prospectus is delivered, a copy of any or all of the
information that has been incorporated by reference in the
prospectus but not delivered with the prospectus. You may request a
copy of these filings, excluding the exhibits to such filings which
we have not specifically incorporated by reference in such filings,
at no cost, by writing to or calling us at:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Issuer Direct Corporation</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Attn: Corporate Secretary</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
500 Perimeter Park Drive, Suite D</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Morrisville, North Carolina 27560</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(919) 481-4000</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
prospectus is part of a registration statement we filed with the
SEC. You should only rely on the information or representations
contained in this prospectus and any accompanying prospectus
supplement. We have not authorized anyone to provide information
other than that provided in this prospectus and any accompanying
prospectus supplement. We are not making an offer of the securities
in any state where the offer is not permitted. You should not
assume that the information in this prospectus or any accompanying
prospectus supplement is accurate as of any date other than the
date on the front of the document.</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">26</font></div>
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PROSPECTUS</font></div>
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$30,000,000<br></font></div>
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Common Stock</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Preferred Stock</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Debt Securities</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Warrants</font></div>
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Units</font></div>
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<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
, 2018</font></div>
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</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART II</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
INFORMATION NOT REQUIRED IN PROSPECTUS</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
following table sets forth an estimate of the fees and expenses,
other than the underwriting discounts and commissions, payable by
us in connection with the issuance and distribution of the
securities being registered.</font></div>
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<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
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</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Amount</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">SEC registration
fee</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,735</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">NYSE American
supplemental listing fee</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Accounting fees and
expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Legal fees and
expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Transfer agent and
registrar fees and expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Trustee fees and
expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">*</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Printing and
miscellaneous fees and expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">*</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; padding-bottom: 4px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">*</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px; font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="null"><font>&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">* These
fees are calculated based on the securities offered and the number
of issuances and accordingly cannot be estimated at this
time.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
ITEM 15. INDEMNIFICATION OF OFFICERS AND DIRECTORS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Limitations
of liability and indemnification</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subsection
(a)&#xA0;of Section&#xA0;145 of the General Corporation Law of
Delaware, or the DGCL, empowers a corporation to indemnify any
person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other
than an action by or in the right of the corporation) by reason of
the fact that he is or was a director, employee or agent of the
corporation or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against
expenses (including attorneys&#x2019; fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by him
in connection with such action, suit or proceeding if he acted in
good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the corporation and, with respect
to any criminal action or proceeding, had no reasonable cause to
believe his conduct was unlawful.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subsection
(b)&#xA0;of Section&#xA0;145 of the DGCL empowers a corporation to
indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action or suit
by or in the right of the corporation to procure a judgment in its
favor by reason of the fact that such person acted in any of the
capacities set forth above, against expenses (including
attorneys&#x2019; fees) actually and reasonably incurred by him in
connection with the defense or settlement of such action or suit if
he acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the corporation and
except that no indemnification may be made with respect to any
claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation unless and only to the
extent that the Court of Chancery or the court in which such action
or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all of the
circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery
or such other court shall deem proper.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Section&#xA0;145
of the DGCL further provides that to the extent a director,
officer, employee or agent of a corporation has been successful on
the merits or otherwise in the defense of any action, suit or
proceeding referred to in subsections (a)&#xA0;and (b)&#xA0;or in
the defense of any claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys&#x2019; fees)
actually and reasonably incurred by him in connection therewith;
that indemnification or advancement of expenses provided for by
Section&#xA0;145 shall not be deemed exclusive of any other rights
to which the indemnified party may be entitled; and empowers the
corporation to purchase and maintain insurance on behalf of a
director, officer, employee or agent of the corporation against any
liability asserted against him or incurred by him in any such
capacity or arising out of his status as such whether or not the
corporation would have the power to indemnify him against such
liabilities under Section&#xA0;145.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">II-1</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 2px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Reference
is also made to Section&#xA0;102(b)(7) of the DGCL, which enables a
corporation in its certificate of incorporation to eliminate or
limit the personal liability of a director for monetary damages for
violations of a director&#x2019;s fiduciary duty, except for
liability (i)&#xA0;for any breach of the director&#x2019;s duty of
loyalty to the corporation or its stockholders, (ii)&#xA0;for acts
or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, (iii)&#xA0;under
Section&#xA0;174 of the DGCL (providing for liability of directors
for unlawful payment of dividends or unlawful stock purchases or
redemptions) or (iv)&#xA0;for any transaction from which the
director derived an improper personal benefit. Our Certificate of
Incorporation, as amended, and our indemnity agreements with our
officers and directors provides that we must indemnify our
directors to the fullest extent under applicable law. Pursuant to
Delaware law, this includes elimination of liability for monetary
damages for breach of the directors&#x2019; fiduciary duty of care
to Issuer Direct and its stockholders. However, our directors may
be personally liable for liability:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">for any breach of
duty of loyalty to us or to our stockholders;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">for acts or
omissions not in good faith or that involve intentional misconduct
or a knowing violation of law;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">for unlawful
payment of dividends or unlawful stock repurchases or redemptions;
or</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">for any transaction
from which the director derived an improper personal
benefit.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, our amended and restated bylaws and indemnity agreements
provide that:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we are required to
indemnify our directors and executive officers to the fullest
extent not prohibited by Delaware law or any other applicable law,
subject to limited exceptions;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we may indemnify
our other officers, employees and other agents as set forth in
Delaware law or any other applicable law;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">we are required to
advance expenses to our directors and executive officers as
incurred in connection with legal proceedings against them for
which they may be indemnified; and</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the rights
conferred in the amended and restated bylaws are not
exclusive.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
is no pending litigation or proceeding naming any of our directors
or officers as to which indemnification is being sought, nor are we
aware of any pending or threatened litigation that may result in
claims for indemnification.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ITEM
16. EXHIBITS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">1.1*</font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of Underwriting Agreement</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/843006/000135448813004907/isdr_ex21.htm">
<font style="font-family: Times New Roman; font-size: 13px;">2.1</font></a></font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-family: Times New Roman; font-size: 13px">Agreement and Plan
of Merger dated August 22, 2013 with the Company, ISDR Acquisition
Corp. and Precision IR Group, Inc. (incorporated by reference to
Exhibit 2.1 to the Form 8-K filed on August 27,
2013)</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/843006/000135448814005000/isdr_ex21.htm">
<font style="font-family: Times New Roman; font-size: 13px;">2.2</font></a></font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-family: Times New Roman; font-size: 13px">Asset
Purchase Agreement dated October 2, 2014 with the Company,
Baystreet.ca Media Corp. and Aaron Bodnar <font style="font-size: 13px">(incorporated by reference to Exhibit 2.1 to the
Form 8-K filed on October 7, 2014)</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/843006/000165495418007350/isdr_ex101.htm">
<font style="font-family: Times New Roman; font-size: 13px;">2.3</font></a></font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-family: Times New Roman; font-size: 13px">Stock
Purchase Agreement dated July 3, 2018 with the Company, ACCESSWIRE
Canada Ltd. and Fred Gautreau <font style="font-size: 13px">(incorporated by reference to Exhibit 10.1 to the
Form 8-K filed on July 5, 2018)</font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/843006/000165495417004314/isdr_ex31.htm">
<font style="font-family: Times New Roman; font-size: 13px;">3.1</font></a></font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-family: Times New Roman; font-size: 13px">Certificate of
Incorporation, as amended (incorporated by reference to Exhibit 3.1
to the Form S-3 filed on May 10, 2017)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="http://www.sec.gov/Archives/edgar/data/843006/000135448814000649/isdr_ex31.htm">
<font style="font-family: Times New Roman; font-size: 13px;">3.2</font></a></font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="font-family: Times New Roman; font-size: 13px">Amended
and Restated Bylaws (incorporated by reference to Exhibit 3.1 to
the Form 8-K filed on February 12, 2014)</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">4.1*</font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of any certificate of designation with respect to any
preferred stock issued hereunder and the related form of preferred
stock certificate</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">4.2*</font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of any warrant agreement with respect to each particular
series of warrants issued hereunder</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">4.3*</font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of any unit agreement with respect to any unit issued
hereunder</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="isdr_ex4-4.htm"><font style="font-family: Times New Roman; font-size: 13px;">4.4</font></a></font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of indenture for senior debt securities</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="isdr_ex4-5.htm"><font style="font-family: Times New Roman; font-size: 13px;">4.5</font></a></font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of indenture for subordinated debt securities</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">4.6*</font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of senior note</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">4.7*</font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of subordinated note</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 13px;">
4.8*</font></font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form of overallotment purchase right
agreement</font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="isdr_ex5-1.htm"><font style="font-family: Times New Roman; font-size: 13px;">5.1</font></a></font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Opinion of Quick Law Group PC</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">12.1*</font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Computation of Ratio of Earnings to Fixed Charges</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><a href="isdr_ex5-1.htm">
23.1</a></font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Consent of Quick Law Group PC (included with exhibit
5.1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: rgb(0, 0, 0);"><a href="isdr_ex23-2.htm"><font style="font-family: Times New Roman; font-size: 13px;">23.2</font></a></font></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Consent of Independent Registered Public Accounting Firm &#x2013;
Cherry Bekaert LLP</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#poa"><font style="font-family: Times New Roman; font-size: 13px;">24.1</font></a></div>
</td>
<td style="vertical-align: bottom; width: 90%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Power of Attorney (located on signature page to this Registration
Statement)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">25.1**</font></div>
</td>
<td style="vertical-align: middle; width: 90%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Form T-1 Statement of Eligibility of Trustee for senior indenture
under the Trust Indenture Act of 1939</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px">*</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">To be filed, if
necessary, subsequent to the effectiveness of this registration by
an amendment to this registration statement or incorporation by
reference pursuant to a Current Report on Form 8-K in connection
with an offering of securities.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 24px;">
<font style="font-family: Times New Roman; font-size: 13px">**</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">To be
filed as an exhibit to a Current Report on Form 305B2 or pursuant
to Section 305(b)(2) of the Trust Indenture Act of 1939 and
incorporated herein by reference.</font></div>
</div>
</div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ITEM
17. UNDERTAKINGS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The undersigned
Registrant hereby undertakes:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To file, during any
period in which offers or sales are being made, a post-effective
amendment to this registration statement:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To include any
prospectus required by Section 10(a)(3) of the Securities Act of
1933;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To
reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 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 &#x201C;Calculation of Registration Fee&#x201D; table in the
effective registration statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">provided, however</font>, that paragraphs (i),
(ii) and (iii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by
the Registrant pursuant to Section 13 or Section 15(d) of the
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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">That, for the
purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To remove from
registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination
of the offering.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">That, for the
purpose of determining liability under the Securities Act of 1933
to any purchaser:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Registrant
is relying on Rule 430B:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px;"><font style="font-family: Times New Roman; font-size: 13px">(A)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 96px; text-indent: 144px;"><font style="font-family: Times New Roman; font-size: 13px">(B)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Each prospectus
required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7)
as part of a registration statement in reliance on Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii),
or (x) for the purpose of providing the information required by
section 10(a) of the Securities Act of 1933 shall be deemed to be
part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after
effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided
in Rule 430B, for liability purposes of the issuer and any person
that is at that date an underwriter, such date shall be deemed to
be a new effective date of the registration statement relating to
the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date;
or</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If
the registrant is subject to Rule 430C, each prospectus filed
pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying
on Rule 430B or other than prospectuses filed in reliance on Rule
430A, shall be deemed to be part of and included in the
registration statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a
registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such first use,
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 date of
first use.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(5)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">Any preliminary
prospectus or prospectus of the undersigned registrant relating to
the offering required to be filed pursuant to Rule
424;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">Any free writing
prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned
registrant;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)&#xA0;&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">The portion of any
other free writing prospectus relating to the offering containing
material information about the undersigned registrant or its
securities provided by or on behalf of the undersigned registrant;
and</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; text-indent: 108px;"><font style="font-family: Times New Roman; font-size: 13px">(iv)&#xA0;&#xA0;&#xA0;&#xA0;
Any other communication that is an offer in the offering made by
the undersigned registrant to the purchaser.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">That, for purposes
of determining any liability under the Securities Act of 1933, each
filing of the Registrant&#x2019;s annual report pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan&#x2019;s annual
report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona
fide offering thereof.</font></div>
<div style="text-indent: 48px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">To file an
application for the purpose of determining the eligibility of the
trustee to act under subsection (a) of Section 310 of the Trust
Indenture Act in accordance with the rules and regulations
prescribed by the Commission under Section 305(b)(2) of the Trust
Indenture Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 10px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Insofar
as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling
persons of each Registrant pursuant to the foregoing provisions, or
otherwise, each 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
a Registrant of expenses incurred or paid by a director, officer or
controlling person of a 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, that 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.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SIGNATURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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 Morrisville,
North Carolina on August 2, 2018.</font></div>
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<div><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUER
DIRECT CORPORATION</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid black; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/ <font style="font-family: Times New Roman; font-size: 13px">Brian R.
Balbirnie</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 35%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Brian R.
Balbirnie</font>&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Chief Executive
Officer</font>&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="poa">P</a>OWER OF ATTORNEY</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">KNOWN
ALL MEN BY THESE PRESENTS, that each person whose signature below
constitutes and appoints Brian R. Balbirnie as attorney-in-fact,
with power of substitution, for him in any and all capacities, to
sign any amendments to this Registration Statement on Form S-3,
<font style="color: #000000; font-size: 13px; background-color: #FFFFFF">including
any post-effective amendments thereto,</font> and file the same,
with exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, hereby ratifying and
confirming all that each of said attorneys-in-fact, or his
substitute or substitutes, may do or cause to be done by virtue
hereof. This power of attorney shall be governed by and construed
with the laws of the State of Delaware and applicable federal
securities laws.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.<a name="_GoBack"><!--anchor--></a></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td colspan="1" style="vertical-align: top; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">Signature<br></td>
<td colspan="1" style="vertical-align: top; width: 1%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</td>
<td style="vertical-align: top; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Title&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Brian R. Balbirnie</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Executive Officer and Director</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
</div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Brian
R. Balbirnie</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(Principal
Executive Officer)</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 32%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Steven Knerr</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
</div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Steven
Knerr</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(Principal
Financial and Accounting Officer)</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 32%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">/s/
William Everett&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Chairman of the
Board of Directors</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">William
Everett</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 32%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Eric Alan Frank</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Eric
Alan Frank</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 32%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">/s/ J.
Patrick Galleher</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">J.
Patrick Galleher</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 32%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Michael Nowlan</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Michael
Nowlan</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">II-5</font></div>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>2
<FILENAME>isdr_ex4-4.htm
<DESCRIPTION>FORM OF INDENTURE FOR SENIOR DEBT SECURITIES
<TEXT>
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<head>
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<title>Blueprint</title>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exhibit
4.4</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUER
DIRECT CORPORATION</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUER</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">AND</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">[TRUSTEE],</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TRUSTEE</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">INDENTURE</font></div>
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<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DATED
AS OF&#xA0;&#xA0;&#xA0;&#xA0; , 20</font></div>
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<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SENIOR
DEBT SECURITIES</font></div>
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</div>
</div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TABLE
OF CONTENTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE I DEFINITIONS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;3</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 1.1 Definitions of Terms</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;3</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND
EXCHANGE OF SECURITIES</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.1 Designation and Terms of Securities
Section&#xA0;<br></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div style="text-align: right"><font>&#xA0;5</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.2 Form of Securities and Trustee&#x2019;s
Certificate&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div style="text-align: right"><font>&#xA0; 6</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.3 Denominations: Provisions for Payment<br></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div style="text-align: right"><font>&#xA0; 7</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.4 Execution and Authentications</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div style="text-align: right"><font>&#xA0; 7</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.5 Registration of Transfer and
Exchange<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;8</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section</font> <font style="color: #000000; font-family: Times New Roman; font-size: 13px">2.6
Temporary Securities</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0; 8</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.7 Mutilated, Destroyed, Lost or Stolen
Securities<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;9</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.8 Cancellation</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0; 9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.9 Benefits of Indenture&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;9</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.10 Authenticating Agent</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0; 9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.11 Global Securities</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0; 10</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND
PROVISIONS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;10</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.1 Redemption</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;10</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.2 Notice of Redemption&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;10</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
3.3 Payment Upon Redemption</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
3.4 Sinking Fund</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.5 Satisfaction of Sinking Fund Payments with
Securities<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
3.6 Redemption of Securities for Sinking Fund</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE IV COVENANTS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.1 Payment of Principal, Premium and
Interest<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
4.2 Maintenance of Office or Agency</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.3 Paying Agents</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.4 Appointment to Fill Vacancy in Office of
Trustee<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
4.5 Compliance with Consolidation Provisions</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE V SECURITYHOLDERS&#x2019; LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 5.1 Company to Furnish Trustee Names and Addresses of
Securityholders&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
5.2 Preservation Of Information; Communications With
Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
5.3 Reports by the Company</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 5.4 Reports by the Trustee</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;14</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.1 Events of Default</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;14</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.2 Collection of Indebtedness and Suits for Enforcement by
Trustee<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
6.3 Application of Moneys Collected</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;15</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.4 Limitation on Suits</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;16</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.5 Rights and Remedies Cumulative; Delay or Omission Not
Waiver<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;16</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
6.6 Control by Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;16</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.7 Undertaking to Pay Costs</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;16</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE VII CONCERNING THE TRUSTEE</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;17</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.1 Certain Duties and Responsibilities of
Trustee<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;17</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
7.2 Certain Rights of Trustee</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;17</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.3 Trustee Not Responsible for Recitals or Issuance or
Securities<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;18</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
7.4 May Hold Securities</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;18</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.5 Moneys Held in Trust</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;18</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.6 Compensation and
Reimbursement&#xA0;&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;18</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
7.7 Reliance on Officer&#x2019;s Certificate</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
7.8 Disqualification; Conflicting Interests</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
7.9 Corporate Trustee Required; Eligibility</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.10 Resignation and Removal; Appointment of
Successor<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
7.11 Acceptance of Appointment By Successor</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.12 Merger, Conversion, Consolidation or Succession to
Business</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-1-</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.13 Preferential Collection of Claims Against the
Company<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
7.14 Notice of Default</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE VIII CONCERNING THE SECURITYHOLDERS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;21</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 8.1 Evidence of Action by
Securityholders&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;21</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
8.2 Proof of Execution by Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;21</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
8.3 Who May be Deemed Owners</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;21</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 8.4 Certain Securities Owned by Company
Disregarded&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;21</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
8.5 Actions Binding on Future Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;21</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">ARTICLE
IX SUPPLEMENTAL INDENTURES</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 9.1 Supplemental Indentures Without the Consent of
Securityholders&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
9.2 Supplemental Indentures With Consent of
Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
9.3 Effect of Supplemental Indentures</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 9.4 Securities Affected by Supplemental
Indentures&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
9.5 Execution of Supplemental Indentures</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">ARTICLE
X SUCCESSOR ENTITY</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 10.1 Company May Consolidate, Etc&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
10.2 Successor Entity Substituted</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
10.3 Evidence of Consolidation, Etc</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE XI SATISFACTION AND DISCHARGE</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 11.1 Satisfaction and Discharge of
Indenture<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
11.2 Discharge of Obligations</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 11.3 Deposited Moneys to be Held in
Trust&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
11.4 Payment of Moneys Held by Paying Agents</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
11.5 Repayment to Company</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 12.1 No Recourse</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE XIII MISCELLANEOUS PROVISIONS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.1 Effect on Successors and Assigns<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
13.2 Actions by Successor</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.3 Surrender of Company Powers<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
13.4 Notices</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.5 Governing Law</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.6 Treatment of Securities as Debt</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.7 Certificates and Opinions as to Conditions
Precedent<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
13.8 Payments on Business Days</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.9 Conflict with Trust Indenture Act<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
13.10 Counterparts</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.11 Separability</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.12 Compliance Certificates</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-2-</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">INDENTURE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">INDENTURE, dated as
of [&#x25CF;], among Issuer Direct Corporation, a Delaware
corporation, and [TRUSTEE], as trustee:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, for its
lawful corporate purposes, the Company has duly authorized the
execution and delivery of this Indenture to provide for the
issuance of debt securities (hereinafter referred to as the
&#x201C;Securities&#x201D;), in an unlimited aggregate principal
amount to be issued from time to time in one or more series as in
this Indenture provided, as registered Securities without coupons,
to be authenticated by the certificate of the Trustee;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, to provide
the terms and conditions upon which the Securities are to be
authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, all things
necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">NOW,
THEREFORE, in consideration of the premises and the purchase of the
Securities by the holders thereof, it is mutually covenanted and
agreed as follows for the equal and ratable benefit of the holders
of Securities:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
I</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DEFINITIONS</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 1.1 Definitions of
Terms</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 16px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
terms defined in this Section (except as in this Indenture or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section and shall include the
plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as
amended, or that are by reference in such Act defined in the
Securities Act of 1933, as amended (except as herein or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this
instrument.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Authenticating
Agent&#x201D; means an authenticating agent with respect to all or
any of the series of Securities appointed by the Trustee pursuant
to Section 2.10.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Bankruptcy
Law&#x201D; means Title 11, U.S. Code, or any similar federal or
state law for the relief of debtors.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Board of
Directors&#x201D; means the Board of Directors of the Company or any
duly authorized committee of such Board.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 14px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Board
Resolution&#x201D; means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors and to be in full force and
effect on the date of such certification.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Business
Day&#x201D; means, with respect to any series of Securities, any day
other than a day on which federal or state banking institutions in
the Borough of Manhattan, the City of New York, or in the city of
the Corporate Trust Office of the Trustee, are authorized or
obligated by law, executive order or regulation to
close.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Certificate&#x201D;
means a certificate signed by any Officer. The Certificate need not
comply with the provisions of Section 13.7. &#x201C;Company&#x201D;
means Issuer Direct Corporation, a corporation duly organized and
existing under the laws of the State of</font> <font style="font-family: Times New Roman; font-size: 13px">Delaware, and,
subject to the provisions of Article X, shall also include its
successors and assigns.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Corporate
Trust Office&#x201D; 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&#xA0;.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Custodian&#x201D;
means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 19px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Default&#x201D;
means any event, act or condition that with notice or lapse of
time, or both, would constitute an Event of Default.
&#x201C;Defaulted Interest&#x201D; has the meaning set forth in
Section 2.3.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Depositary&#x201D;
means, with respect to Securities of any series for which the
Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing
agency, or any successor registered as a clearing agency under the
Exchange Act, or other applicable statute or regulation, which, in
each case, shall be designated by the Company pursuant to either
Section 2.1 or 2.11.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 6px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-3-</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Event of
Default&#x201D; means, with respect to Securities of a particular
series, any event specified in Section 6.1, continued for the
period of time, if any, therein designated.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Exchange
Act&#x201D; means the Securities and Exchange Act of 1934, as
amended.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Global
Security&#x201D; means, with respect to any series of Securities, a
Security executed by the Company and delivered by the Trustee to
the Depositary or pursuant to the Depositary&#x2019;s instruction,
all in accordance with the Indenture, which shall be registered in
the name of the Depositary or its nominee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Governmental
Obligations&#x201D; means securities that are (a) direct obligations
of the United States of America for the payment of which its full
faith and credit is pledged or (b) obligations of a Person
controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of
which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case,
are not callable or redeemable at the option of the issuer thereof
at any time prior to the stated maturity of the Securities, and
shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account
of the holder of such depositary receipt; provided, however, that
(except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in
respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced
by such depositary receipt.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;herein,&#x201D;
&#x201C;hereof&#x201D; and &#x201C;hereunder,&#x201D; and other words
of similar import, refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Indenture&#x201D;
means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms
hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Interest
Payment Date,&#x201D; when used with respect to any installment of
interest on a Security of a particular series, means the date
specified in such Security or in a Board Resolution or in an
indenture supplemental hereto with respect to such series as the
fixed date on which an installment of interest with respect to
Securities of that series is due and payable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Officer&#x201D;
means, with respect to the Company, the chairman of the Board of
Directors, a chief executive officer, a president, a chief
financial officer, a chief operating officer, any executive vice
president, any senior vice president, any vice president, the
treasurer or any assistant treasurer, the controller or any
assistant controller or the secretary or any assistant
secretary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Officer&#x2019;s
Certificate&#x201D; means a certificate signed by any Officer. Each
such certificate shall include the statements provided for in
Section 13.7, if and to the extent required by the provisions
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Opinion of
Counsel&#x201D; means an opinion in writing subject to customary
exceptions of legal counsel, who may be an employee of or counsel
for the Company, that is delivered to the Trustee in accordance
with the terms hereof. Each such opinion shall include the
statements provided for in Section 13.7, if and to the extent
required by the provisions thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Outstanding,&#x201D;
when used with reference to Securities of any series, means,
subject to the provisions of Section 8.4, as of any particular
time, all Securities of that series theretofore authenticated and
delivered by the Trustee under this Indenture, except (a)
Securities theretofore canceled by the Trustee or any paying agent,
or delivered to the Trustee or any paying agent for cancellation or
that have previously been canceled; (b) Securities or portions
thereof for the payment or redemption of which moneys or
Governmental Obligations in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other
than the Company) or shall have been set aside and segregated in
trust by the Company (if the Company shall act as its own paying
agent); provided, however, that if such Securities or portions of
such Securities are to be redeemed prior to the maturity thereof,
notice of such redemption shall have been given as provided in
Article III, or provision satisfactory to the Trustee shall have
been made for giving such notice; and (c) Securities in lieu of or
in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section
2.7.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Person&#x201D;
means any individual, corporation, partnership, joint venture,
joint-stock company, limited liability company, association, trust,
unincorporated organization, any other entity or organization,
including a government or political subdivision or an agency or
instrumentality thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Predecessor
Security&#x201D; 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</font> <font style="font-family: Times New Roman; font-size: 13px">2.7 in lieu of a
lost, destroyed or stolen Security shall be deemed to evidence the
same debt as the lost, destroyed or stolen Security.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Responsible
Officer&#x201D; when used with respect to the Trustee means the
chairman of its board of directors, the chief executive officer,
the president, any vice president, the secretary, the treasurer,
any trust officer, any corporate trust officer or any other officer
or assistant officer of the Trustee customarily performing
functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his or her knowledge of and
familiarity with the particular subject.</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-4-</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Securities&#x201D;
means the debt Securities authenticated and delivered under this
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Securityholder,&#x201D;
&#x201C;holder of Securities,&#x201D; &#x201C;registered
holder,&#x201D; or other similar term, means the Person or Persons
in whose name or names a particular Security shall be registered on
the books of the Company kept for that purpose in accordance with
the terms of this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Security
Register&#x201D; and &#x201C;Security Registrar&#x201D; shall have the
meanings as set forth in Section 2.5.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Subsidiary&#x201D;
means, with respect to any Person, (i) any corporation at least a
majority of whose outstanding Voting Stock shall at the time be
owned, directly or indirectly, by such Person or by one or more of
its Subsidiaries or by such Person and one or more of its
Subsidiaries, (ii) any general partnership, joint venture or
similar entity, at least a majority of whose outstanding
partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person
and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a
general partner.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Trustee&#x201D;
means , and, subject to the provisions of Article VII, shall also
include its successors and assigns, and, if at any time there is
more than one Person acting in such capacity hereunder,
&#x201C;Trustee&#x201D; shall mean each such Person. The term
&#x201C;Trustee&#x201D; as used with respect to a particular series
of the Securities shall mean the trustee with respect to that
series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Trust
Indenture Act&#x201D; means the Trust Indenture Act of 1939, as
amended.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Voting
Stock,&#x201D; as applied to stock of any Person, means shares,
interests, participations or other equivalents in the equity
interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the
equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by
reason of the occurrence of a contingency.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
II</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.1 Designation and Terms of Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The aggregate
principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be
issued in one or more series up to the aggregate principal amount
of Securities of that series from time to time authorized by or
pursuant to a Board Resolution or pursuant to one or more
indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant
to a Board Resolution, and set forth in an Officer&#x2019;s
Certificate, or established in one or more indentures supplemental
hereto:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the title of the
Securities of the series (which shall distinguish the Securities of
that series from all other Securities);</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">any
limit upon the aggregate principal amount of the Securities of that
series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of,
other Securities of that series);</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
date or dates on which the principal of the Securities of the
series is payable, any original issue discount that may apply to
the Securities of that series upon their issuance, the principal
amount due at maturity, and the place(s) of payment;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(iv)&#xA0;&#xA0;&#xA0;&#xA0;
the rate or rates at which the Securities of the series shall bear
interest or the manner of calculation of such rate or</font>
<font style="font-family: Times New Roman; font-size: 13px">rates,
if any;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(v)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the date or dates
from which such interest shall accrue, the Interest Payment Dates
on which such interest will be payable or the manner of
determination of such Interest Payment Dates, the place(s) of
payment, and the record date for the determination of holders to
whom interest is payable on any such Interest Payment Dates or the
manner of determination of such record dates;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(vi)&#xA0;&#xA0;&#xA0;
the right, if any, to extend the interest payment periods and the
duration of such extension;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(vii)&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the period or
periods within which, the price or prices at which and the terms
and conditions upon which Securities of the series may be redeemed,
in whole or in part, at the option of the Company;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(viii)&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">the obligation, if
any, of the Company to redeem or purchase Securities of the series
pursuant to any sinking fund, mandatory redemption, or analogous
provisions (including payments made in cash in satisfaction of
future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices
at which, and the terms and conditions upon which, Securities of
the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-5-</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(ix)&#xA0;&#xA0;&#xA0;
the form of the Securities of the series including the form of the
Certificate of Authentication for such series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(x)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">if other than
denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, the denominations in which the Securities of the
series shall be issuable;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xi)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">any
and all other terms (including terms, to the extent applicable,
relating to any auction or remarketing of the Securities of that
series and any security for the obligations of the Company with
respect to such Securities) with respect to such series (which
terms shall not be inconsistent with the terms of this Indenture,
as amended by any supplemental indenture) including any terms which
may be required by or advisable under United States laws or
regulations or advisable in connection with the marketing of
Securities of that series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">whether
the Securities are issuable as a Global Security and, in such case,
the terms and the identity of the Depositary for such
series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xiii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">whether
the Securities will be convertible into or exchangeable for shares
of common stock, preferred stock or other securities of the Company
or any other Person and, if so, the terms and conditions upon which
such Securities will be so convertible or exchangeable, including
the conversion or exchange price, as applicable, or how it will be
calculated and may be adjusted, any mandatory or optional (at the
Company&#x2019;s option or the holders&#x2019; option) conversion or
exchange features, and the applicable conversion or exchange
period;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xiv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">if
other than the principal amount thereof, the portion of the
principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant
to Section 6.1;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">any
additional or different Events of Default or restrictive covenants
(which may include, among other restrictions, restrictions on the
Company&#x2019;s ability or the ability of the Company&#x2019;s
Subsidiaries to: incur additional indebtedness; issue additional
securities; create liens; pay dividends or make distributions in
respect of the capital stock of the Company or the Company&#x2019;s
Subsidiaries; redeem capital stock; place restrictions on the
Company&#x2019;s Subsidiaries&#x2019; ability to pay dividends, make
distributions or transfer assets; make investments or other
restricted payments; sell or otherwise dispose of assets; enter
into sale-leaseback transactions; engage in transactions with
stockholders or affiliates; issue or sell stock of the
Company&#x2019;s Subsidiaries; or effect a consolidation or merger)
or financial covenants (which may include, among other financial
covenants, financial covenants that require the Company and its
Subsidiaries to maintain specified interest coverage, fixed charge,
cash flow-based, asset-based or other financial ratios) provided
for with respect to the Securities of the series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xvi)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">if
other than dollars, the coin or currency in which the Securities of
the series are denominated (including, but not limited to, foreign
currency);</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xvii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
terms and conditions, if any, upon which the Company shall pay
amounts in addition to the stated interest, premium, if any and
principal amounts of the Securities of the series to any
Securityholder that is not a &#x201C;United States person&#x201D; for
federal tax purposes; and</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xviii)&#xA0;&#xA0;
any restrictions on transfer, sale or assignment of the Securities
of the series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
Securities of any one series shall be substantially identical
except as may otherwise be provided in or pursuant to any such
Board Resolution or in any indentures supplemental
hereto.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If any
of the terms of the series are established by action taken pursuant
to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an
assistant secretary of the Company and delivered to the Trustee at
or prior to the delivery of the Officer&#x2019;s Certificate of the
Company setting forth the terms of the series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Securities of any
particular series may be issued at various times, with different
dates on which the principal or any installment of principal is
payable, with different rates of interest, if any, or different
methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with
different redemption dates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.2 Form of Securities and
Trustee&#x2019;s Certificate</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities of any series and the Trustee&#x2019;s certificate of
authentication to be borne by such Securities shall be
substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board
Resolution, and set forth in an Officer&#x2019;s Certificate, and
they may have such letters, numbers or other marks of
identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the Company may deem
appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange on which Securities of that
series may be listed, or to conform to usage.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-6-</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.3 Denominations: Provisions for
Payment</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities shall be issuable as registered Securities and in the
denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.1(a)(x).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities of a particular series shall bear interest payable on
the dates and at the rate specified with respect to that series.
Subject to Section 2.1(a)(xvi), the principal of and the interest
on the Securities of any series, as well as any premium thereon in
case of redemption thereof prior to maturity, shall be payable in
the coin or currency of the United States of America that at the
time is legal tender for public and private debt, at the office or
agency of the Company maintained for that purpose. Each Security
shall be dated the date of its authentication. Interest on the
Securities shall be computed on the basis of a 360-day year
composed of twelve 30-day months.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
interest installment on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose
name said Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for
such interest installment. In the event that any Security of a
particular series or portion thereof is called for redemption and
the redemption date is subsequent to a regular record date with
respect to any Interest Payment Date and prior to such Interest
Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section
3.3.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for
Securities of the same series (herein called &#x201C;Defaulted
Interest&#x201D;) shall forthwith cease to be payable to the
registered holder on the relevant regular record date by virtue of
having been such holder; and such Defaulted Interest shall be paid
by the Company, at its election, as provided in clause (i) or
clause (ii) below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company may
make payment of any Defaulted Interest on Securities to the Persons
in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special
record date for the payment of such Defaulted Interest, which shall
be fixed in the following manner: the Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest
as in this clause provided. Thereupon the Trustee shall fix a
special record date for the payment of such Defaulted Interest
which shall not be more than 15 nor less than 10 days prior to the
date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and
the special record date therefor to be mailed, first class postage
prepaid, to each Securityholder at his or her address as it appears
in the Security Register (as hereinafter defined), not less than 10
days prior to such special record date. 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 such Securities (or
their respective Predecessor Securities) are registered on such
special record date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The
Company may make payment of any Defaulted Interest on any
Securities in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities
may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of
the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee.Unless otherwise
set forth in a Board Resolution or one or more indentures
supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.1 hereof, the term &#x201C;regular
record date&#x201D; as used in this Section with respect to a series
of Securities and any Interest Payment Date for such series shall
mean either the fifteenth day of the month immediately preceding
the month in which an Interest Payment Date established for such
series pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the first day of a month, or the first day of the
month in which an Interest Payment Date established for such series
pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the fifteenth day of a month, whether or not such
date is a Business Day.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the foregoing provisions of this Section, each Security of a
series delivered under this Indenture upon transfer of or in
exchange for or in lieu of any other Security of such series shall
carry the rights to interest accrued and unpaid, and to accrue,
that were carried by such other Security.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.4 Execution and
Authentications</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities shall be signed on behalf of the Company by one of its
Officers. Signatures may be in the form of a manual or facsimile
signature.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may use the facsimile signature of any Person who shall
have been an Officer, notwithstanding the fact that at the time the
Securities shall be authenticated and delivered or disposed of such
Person shall have ceased to be such an officer of the Company. The
Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall
be dated the date of its authentication by the
Trustee.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 7px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">A
Security shall not be valid until authenticated manually by an
authorized signatory of the Trustee, or by an Authenticating Agent.
Such signature shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.
At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and
delivery of such Securities, signed by an Officer, and the Trustee
in accordance with such written order shall authenticate and
deliver such Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, if requested,
and (subject to Section 7.1) shall be fully protected in relying
upon, an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this
Indenture.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee shall not be required to authenticate such Securities if
the issue of such Securities pursuant to this Indenture will affect
the Trustee&#x2019;s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.5 Registration of Transfer and Exchange.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Securities of any
series may be exchanged upon presentation thereof at the office or
agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a
like aggregate principal amount, upon payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto,
all as provided in this Section. In respect of any Securities so
surrendered for exchange, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in
exchange therefor the Security or Securities of the same series
that the Securityholder making the exchange shall be entitled to
receive, bearing numbers not contemporaneously
outstanding.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company shall
keep, or cause to be kept, at its office or agency designated for
such purpose a register or registers (herein referred to as the
&#x201C;Security Register&#x201D;) in which, subject to such
reasonable regulations as it may prescribe, the Company shall
register the Securities and the transfers of Securities as in this
Article provided and which at all reasonable times shall be open
for inspection by the Trustee. The registrar for the purpose of
registering Securities and transfer of Securities as herein
provided shall be appointed as authorized by Board Resolution (the
&#x201C;Security Registrar&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Upon
surrender for transfer of any Security at the office or agency of
the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall
deliver in the name of the transferee or transferees a new Security
or Securities of the same series as the Security presented for a
like aggregate principal amount.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
Securities presented or surrendered for exchange or registration of
transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the
Company or the Security Registrar, duly executed by the registered
holder or by such holder&#x2019;s duly authorized attorney in
writing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set
forth in an Officer&#x2019;s Certificate, or established in one or
more indentures supplemental to this Indenture, no service charge
shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial
redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in
relation thereto, other than exchanges pursuant to Section 2.6,
Section 3.3(b) and Section 9.4 not involving any
transfer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company shall
not be required (i) to issue, exchange or register the transfer of
any Securities during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of
less than all the Outstanding Securities of the same series and
ending at the close of business on the day of such mailing, nor
(ii) to register the transfer of or exchange any Securities of any
series or portions thereof called for redemption, other than the
unredeemed portion of any such Securities being redeemed in part.
The provisions of this Section 2.5 are, with respect to any Global
Security, subject to Section 2.11 hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.6 Temporary Securities</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Pending
the preparation of definitive Securities of any series, the Company
may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any
authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of
which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as
may be determined by the Company. Every temporary Security of any
series shall be executed by the Company and be authenticated by the
Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such
series. Without unnecessary delay the Company will execute and will
furnish definitive Securities of such series and thereupon any or
all temporary Securities of such series may be surrendered in
exchange therefor (without charge to the holders), at the office or
agency of the Company designated for the purpose, and the Trustee
shall authenticate and such office or agency shall deliver in
exchange for such temporary Securities an equal aggregate principal
amount of definitive Securities of such series, unless the Company
advises the Trustee to the effect that definitive Securities need
not be executed and furnished until further notice from the
Company. Until so exchanged, the temporary Securities of such
series shall be entitled to the same benefits under this Indenture
as definitive Securities of such series authenticated and delivered
hereunder.</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.7 Mutilated, Destroyed, Lost or
Stolen Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any temporary or definitive Security shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company&#x2019;s
request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the
Security so destroyed, lost or stolen. In every case the applicant
for a substituted Security shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to
save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the
Trustee evidence to their satisfaction of the destruction, loss or
theft of the applicant&#x2019;s Security and of the ownership
thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of
any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any Security that has matured or is about to mature shall become
mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of
the same (without surrender thereof except in the case of a
mutilated Security) if the applicant for such payment shall furnish
to the Company and the Trustee such security or indemnity as they
may require to save them harmless, and, in case of destruction,
loss or theft, evidence to the satisfaction of the Company and the
Trustee of the destruction, loss or theft of such Security and of
the ownership thereof.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Every
replacement Security issued pursuant to the provisions of this
Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen
Security shall be found at any time, or be enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of the same
series duly issued hereunder. All Securities shall be held and
owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the
extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their
surrender.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.8 Cancellation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer shall, if surrendered to the
Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled
by it, and no Securities shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this
Indenture. On request of the Company at the time of such surrender,
the Trustee shall deliver to the Company canceled Securities held
by the Trustee. In the absence of such request the Trustee may
dispose of canceled Securities in accordance with its standard
procedures and deliver a certificate of disposition to the Company.
If the Company shall otherwise acquire any of the Securities,
however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities
unless and until the same are delivered to the Trustee for
cancellation.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.9 Benefits of Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Nothing
in this Indenture or in the Securities, express or implied, shall
give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable
right, remedy or claim under or in respect of this Indenture, or
under any covenant, condition or provision herein contained; all
such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.10 Authenticating Agent.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">So long
as any of the Securities of any series remain Outstanding there may
be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said
Authenticating Agent shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon
exchange, transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. All references in this
Indenture to the authentication of Securities by the Trustee shall
be deemed to include authentication by an Authenticating Agent for
such series. Each Authenticating Agent shall be acceptable to the
Company and shall be a corporation that has a combined capital and
surplus, as most recently reported or determined by it, sufficient
under the laws of any jurisdiction under which it is organized or
in which it is doing business to conduct a trust business, and that
is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state
authorities. If at any time any Authenticating Agent shall cease to
be eligible in accordance with these provisions, it shall resign
immediately.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The
Trustee may at any time (and upon request by the Company shall)
terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the
Company. Upon resignation, termination or cessation of eligibility
of any Authenticating Agent, the Trustee may appoint an eligible
successor Authenticating Agent acceptable to the Company. Any
successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and
duties of its predecessor hereunder as if originally named as an
Authenticating Agent pursuant hereto.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.11 Global Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall establish pursuant to Section 2.1 that the Securities of a
particular series are to be issued as a Global Security, then the
Company shall execute and the Trustee shall, in accordance with
Section 2.4, authenticate and deliver, a Global Security that (i)
shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of
such series, (ii) shall be registered in the name of the Depositary
or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary&#x2019;s instruction and
(iv) shall bear a legend substantially to the following effect:
&#x201C;Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in
part, only to another nominee of the Depositary or to a successor
Depositary or to a nominee of such successor
Depositary.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Notwithstanding the
provisions of Section 2.5, the Global Security of a series may be
transferred, in whole but not in part and in the manner provided in
Section 2.5, only to another nominee of the Depositary for such
series, or to a successor Depositary for such series selected or
approved by the Company or to a nominee of such successor
Depositary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If at any time the
Depositary for a series of the Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such series
or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for
such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such
condition, as the case may be, or if an Event of Default has
occurred and is continuing and the Company has received a request
from the Depositary or from the Trustee, this Section 2.11 shall no
longer be applicable to the Securities of such series and the
Company will execute, and subject to Section 2.4, the Trustee will
authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time
determine that the Securities of any series shall no longer be
represented by a Global Security and that the provisions of this
Section 2.11 shall no longer apply to the Securities of such
series. In such event the Company will execute and, subject to
Section 2.4, the Trustee, upon receipt of an Officer&#x2019;s
Certificate evidencing such determination by the Company, will
authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange
for such Global Security. Upon the exchange of the Global Security
for such Securities in definitive registered form without coupons,
in authorized denominations, the Global Security shall be canceled
by the Trustee. Such Securities in definitive registered form
issued in exchange for the Global Security pursuant to this Section
2.11(c) shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the
Trustee. The Trustee shall deliver such Securities to the
Depositary for delivery to the Persons in whose names such
Securities are so registered.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
III</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.1 Redemption.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may redeem the Securities of any series issued hereunder on
and after the dates and in accordance with the terms established
for such series pursuant to Section 2.1 hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 3.2 Notice of
Redemption</font>.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case the Company
shall desire to exercise such right to redeem all or, as the case
may be, a portion of the Securities of any series in accordance
with any right the Company reserved for itself to do so pursuant to
Section 2.1 hereof, the Company shall, or shall cause the Trustee
to, give notice of such redemption to holders of the Securities of
such series to be redeemed by mailing, first class postage prepaid,
a notice of such redemption not less than 30 days and not more than
90 days before the date fixed for redemption of that series to such
holders at their last addresses as they shall appear upon the
Security Register, unless a shorter period is specified in the
Securities to be redeemed. Any notice that is mailed in the manner
herein provided shall be conclusively presumed to have been duly
given, whether or not the registered holder receives the notice. In
any case, failure duly to give such notice to the holder of any
Security of any series designated for redemption in whole or in
part, or any defect in the notice, shall not affect the validity of
the proceedings for the redemption of any other Securities of such
series or any other series. In the case of any redemption of
Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in
this Indenture, the Company shall furnish the Trustee with an
Officer&#x2019;s Certificate evidencing compliance with any such
restriction.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Each
such notice of redemption shall specify the date fixed for
redemption and the redemption price at which Securities of that
series are to be redeemed, and shall state that payment of the
redemption price of such Securities to be redeemed will be made at
the office or agency of the Company, upon presentation and
surrender of such Securities, that interest accrued to the date
fixed for redemption will be paid as specified in said notice, that
from and after said date interest will cease to accrue and that the
redemption is from a sinking fund, if such is the case. If less
than all the Securities of a series are to be redeemed, the notice
to the holders of Securities of that series to be redeemed in part
shall specify the particular Securities to be so
redeemed.</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any Security is to be redeemed in part only, the notice that
relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after
the redemption date, upon surrender of such Security, a new
Security or Securities of such series in principal amount equal to
the unredeemed portion thereof will be issued.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If less than all
the Securities of a series are to be redeemed, the Company shall
give the Trustee at least 45 days&#x2019; notice (unless a shorter
notice shall be satisfactory to the Trustee) in advance of the date
fixed for redemption as to the aggregate principal amount of
Securities of the series to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as it shall deem
appropriate and fair in its discretion and that may provide for the
selection of a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal
amount of such Securities of a denomination larger than $1,000, the
Securities to be redeemed and shall thereafter promptly notify the
Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. The Company may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by an
Officer, instruct the Trustee or any paying agent to call all or
any part of the Securities of a particular series for redemption
and to give notice of redemption in the manner set forth in this
Section, such notice to be in the name of the Company or its own
name as the Trustee or such paying agent may deem advisable. In any
case in which notice of redemption is to be given by the Trustee or
any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may be, such Security Register, transfer books
or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any
notice by mail that may be required under the provisions of this
Section.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.3 Payment Upon Redemption.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the giving of
notice of redemption shall have been completed as above provided,
the Securities or portions of Securities of the series to be
redeemed specified in such notice shall become due and payable on
the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed
for redemption and interest on such Securities or portions of
Securities shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such
redemption price and accrued interest with respect to any such
Security or portion thereof. On presentation and surrender of such
Securities on or after the date fixed for redemption at the place
of payment specified in the notice, said Securities shall be paid
and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for
redemption (but if the date fixed for redemption is an interest
payment date, the interest installment payable on such date shall
be payable to the registered holder at the close of business on the
applicable record date pursuant to Section 2.3).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon presentation
of any Security of such series that is to be redeemed in part only,
the Company shall execute and the Trustee shall authenticate and
the office or agency where the Security is presented shall deliver
to the holder thereof, at the expense of the Company, a new
Security of the same series of authorized denominations in
principal amount equal to the unredeemed portion of the Security so
presented.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.4 Sinking Fund.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
provisions of Sections 3.4, 3.5 and 3.6 shall be applicable to any
sinking fund for the retirement of Securities of a series, except
as otherwise specified as contemplated by Section 2.1 for
Securities of such series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a
&#x201C;mandatory sinking fund payment,&#x201D; and any payment in
excess of such minimum amount provided for by the terms of
Securities of any series is herein referred to as an
&#x201C;optional sinking fund payment.&#x201D; If provided for by the
terms of Securities of any series, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section
3.5. Each sinking fund payment shall be applied to the redemption
of Securities of any series as provided for by the terms of
Securities of such series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.5 Satisfaction of Sinking Fund Payments with
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company (i) may deliver Outstanding Securities of a series and (ii)
may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series
required to be made pursuant to the terms of such Securities as
provided for by the terms of such series, provided that such
Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at
the redemption price specified in such Securities for redemption
through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.6 Redemption of Securities for Sinking Fund.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Not
less than 45 days prior to each sinking fund payment date for any
series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an
Officer&#x2019;s Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms
of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to
Section 3.5 and the basis for such credit and will, together with
such Officer&#x2019;s Certificate, deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 3.2 and cause notice of the
redemption thereof to be given in the name of and at the expense of
the Company in the manner provided in Section 3.2. Such notice
having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Section
3.3.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
IV</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">COVENANTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.1 Payment of Principal, Premium and Interest.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will duly and punctually pay or cause to be paid the
principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided
herein and established with respect to such Securities. Payments of
principal on the Securities may be made at the time provided herein
and established with respect to such Securities by U.S. dollar
check drawn on and mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account
(such wire transfer to be made only to a Securityholder of an
aggregate principal amount of Securities of the applicable series
in excess of U.S. $2,000,000 and only if such Securityholder shall
have furnished wire instructions to the Trustee no later than 15
days prior to the relevant payment date). Payments of interest on
the Securities may be made at the time provided herein and
established with respect to such Securities by U.S. dollar check
mailed to the address of the Securityholder entitled thereto as
such address shall appear in the Security Register, or U.S. dollar
wire transfer to, a U.S. dollar account (such a wire transfer to be
made only to a Securityholder of an aggregate principal amount of
Securities of the applicable series in excess of U.S. $2,000,000
and only if such Securityholder shall have furnished wire
instructions in writing to the Security Registrar and the Trustee
no later than 15 days prior to the relevant payment
date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.2 Maintenance of Office or Agency.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">So long
as any series of the Securities remain Outstanding, the Company
agrees to maintain an office or agency with respect to each such
series and at such other location or locations as may be designated
as provided in this Section 4.2, where (i) Securities of that
series may be presented for payment, (ii) Securities of that series
may be presented as herein above authorized for registration of
transfer and exchange, and (iii) notices and demands to or upon the
Company in respect of the Securities of that series and this
Indenture may be given or served, such designation to continue with
respect to such office or agency until the Company shall, by
written notice signed by any officer authorized to sign an
Officer&#x2019;s Certificate and delivered to the Trustee, designate
some other office or agency for such purposes or any of them. If at
any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all
such presentations, notices and demands. The Company initially
appoints the Corporate Trust Office of the Trustee as its paying
agent with respect to the Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.3 Paying Agents.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall appoint one or more paying agents for all or any series of
the Securities, other than the Trustee, the Company will cause each
such paying agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(i)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>
<font id="tab2" style="letter-spacing: 12px; color: black"></font><font style="font-family: Times New Roman; font-size: 13px">that it will hold
all sums held by it as such agent for the payment of the principal
of (and premium, if any) or interest on the Securities of that
series (whether such sums have been paid to it by the Company or by
any other obligor of such Securities) in trust for the benefit of
the Persons entitled thereto;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">that
it will give the Trustee notice of any failure by the Company (or
by any other obligor of such Securities) to make any payment of the
principal of (and premium, if any) or interest on the Securities of
that series when the same shall be due and payable;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">that
it will, at any time during the continuance of any failure referred
to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such paying agent; and</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iv)&#xA0;&#xA0;&#xA0;
that it will perform all other duties of paying agent as set forth
in this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall act as its own paying agent with respect to any series of the
Securities, it will on or before each due date of the principal of
(and premium, if any) or interest on Securities of that series, set
aside, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay such principal (and
premium, if any) or interest so becoming due on Securities of that
series until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such
Securities) to take such action. Whenever the Company shall have
one or more paying agents for any series of Securities, it will,
prior to each due date of the principal of (and premium, if any) or
interest on any Securities of that series, deposit with the paying
agent a sum sufficient to pay the principal (and premium, if any)
or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or
interest, and (unless such paying agent is the Trustee) the Company
will promptly notify the Trustee of this action or failure so to
act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold
sums in trust as provided in this Section is subject to the
provisions of Section 11.5, and (ii) the Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent
to pay, to the Trustee all sums held in trust by the Company or
such paying agent, such sums to be held by the Trustee upon the
same terms and conditions as those upon which such sums were held
by the Company or such paying agent; and, upon such payment by the
Company or any paying agent to the Trustee, the Company or such
paying agent shall be released from all further liability with
respect to such money.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.4 Appointment to Fill Vacancy in Office of Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section
7.10, a Trustee, so that there shall at all times be a Trustee
hereunder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.5 Compliance with Consolidation Provisions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will not, while any of the Securities remain Outstanding,
consolidate with or merge into any other Person, in either case
where the Company is not the survivor of such transaction, or sell
or convey all or substantially all of its property to any other
Person unless the provisions of Article X hereof are complied
with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
V</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SECURITYHOLDERS&#x2019;
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
5.1 Company to Furnish Trustee Names and Addresses of
Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will furnish or cause to be furnished to the Trustee (a)
within 15 days after each regular record date (as defined in
Section 2.3) a list, in such form as the Trustee may reasonably
require, of the names and addresses of the holders of each series
of Securities as of such regular record date, provided that the
Company shall not be obligated to furnish or cause to furnish such
list at any time that the list shall not differ in any respect from
the most recent list furnished to the Trustee by the Company and
(b) at such other times as the Trustee may request in writing
within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more
than 15 days prior to the time such list is furnished; provided,
however, that, in either case, no such list need be furnished for
any series for which the Trustee shall be the Security
Registrar.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 5.2 Preservation Of Information;
Communications With Securityholders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as
provided in Section 5.1 and as to the names and addresses of
holders of Securities received by the Trustee in its capacity as
Security Registrar (if acting in such capacity).</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0; The
Trustee may destroy any list furnished to it as provided in Section
5.1 upon receipt of a new list so furnished.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Securityholders may
communicate as provided in Section 312(b) of the Trust Indenture
Act with other Securityholders with respect to their rights under
this Indenture or under the Securities, and, in connection with any
such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with
the provisions of Section 312(b) of the Trust Indenture
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
5.3 Reports by the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company covenants and agrees to provide (which delivery may be via
electronic mail) to the Trustee, after the Company files the same
with the Securities and Exchange 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 Securities
and Exchange Commission may from time to time by rules and
regulations prescribe) that the Company files with the Securities
and Exchange Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act; provided, however, the Company shall not be
required to deliver to the Trustee any materials for which the
Company has sought and received confidential treatment by the
Securities and Exchange Commission; and provided further, so long
as such filings by the Company are available on the Securities and
Exchange Commission&#x2019;s Electronic Data Gathering, Analysis and
Retrieval System (EDGAR), such filings shall be deemed to have been
filed with the Trustee for purposes of this Section 5.3 without any
further action required by the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
5.4 Reports by the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If required by
Section 313(a) of the Trust Indenture Act, the Trustee, within
sixty (60) days after each May 1, shall transmit by mail, first
class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register, a brief report dated
as of such May 1, which complies with Section 313(a) of the Trust
Indenture Act.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;&#xA0;
The Trustee shall comply with Section 313(b) and 313(c) of the
Trust Indenture Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">A copy of each such
report shall, at the time of such transmission to Securityholders,
be filed by the Trustee with the Company, with each securities
exchange upon which any Securities are listed (if so listed) and
also with the Securities and Exchange Commission. The Company
agrees to notify the Trustee when any Securities become listed on
any securities exchange.</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
VI</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.1 Events of Default.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Whenever used
herein with respect to Securities of a particular series,
&#x201C;Event of Default&#x201D; means any one or more of the
following events that has occurred and is continuing:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Company
defaults in the payment of any installment of interest upon any of
the Securities of that series, as and when the same shall become
due and payable, and such default continues for a period of 90
days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any
indenture supplemental hereto shall not constitute a default in the
payment of interest for this purpose;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
Company defaults in the payment of the principal of (or premium, if
any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption,
by declaration or otherwise, or in any payment required by any
sinking or analogous fund established with respect to that series;
provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture
supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
Company fails to observe or perform any other of its covenants or
agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities
pursuant to Section 2.1 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the
benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of
such failure, requiring the same to be remedied and stating that
such notice is a &#x201C;Notice of Default&#x201D; hereunder, shall
have been given to the Company by the Trustee, by registered or
certified mail, or to the Company and the Trustee by the holders of
at least 25% in principal amount of the Securities of that series
at the time Outstanding;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
Company pursuant to or within the meaning of any Bankruptcy Law (i)
commences a voluntary case, (ii) consents to the entry of an order
for relief against it in an involuntary case, (iii) consents to the
appointment of a Custodian of it or for all or substantially all of
its property or (iv) makes a general assignment for the benefit of
its creditors; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(v)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">a court of
competent jurisdiction enters an order under any Bankruptcy Law
that (i) is for relief against the Company in an involuntary case,
(ii) appoints a Custodian of the Company for all or substantially
all of its property or (iii) orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 90
days.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In each and every
such case (other than an Event of Default specified in clause (4)
or clause (5) above), unless the principal of all the Securities of
that series shall have already become due and payable, either the
Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder,
by notice in writing to the Company (and to the Trustee if given by
such Securityholders), may declare the principal of (and premium,
if any, on) and accrued and unpaid interest on all the Securities
of that series to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and
payable. If an Event of Default specified in clause (4) or clause
(5) above occurs, the principal of and accrued and unpaid interest
on all the Securities of that series shall automatically be
immediately due and payable without any declaration or other act on
the part of the Trustee or the holders of the
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">At any time after
the principal of (and premium, if any, on) and accrued and unpaid
interest on the Securities of that series shall have been so
declared due and payable, and before any judgment or decree for the
payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding
hereunder, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to
pay all matured installments of interest upon all the Securities of
that series and the principal of (and premium, if any, on) any and
all Securities of that series that shall have become due otherwise
than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Securities of that
series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.6, and (ii) any and all
Events of Default under the Indenture with respect to such series,
other than the nonpayment of principal on (and premium, if any, on)
and accrued and unpaid interest on Securities of that series that
shall not have become due by their terms, shall have been remedied
or waived as provided in Section 6.6.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">No such
rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent
thereon.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case the Trustee
shall have proceeded to enforce any right with respect to
Securities of that series under this Indenture and such proceedings
shall have been discontinued or abandoned because of such
rescission or annulment or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case,
subject to any determination in such proceedings, the Company and
the Trustee shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers
of the Company and the Trustee shall continue as though no such
proceedings had been taken.</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.2 Collection of Indebtedness and Suits for Enforcement by
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company
covenants that (i) in case it shall default in the payment of any
installment of interest on any of the Securities of a series, or in
any payment required by any sinking or analogous fund established
with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period
of 90 days, or (ii) in case it shall default in the payment of the
principal of (or premium, if any, on) any of the Securities of a
series when the same shall have become due and payable, whether
upon maturity of the Securities of a series or upon redemption or
upon declaration or otherwise then, upon demand of the Trustee, the
Company will pay to the Trustee, for the benefit of the holders of
the Securities of that series, the whole amount that then shall
have been become due and payable on all such Securities for
principal (and premium, if any) or interest, or both, as the case
may be, with interest upon the overdue principal (and premium, if
any) and (to the extent that payment of such interest is
enforceable under applicable law) upon overdue installments of
interest at the rate per annum expressed in the Securities of that
series; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, and the
amount payable to the Trustee under Section 7.6.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall fail to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any action or proceedings at
law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or
final decree, and may enforce any such judgment or final decree
against the Company or other obligor upon the Securities of that
series and collect the moneys adjudged or decreed to be payable in
the manner provided by law or equity out of the property of the
Company or other obligor upon the Securities of that series,
wherever situated.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of any
receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee
shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except
as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary
or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount
due and payable by the Company under the Indenture at the date of
institution of such proceedings and for any additional amount that
may become due and payable by the Company after such date, and to
collect and receive any moneys or other property payable or
deliverable on any such claim, and to distribute the same after the
deduction of the amount payable to the Trustee under Section 7.6;
and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of
Securities of such series to make such payments to the Trustee,
and, in the event that the Trustee shall consent to the making of
such payments directly to such Securityholders, to pay to the
Trustee any amount due it under Section 7.6.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">All rights of
action and of asserting claims under this Indenture, or under any
of the terms established with respect to Securities of that series,
may be enforced by the Trustee without the possession of any of
such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall,
after provision for payment to the Trustee of any amounts due under
Section 7.6, be for the ratable benefit of the holders of the
Securities of such series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement
contained in the Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by
law.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Nothing
contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities of that series or the
rights of any holder thereof or to authorize the Trustee to vote in
respect of the claim of any Securityholder in any such
proceeding.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.3 Application of Moneys Collected.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
moneys collected by the Trustee pursuant to this Article with
respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the
Securities of that series, and notation thereon of the payment, if
only partially paid, and upon surrender thereof if fully
paid:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">FIRST:
To the payment of reasonable costs and expenses of collection and
of all amounts payable to the Trustee under Section
7.6;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">SECOND:
To the payment of the amounts then due and unpaid upon Securities
of such series for principal (and premium, if any)</font>
<font style="font-family: Times New Roman; font-size: 13px">and
interest, in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority
of any</font> <font style="font-family: Times New Roman; font-size: 13px">kind, according to
the amounts due and payable on such Securities for principal (and
premium, if any) and interest, respectively; and</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">THIRD:
To the payment of the remainder, if any, to the Company or any
other Person lawfully entitled thereto.</font></div>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.4 Limitation on Suits.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">No
holder of any Security of any series shall have any right by virtue
or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless (i) such
holder previously shall have given to the Trustee written notice of
an Event of Default and of the continuance thereof with respect to
the Securities of such series specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in
aggregate principal amount of the Securities of such series then
Outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as
Trustee hereunder; (iii) such holder or holders shall have offered
to the Trustee such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or
thereby; (iv) the Trustee for 90 days after its receipt of such
notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such
90 day period, the holders of a majority in principal amount of the
Securities of that series do not give the Trustee a direction
inconsistent with the request.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Notwithstanding
anything contained herein to the contrary or any other provisions
of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and
interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of
redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates
or redemption date, shall not be impaired or affected without the
consent of such holder and by accepting a Security hereunder it is
expressly understood, intended and covenanted by the taker and
holder of every Security of such series with every other such taker
and holder and the Trustee, that no one or more holders of
Securities of such series shall have any right in any manner
whatsoever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders
of any other of such Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce
any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all
holders of Securities of such series. For the protection and
enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.5 Rights and Remedies Cumulative; Delay or Omission Not
Waiver.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Except as otherwise
provided in Section 2.7, all powers and remedies given by this
Article to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of
any other powers and remedies available to the Trustee or the
holders of the Securities, by judicial proceedings or otherwise, to
enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established
with respect to such Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">No delay or
omission of the Trustee or of any holder of any of the Securities
to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right
or power, or shall be construed to be a waiver of any such default
or an acquiescence therein; and, subject to the provisions of
Section 6.4, every power and remedy given by this Article or by law
to the Trustee or the Securityholders may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or
by the Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.6 Control by Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding, determined in
accordance with Section 8.4, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule
of law or with this Indenture. Subject to the provisions of Section
7.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible
Officer or officers of the Trustee, determine that the proceeding
so directed, subject to the Trustee&#x2019;s duties under the Trust
Indenture Act, would involve the Trustee in personal liability or
might be unduly prejudicial to the Securityholders not involved in
the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding
affected thereby, determined in accordance with Section 8.4, may on
behalf of the holders of all of the Securities of such series waive
any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.1 with
respect to such series and its consequences, except a default in
the payment of the principal of, or premium, if any, or interest
on, any of the Securities of that series as and when the same shall
become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and
principal and any premium has been deposited with the Trustee (in
accordance with Section 6.1(c)). Upon any such waiver, the default
covered thereby shall be deemed to be cured for all purposes of
this Indenture and the Company, the Trustee and the holders of the
Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right
consequent thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.7 Undertaking to Pay Costs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 14px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
parties to this Indenture agree, and each holder of any Securities
by such holder&#x2019;s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by
it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable
attorneys&#x2019; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Securityholder, or group of
Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit
instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) or interest on any
Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this
Indenture.</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
VII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CONCERNING
THE TRUSTEE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 7.1 Certain Duties and Responsibilities
of Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee, prior
to the occurrence of an Event of Default with respect to the
Securities of a series and after the curing of all Events of
Default with respect to the Securities of that series that may have
occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically
set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of
Default with respect to the Securities of a series has occurred
(that has not been cured or waived), the Trustee shall exercise
with respect to Securities of that series such of the rights and
powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent man would exercise
or use under the circumstances in the conduct of his own
affairs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">prior to the
occurrence of an Event of Default with respect to the Securities of
a series and after the curing or waiving of all such Events of
Default with respect to that series that may have occurred: (A) the
duties and obligations of the Trustee shall with respect to the
Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable
with respect to the Securities of such series except for the
performance of such duties and obligations as are specifically set
forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and (B) in
the absence of bad faith on the part of the Trustee, the Trustee
may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the
requirements of this Indenture;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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 not less than a majority in principal amount of the
Securities of any series at the time Outstanding relating to the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred upon the Trustee under this Indenture with respect to the
Securities of that series; and</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">none of the
provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the
exercise of any of its rights or powers if there is reasonable
ground for believing that the repayment of such funds or liability
is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured
to it.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.2 Certain Rights of Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise provided in Section 7.1:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee may
rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security
or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or
parties;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Any request,
direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by any authorized officer of the
Company (unless other evidence in respect thereof is specifically
prescribed herein);</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee may
consult with counsel and the written advice of such counsel or, if
requested, any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or
suffered or omitted hereunder in good faith and in reliance
thereon;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this
Indenture, unless such Securityholders shall have offered to the
Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default with respect
to a series of the Securities (that has not been cured or waived),
to exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and to use the
same degree of care and skill in their exercise, as a prudent man
would exercise or use under the circumstances in the conduct of his
own affairs;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be liable for any action taken or omitted to be taken by it in
good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this
Indenture;</font></div>
<div style="margin-left: 12px; text-indent: 60px"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-17-</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond,
security, or other papers or documents, unless requested in writing
so to do by the holders of not less than a majority in principal
amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.4); provided,
however, 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 costs, expenses or
liabilities as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Company or, if paid
by the Trustee, shall be repaid by the Company upon demand;
and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, the Trustee shall not be deemed to have knowledge of any
Default or Event of Default except (1) any Event of Default
occurring pursuant to Sections 6.1(a)(i) and 6.1(a)(ii) or (2) any
Default or Event of Default of which the Trustee shall have
received written notification in the manner set forth in this
Indenture or a Responsible Officer of the Trustee shall have
obtained actual knowledge. Delivery of reports, information and
documents to the Trustee under Section 5.3 is for informational
purposes only and the information and the Trustee&#x2019;s receipt
of the foregoing shall not constitute constructive notice of any
information contained therein, or determinable from information
contained therein including the Company&#x2019;s compliance with any
of their covenants thereunder (as to which the Trustee is entitled
to rely exclusively on an Officer&#x2019;s
Certificate).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.3 Trustee Not Responsible for Recitals or Issuance or
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The recitals
contained herein and in the Securities shall be taken as the
statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;&#xA0;
The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be accountable for the use or application by the Company of any
of the Securities or of the proceeds of such Securities, or for the
use or application of any moneys paid over by the Trustee in
accordance with any provision of this Indenture or established
pursuant to Section 2.1, or for the use or application of any
moneys received by any paying agent other than the
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.4 May Hold Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee or any paying agent or Security Registrar, in its
individual or any other capacity, may become the owner or pledgee
of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.5 Moneys Held in Trust.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the provisions of Section 11.5, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not
be segregated from other funds except to the extent required by
law. The Trustee shall be under no liability for interest on any
moneys received by it hereunder except such as it may agree with
the Company to pay thereon.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.6 Compensation and Reimbursement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company
covenants and agrees to pay to the Trustee, and the Trustee shall
be entitled to, such reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a
trustee of an express trust) as the Company and the Trustee may
from time to time agree in writing, for all services rendered by it
in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the
Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly
in its employ), except any such expense, disbursement or advance as
may arise from its negligence or bad faith and except as the
Company and Trustee may from time to time agree in writing. The
Company also covenants to indemnify the Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless
against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in
connection with the acceptance or administration of this trust,
including the reasonable costs and expenses of defending itself
against any claim of liability in the premises.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The obligations of
the Company under this Section to compensate and indemnify the
Trustee and to pay or reimburse the Trustee for reasonable
expenses, disbursements and advances shall constitute additional
indebtedness hereunder. Such additional indebtedness shall be
secured by a lien prior to that of the Securities upon all property
and funds held or collected by the Trustee as such, except funds
held in trust for the benefit of the holders of particular
Securities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-18-</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.7 Reliance on Officer&#x2019;s Certificate.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise provided in Section 7.1, whenever in the
administration of the provisions of this Indenture the Trustee
shall deem it reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to
take any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an
Officer&#x2019;s Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted to be taken by it under the provisions
of this Indenture upon the faith thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.8 Disqualification; Conflicting Interests.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If the
Trustee has or shall acquire any &#x201C;conflicting interest&#x201D;
within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.9 Corporate Trustee Required; Eligibility.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">There
shall at all times be a Trustee with respect to the Securities
issued hereunder which shall at all times be a corporation
organized and doing business under the laws of the United States of
America or any state or territory thereof or of the District of
Columbia, or a corporation or other Person permitted to act as
trustee by the Securities and Exchange Commission, authorized under
such laws to exercise corporate trust powers, having a combined
capital and surplus of at least fifty million U.S. dollars
($50,000,000), and subject to supervision or examination by
federal, state, territorial, or District of Columbia
authority.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If such
corporation or other Person publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation or
other Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published.
The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the
Company, serve as Trustee. In case at any time the Trustee shall
cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and
with the effect specified in Section 7.10.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.10 Resignation and Removal; Appointment of
Successor.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee or any
successor hereafter appointed may at any time resign with respect
to the Securities of one or more series by giving written notice
thereof to the Company and by transmitting notice of resignation by
mail, first class postage prepaid, to the Securityholders of such
series, as their names and addresses appear upon the Security
Register. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to
Securities of such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after the
mailing of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of
a successor trustee with respect to Securities of such series, or
any Securityholder of that series who has been a bona fide holder
of a Security or Securities for at least six months may on behalf
of himself and all others similarly situated, petition any such
court for the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;&#xA0;
In case at any time any one of the following shall
occur:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
fail to comply with the provisions of Section 7.8 after written
request therefor by the Company or by any Securityholder who has
been a bona fide holder of a Security or Securities for at least
six months; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
cease to be eligible in accordance with the provisions of Section
7.9 and shall fail to resign after written request therefor by the
Company or by any such Securityholder; or</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or
consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation; then, in any such
case, the Company may remove the Trustee with respect to all
Securities and appoint a successor trustee by written instrument,
in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or any Securityholder who
has been a bona fide holder of a Security or Securities for at
least six months may, on behalf of that holder and all others
similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a
successor trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The holders of a
majority in aggregate principal amount of the Securities of any
series at the time Outstanding may at any time remove the Trustee
with respect to such series by so notifying the Trustee and the
Company and may appoint a successor Trustee for such series with
the consent of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Any resignation or
removal of the Trustee and appointment of a successor trustee with
respect to the Securities of a series pursuant to any of the
provisions of this Section shall become effective upon acceptance
of appointment by the successor trustee as provided in Section
7.11.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Any successor
trustee appointed pursuant to this Section may be appointed with
respect to the Securities of one or more series or all of such
series, and at any time there shall be only one Trustee with
respect to the Securities of any particular series.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.11 Acceptance of Appointment By Successor.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of the
appointment hereunder of a successor trustee with respect to all
Securities, every such successor trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become
effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of
the Company or the successor trustee, such retiring Trustee shall,
upon payment of its charges, execute and deliver an instrument
transferring to such successor trustee all the rights, powers, and
trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor trustee all property and money held by
such retiring Trustee hereunder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of the
appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor trustee with respect to the
Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor trustee shall
accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates, (ii) shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (iii) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees
of the same trust, that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent
provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such
successor trustee relates have no further responsibility for the
exercise of rights and powers or for the performance of the duties
and obligations vested in the Trustee under this Indenture, and
each such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates; but, on request of the Company or any successor
trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by
such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor trustee
relates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon request of any
such successor trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and trusts
referred to in paragraph (a) or (b) of this Section, as the case
may be.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon acceptance of
appointment by a successor trustee as provided in this Section, the
Company shall transmit notice of the succession of such trustee
hereunder by mail, first class postage prepaid, to the
Securityholders, as their names and addresses appear upon the
Security Register. If the Company fails to transmit such notice
within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.12 Merger, Conversion, Consolidation or Succession to
Business.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">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 the corporate
trust business of the Trustee, including the administration of the
trust created by this Indenture, shall be the successor of the
Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.8 and eligible under
the provisions of Section 7.9, without the execution or filing of
any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding. In case
any Securities shall have been authenticated, but not delivered, by
the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated
such Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.13 Preferential Collection of Claims Against the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee shall comply with Section 311(a) of the Trust Indenture
Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act. A Trustee who has resigned or
been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.14 Notice of Default</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If any
Default or any Event of Default occurs and is continuing and if
such Default or Event of Default is known to a Responsible Officer
of the Trustee, the Trustee shall mail to each Securityholder in
the manner and to the extent provided in Section 313(c) of the
Trust Indenture Act notice of the Default or Event of Default
within the earlier of 90 days after it occurs and 30 days after it
is known to a Responsible Officer of the Trustee or written notice
of it is received by the Trustee, unless such Default or Event of
Default has been cured; provided, however, that, except in the case
of a default in the payment of the principal of (or premium, if
any) or interest on any Security, the Trustee shall be protected in
withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that
the withholding of such notice is in the interest of the
Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
VIII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CONCERNING
THE SECURITYHOLDERS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 8.1 Evidence of Action by
Securityholders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Whenever in this
Indenture it is provided that the holders of a majority or
specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including
the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that
at the time of taking any such action the holders of such majority
or specified percentage of that series have joined therein may be
evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in
person or by agent or proxy appointed in writing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If the
Company shall solicit from the Securityholders of any series any
request, demand, authorization, direction, notice, consent, waiver
or other action, the Company may, at its option, as evidenced by an
Officer&#x2019;s Certificate, fix in advance a record date for such
series for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent,
waiver or other action, but the Company shall have no obligation to
do so. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other action
may be given before or after the record date, but only the
Securityholders of record at the close of business on the record
date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or
consented to such request, demand, authorization, direction,
notice, consent, waiver or other action, and for that purpose the
Outstanding Securities of that series shall be computed as of the
record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date
shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after
the record date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.2 Proof of Execution by Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the provisions of Section 7.1, proof of the execution of any
instrument by a Securityholder (such proof will not require
notarization) or his agent or proxy and proof of the holding by any
Person of any of the Securities shall be sufficient if made in the
following manner:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The fact and date
of the execution by any such Person of any instrument may be proved
in any reasonable manner acceptable to the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The ownership of
Securities shall be proved by the Security Register of such
Securities or by a certificate of the Security Registrar
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee may require such additional proof of any matter referred to
in this Section as it shall deem necessary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.3 Who May be Deemed Owners.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Prior
to the due presentment for registration of transfer of any
Security, the Company, the Trustee, any paying agent and any
Security Registrar may deem and treat the Person in whose name such
Security shall be registered upon the books of the Company as the
absolute owner of such Security (whether or not such Security shall
be overdue and notwithstanding any notice of ownership or writing
thereon made by anyone other than the Security Registrar) for the
purpose of receiving payment of or on account of the principal of,
premium, if any, and (subject to Section 2.3) interest on such
Security and for all other purposes; and neither the Company nor
the Trustee nor any paying agent nor any Security Registrar shall
be affected by any notice to the contrary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.4 Certain Securities Owned by Company Disregarded.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
determining whether the holders of the requisite aggregate
principal amount of Securities of a particular series have
concurred in any direction, consent or waiver under this Indenture,
the Securities of that series that are owned by the Company or any
other obligor on the Securities of that series or by any Person
directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of
that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the
purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities
of such series that the Trustee actually knows are so owned shall
be so disregarded. The Securities so owned that have been pledged
in good faith may be regarded as Outstanding for the purposes of
this Section, if the pledgee shall establish to the satisfaction of
the Trustee the pledgee&#x2019;s right so to act with respect to
such Securities and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect
common control with the Company or any such other obligor. In case
of a dispute as to such right, any decision by the Trustee taken
upon the advice of counsel shall be full protection to the
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.5 Actions Binding on Future Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">At any
time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.1, of the taking of any action by the holders
of the majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in
connection with such action, any holder of a Security of that
series that is shown by the evidence to be included in the
Securities the holders of which have consented to such action may,
by filing written notice with the Trustee, and upon proof of
holding as provided in Section 8.2, revoke such action so far as
concerns such Security. Except as aforesaid any such action taken
by the holder of any Security shall be conclusive and binding upon
such holder and upon all future holders and owners of such
Security, and of any Security issued in exchange therefor, on
registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such
Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a
particular series specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the
Trustee and the holders of all the Securities of that
series.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
IX</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SUPPLEMENTAL
INDENTURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 9.1 Supplemental Indentures Without the
Consent of Securityholders</font> .</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
addition to any supplemental indenture otherwise authorized by this
Indenture, the Company and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect), without the consent of the Securityholders, for
one or more of the following purposes:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to cure any
ambiguity, defect, or inconsistency herein or in the Securities of
any series;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b) &#xA0;&#xA0; to
comply with Article X;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to provide for
uncertificated Securities in addition to or in place of
certificated Securities;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to add to the
covenants, restrictions, conditions or provisions relating to the
Company for the benefit of the holders of all or any series of
Securities (and if such covenants, restrictions, conditions or
provisions are to be for the benefit of less than all series of
Securities, stating that such covenants, restrictions, conditions
or provisions are expressly being included solely for the benefit
of such series), to make the occurrence, or the occurrence and the
continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default, or to
surrender any right or power herein conferred upon the
Company;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to add to, delete
from, or revise the conditions, limitations, and restrictions on
the authorized amount, terms, or purposes of issue, authentication,
and delivery of Securities, as herein set forth;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(f)&#xA0;&#xA0;&#xA0;&#xA0;
to make any change that does not adversely affect the rights of any
Securityholder in any material respect;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to provide for the
issuance of and establish the form and terms and conditions of the
Securities of any series as provided in Section 2.1, to establish
the form of any certifications required to be furnished pursuant to
the terms of this Indenture or any series of Securities, or to add
to the rights of the holders of any series of
Securities;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(h)&#xA0;&#xA0;&#xA0;
to evidence and provide for the acceptance of appointment hereunder
by a successor trustee; or</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to comply with any
requirements of the Securities and Exchange Commission or any
successor in connection with the qualification of this Indenture
under the Trust Indenture Act.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any
further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee&#x2019;s own
rights, duties or immunities under this Indenture or
otherwise.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
supplemental indenture authorized by the provisions of this Section
may be executed by the Company and the Trustee without the consent
of the holders of any of the Securities at the time Outstanding,
notwithstanding any of the provisions of Section 9.2.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.2 Supplemental Indentures With Consent of
Securityholders.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">With
the consent (evidenced as provided in Section 8.1) of the holders
of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture
or indentures at the time Outstanding, the Company, when authorized
by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any
manner not covered by Section 9.1 the rights of the holders of the
Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of
the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, or
reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon, or reduce any premium
payable upon the redemption thereof or (b) reduce the aforesaid
percentage of Securities, the holders of which are required to
consent to any such supplemental indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">It
shall not be necessary for the consent of the Securityholders of
any series affected thereby under this Section to approve the
particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance
thereof.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.3 Effect of Supplemental Indentures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Upon
the execution of any supplemental indenture pursuant to the
provisions of this Article or of Section 10.1, this Indenture
shall, with respect to such series, be and be deemed to be modified
and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under
this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be
determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for
any and all purposes.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.4 Securities Affected by Supplemental Indentures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Securities of any
series affected by a supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.1, may
bear a notation in form approved by the Company, provided such form
meets the requirements of any securities exchange upon which such
series may be listed, as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new
Securities of that series so modified as to conform, in the opinion
of the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the
Company, authenticated by the Trustee and delivered in exchange for
the Securities of that series then Outstanding.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.5 Execution of Supplemental Indentures.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Upon
the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of
Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects
the Trustee&#x2019;s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its
discretion but shall not be obligated to enter into such
supplemental indenture. The Trustee, subject to the provisions of
Section 7.1, may receive an Officer&#x2019;s Certificate or, if
requested, an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article is
authorized or permitted by, and conforms to, the terms of this
Article and that it is proper for the Trustee under the provisions
of this Article to join in the execution thereof; provided,
however, that such Officer&#x2019;s Certificate or Opinion of
Counsel need not be provided in connection with the execution of a
supplemental indenture that establishes the terms of a series of
Securities pursuant to Section 2.1 hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Promptly after the
execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice,
setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as
their names and addresses appear upon the Security Register. Any
failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any
such supplemental indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
X</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SUCCESSOR
ENTITY</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 10.1 Company May Consolidate,
Etc</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution,
and set forth in an Officer&#x2019;s Certificate, or established in
one or more indentures supplemental to this Indenture, nothing
contained in this Indenture shall prevent any consolidation or
merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or
mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any sale, conveyance,
transfer or other disposition of the property of the Company or its
successor or successors as an entirety, or substantially as an
entirety, to any other corporation (whether or not affiliated with
the Company or its successor or successors) authorized to acquire
and operate the same; provided, however, (a) the Company hereby
covenants and agrees that, upon any such consolidation or merger
(in each case, if the Company is not the survivor of such
transaction), sale, conveyance, transfer or other disposition, the
due and punctual payment of the principal of (premium, if any) and
interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor, and the due and
punctual performance and observance of all the covenants and
conditions of this Indenture with respect to each series or
established with respect to such series pursuant to Section 2.1 to
be kept or performed by the Company shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of
the Trust Indenture Act, as then in effect) reasonably satisfactory
in form to the Trustee executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company
shall have been merged, or by the entity which shall have acquired
such property and (b) in the event that the Securities of any
series then Outstanding are convertible into or exchangeable for
shares of common stock or other securities of the Company, such
entity shall, by such supplemental indenture, make provision so
that the Securityholders of Securities of that series shall
thereafter be entitled to receive upon conversion or exchange of
such Securities the number of securities or property to which a
holder of the number of shares of common stock or other securities
of the Company deliverable upon conversion or exchange of those
Securities would have been entitled had such conversion or exchange
occurred immediately prior to such consolidation, merger, sale,
conveyance, transfer or other disposition.</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
10.2 Successor Entity Substituted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the obligations set forth
under Section 10.1 on all of the Securities of all series
Outstanding, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been
named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in
substance) may be made in the Securities thereafter to be issued as
may be appropriate.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Nothing contained
in this Article shall require any action by the Company in the case
of a consolidation or merger of any Person into the Company where
the Company is the survivor of such transaction, or the acquisition
by the Company, by purchase or otherwise, of all or any part of the
property of any other Person (whether or not affiliated with the
Company).</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
10.3 Evidence of Consolidation, Etc.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee, subject to the provisions of Section 7.1, may receive an
Officer&#x2019;s Certificate and, if requested, an Opinion of
Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or other disposition, and any such
assumption, comply with the provisions of this
Article.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
XI</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SATISFACTION
AND DISCHARGE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 11.1 Satisfaction and Discharge of
Indenture</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If at
any time: (a) the Company shall have delivered to the Trustee for
cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any
Securities that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.7 and
Securities for whose payment money or Governmental Obligations have
theretofore been deposited in trust or segregated and held in trust
by the Company and thereupon repaid to the Company or discharged
from such trust, as provided in Section 11.5); or (b) all such
Securities of a particular series not theretofore delivered to the
Trustee for cancellation shall have become due and payable, or are
by their terms to become due and payable within one year or are to
be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, sufficient in the opinion of
a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the
Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder with
respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series
except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3
and 7.10, that shall survive until the date of maturity or
redemption date, as the case may be, and Sections 7.6 and 11.5,
that shall survive to such date and thereafter, and the Trustee, on
demand of the Company and at the cost and expense of the Company
shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture with respect to such
series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.2 Discharge of Obligations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If at
any time all such Securities of a particular series not heretofore
delivered to the Trustee for cancellation or that have not become
due and payable as described in Section 11.1 shall have been paid
by the Company by depositing irrevocably with the Trustee as trust
funds moneys or an amount of Governmental Obligations sufficient to
pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to
become due to such date of maturity or date fixed for redemption,
as the case may be, and if the Company shall also pay or cause to
be paid all other sums payable hereunder by the Company with
respect to such series, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with
the Trustee the obligations of the Company under this Indenture
with respect to such series shall cease to be of further effect
except for the provisions of Sections 2.3, 2.5, 2.7, 4,01, 4.2,
4,03, 7.6, 7.10 and 11.5 hereof that shall survive until such
Securities shall mature and be paid.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Thereafter,
Sections 7.6 and 11.5 shall survive.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.3 Deposited Moneys to be Held in Trust.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
moneys or Governmental Obligations deposited with the Trustee
pursuant to Sections 11.1 or 11.2 shall be held in trust and shall
be available for payment as due, either directly or through any
paying agent (including the Company acting as its own paying
agent), to the holders of the particular series of Securities for
the payment or redemption of which such moneys or Governmental
Obligations have been deposited with the Trustee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.4 Payment of Moneys Held by Paying Agents.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
connection with the satisfaction and discharge of this Indenture
all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of
the Company, be paid to the Trustee and thereupon such paying agent
shall be released from all further liability with respect to such
moneys or Governmental Obligations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.5 Repayment to Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
moneys or Governmental Obligations deposited with any paying agent
or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities
of a particular series that are not applied but remain unclaimed by
the holders of such Securities for at least two years after the
date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable,
or such other shorter period set forth in applicable escheat or
abandoned or unclaimed property law, shall be repaid to the Company
on May 31 of each year or upon the Company&#x2019;s request or (if
then held by the Company) shall be discharged from such trust; and
thereupon the paying agent and the Trustee shall be released from
all further liability with respect to such moneys or Governmental
Obligations, and the holder of any of the Securities entitled to
receive such payment shall thereafter, as a general creditor, look
only to the Company for the payment thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
XII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 12.1 No Recourse</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">No
recourse under or upon any obligation, covenant or agreement of
this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or
future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of
any predecessor or successor corporation, or any of them, because
of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom;
and that any and all such personal liability of every name and
nature, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every
such incorporator, stockholder, officer or director as such,
because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied
therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and
the issuance of such Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
XIII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">MISCELLANEOUS
PROVISIONS</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 13.1 Effect on Successors and
Assigns</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All the
covenants, stipulations, promises and agreements in this Indenture
made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 13.2 Actions by
Successor</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any act
or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer
of the Company shall and may be done and performed with like force
and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful successor of the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.3 Surrender of Company Powers.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company by instrument in writing executed by authority of its Board
of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so
surrendered shall terminate both as to the Company and as to any
successor corporation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.4 Notices.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise expressly provided herein, any notice, request or
demand that by any provision of this Indenture is required or
permitted to be given, made or served by the Trustee or by the
holders of Securities or by any other Person pursuant to this
Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until
another address is filed in writing by the Company with the
Trustee), as follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
notice, election, request or demand by the Company or any
Securityholder or by any other Person pursuant to this Indenture to
or upon the Trustee shall be deemed to have been sufficiently given
or made, for all purposes, if given or made in writing at the
Corporate Trust Office of the Trustee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.5 Governing Law.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">This
Indenture and each Security shall be deemed to be a contract made
under the internal laws of the State of Delaware, and for all
purposes shall be construed in accordance with the laws of said
State, except to the extent that the Trust Indenture Act is
applicable.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.6 Treatment of Securities as Debt.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">It is
intended that the Securities will be treated as indebtedness and
not as equity for federal income tax purposes. The provisions of
this Indenture shall be interpreted to further this
intention.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.7 Certificates and Opinions as to Conditions
Precedent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon any
application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer&#x2019;s Certificate stating
that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12)
relating to the proposed action have been complied with and, if
requested, an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to
which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular
application or demand, no additional certificate or opinion need be
furnished.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Each certificate or
opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this
Indenture shall include (i) a statement that the Person making such
certificate or opinion has read such covenant or condition; (ii) a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in
such certificate or opinion are based; (iii) a statement that, in
the opinion of such Person, he has made such examination or
investigation as is reasonably necessary to enable him to express
an informed opinion as to whether or not such covenant or condition
has been complied with; and (iv) a statement as to whether or not,
in the opinion of such Person, such condition or covenant has been
complied with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.8 Payments on Business Days.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution,
and set forth in an Officer&#x2019;s Certificate, or established in
one or more indentures supplemental to this Indenture, in any case
where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business
Day, then payment of interest or principal (and premium, if any)
may be made on the next succeeding Business Day with the same force
and effect as if made on the nominal date of maturity or
redemption, and no interest shall accrue for the period after such
nominal date.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.9 Conflict with Trust Indenture Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If and
to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to
317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.10 Counterparts.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">This
Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together
constitute but one and the same instrument.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.11 Separability.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any one or more of the provisions contained in this Indenture or in
the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other
provisions of this Indenture or of such Securities, but this
Indenture and such Securities shall be construed as if such invalid
or illegal or unenforceable provision had never been contained
herein or therein.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.12 Compliance Certificates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 6px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year during which any Securities of any series were
outstanding, an officer&#x2019;s certificate stating whether or not
the signers know of any Default or Event of Default that occurred
during such fiscal year. Such certificate shall contain a
certification from the principal executive officer, principal
financial officer or principal accounting officer of the Company
that a review has been conducted of the activities of the Company
and the Company&#x2019;s performance under this Indenture and that
the Company has complied with all conditions and covenants under
this Indenture. For purposes of this Section 13.12, such compliance
shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture. If the officer
of the Company signing such certificate has knowledge of such a
Default or Event of Default, the certificate shall describe any
such Default or Event of Default and its status.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed all as of the day and year first
above</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">written.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUER
DIRECT CORPORATION</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">By:
__________________________________
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Name:&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">[TRUSTEE],
as Trustee</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">By:
__________________________________
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
</div>
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</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-27-</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>3
<FILENAME>isdr_ex4-5.htm
<DESCRIPTION>FORM OF INDENTURE FOR SUBORDINATED DEBT SECURITIES
<TEXT>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exhibit
4.5</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUER
DIRECT CORPORATION</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUER</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">AND</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">[TRUSTEE],</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TRUSTEE</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">INDENTURE</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DATED
AS OF&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; ,
20</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SUBORDINATED
DEBT SECURITIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TABLE
OF CONTENTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE I DEFINITIONS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>3<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 1.1 Definitions of Terms</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;3</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND
EXCHANGE OF SECURITIES</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;5</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.1 Designation and Terms of
Securities&#xA0;&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;5</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.2 Form of Securities and Trustee&#x2019;s
Certificate</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;7</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.3 Denominations: Provisions for Payment</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;7</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.4 Execution and Authentications</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;8</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.5 Registration of Transfer and
Exchange<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;8</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.6 Temporary Securities</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.7 Mutilated, Destroyed, Lost or Stolen
Securities<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;9</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.8 Cancellation</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;9</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.9 Benefits of Indenture&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;9</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 2.10 Authenticating Agent</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;10</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
2.11 Global Securities</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;10</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND
PROVISIONS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.1 Redemption</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.2 Notice of Redemption&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.3 Payment Upon Redemption</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;11</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Section
3.4 Sinking Fund</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.5 Satisfaction of Sinking Fund Payments with
Securities<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 3.6 Redemption of Securities for Sinking Fund</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE IV COVENANTS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.1 Payment of Principal, Premium and
Interest<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.2 Maintenance of Office or Agency</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;12</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.3 Paying Agents</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.4 Appointment to Fill Vacancy in Office of
Trustee<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 4.5 Compliance with Consolidation Provisions</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE V SECURITYHOLDERS&#x2019; LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 5.1 Company to Furnish Trustee Names and Addresses of
Securityholders&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;13</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 5.2 Preservation Of Information; Communications With
Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;14</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 5.3 Reports by the Company</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;14</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 5.4 Reports by the Trustee</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;14</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;14</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.1 Events of Default</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;14</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.2 Collection of Indebtedness and Suits for Enforcement by
Trustee<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.3 Application of Moneys Collected</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;16</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.4 Limitation on Suits</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;16</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.5 Rights and Remedies Cumulative; Delay or Omission Not
Waiver<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;17</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.6 Control by Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;17</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 6.7 Undertaking to Pay Costs</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;17</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE VII CONCERNING THE TRUSTEE</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;18</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.1 Certain Duties and Responsibilities of
Trustee<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;18</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.2 Certain Rights of Trustee</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;18</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.3 Trustee Not Responsible for Recitals or Issuance or
Securities<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.4 May Hold Securities</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.5 Moneys Held in Trust</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.6 Compensation and
Reimbursement&#xA0;&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;19</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.7 Reliance on Officer&#x2019;s Certificate</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.8 Disqualification; Conflicting Interests</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.9 Corporate Trustee Required; Eligibility</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.10 Resignation and Removal; Appointment of
Successor<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;20</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.11 Acceptance of Appointment By Successor</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;21</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.12 Merger, Conversion, Consolidation or Succession to
Business</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-1-</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.13 Preferential Collection of Claims Against the
Company<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>22<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 7.14 Notice of Default</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE VIII CONCERNING THE SECURITYHOLDERS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 8.1 Evidence of Action by
Securityholders&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 8.2 Proof of Execution by Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;22</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 8.3 Who May be Deemed Owners</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 8.4 Certain Securities Owned by Company
Disregarded&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 8.5 Actions Binding on Future Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE IX SUPPLEMENTAL INDENTURES</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 9.1 Supplemental Indentures Without the Consent of
Securityholders&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;23</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 9.2 Supplemental Indentures With Consent of
Securityholders</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 9.3 Effect of Supplemental Indentures</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 9.4 Securities Affected by Supplemental
Indentures&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 9.5 Execution of Supplemental Indentures</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;24</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE X SUCCESSOR ENTITY</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 10.1 Company May Consolidate, Etc&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 10.2 Successor Entity Substituted</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 10.3 Evidence of Consolidation, Etc</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE XI SATISFACTION AND DISCHARGE</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 11.1 Satisfaction and Discharge of
Indenture<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;25</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 11.2 Discharge of Obligations</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 11.3 Deposited Moneys to be Held in
Trust&#xA0;<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 11.4 Payment of Moneys Held by Paying Agents</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 11.5 Repayment to Company</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 12.1 No Recourse</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;26</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE XIII MISCELLANEOUS PROVISIONS</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.1 Effect on Successors and Assigns<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.2 Actions by Successor</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.3 Surrender of Company Powers<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.4 Notices</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.5 Governing Law</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.6 Treatment of Securities as Debt</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.7 Certificates and Opinions as to Conditions
Precedent<br></font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.8 Payments on Business Days</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;27</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.9 Conflict with Trust Indenture Act Section 13.10
Counterparts</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;28</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.11 Separability</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;28</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 13.12 Compliance Certificates</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;28</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ARTICLE XIV SUBORDINATION OF SECURITIES</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;28</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Section 14.1 Subordination Terms</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;28</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">INDENTURE</font></div>
<div style="text-align: center; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">INDENTURE, dated as
of [&#x25CF;], among Issuer Direct Corporation, a Delaware
corporation, and [TRUSTEE], as trustee:</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, for its
lawful corporate purposes, the Company has duly authorized the
execution and delivery of this Indenture to provide for the
issuance of subordinated debt securities (hereinafter referred to
as the &#x201C;Securities&#x201D;), in an unlimited aggregate
principal amount to be issued from time to time in one or more
series as in this Indenture provided, as registered Securities
without coupons, to be authenticated by the certificate of the
Trustee;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, to provide
the terms and conditions upon which the Securities are to be
authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">WHEREAS, all things
necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">NOW,
THEREFORE, in consideration of the premises and the purchase of the
Securities by the holders thereof, it is mutually covenanted and
agreed as follows for the equal and ratable benefit of the holders
of Securities:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
I</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DEFINITIONS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 1.1 Definitions of
Terms</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 16px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
terms defined in this Section (except as in this Indenture or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section and shall include the
plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as
amended, or that are by reference in such Act defined in the
Securities Act of 1933, as amended (except as herein or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this
instrument.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Authenticating
Agent&#x201D; means an authenticating agent with respect to all or
any of the series of Securities appointed by the Trustee pursuant
to Section 2.10.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Bankruptcy
Law&#x201D; means Title 11, U.S. Code, or any similar federal or
state law for the relief of debtors.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Board of
Directors&#x201D; means the Board of Directors of the Company or any
duly authorized committee of such Board.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 14px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Board
Resolution&#x201D; means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors and to be in full force and
effect on the date of such certification.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Business
Day&#x201D; means, with respect to any series of Securities, any day
other than a day on which federal or state banking institutions in
the Borough of Manhattan, the City of New York, or in the city of
the Corporate Trust Office of the Trustee, are authorized or
obligated by law, executive order or regulation to
close.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Certificate&#x201D;
means a certificate signed by any Officer. The Certificate need not
comply with the provisions of Section 13.7. &#x201C;Company&#x201D;
means Issuer Direct Corporation, a corporation duly organized and
existing under the laws of the State of&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px">Delaware, and,
subject to the provisions of Article X, shall also include its
successors and assigns.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Corporate
Trust Office&#x201D; 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.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Custodian&#x201D;
means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Default&#x201D;
means any event, act or condition that with notice or lapse of
time, or both, would constitute an Event of Default.
&#x201C;Defaulted Interest&#x201D; has the meaning set forth in
Section 2.3.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 19px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Depositary&#x201D;
means, with respect to Securities of any series for which the
Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing
agency, or any successor registered as a clearing agency under the
Exchange Act, or other applicable statute or regulation, which, in
each case, shall be designated by the Company pursuant to either
Section 2.1 or 2.11.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-3-</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Event of
Default&#x201D; means, with respect to Securities of a particular
series, any event specified in Section 6.1, continued for the
period of time, if any, therein designated.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Exchange
Act&#x201D; means the Securities and Exchange Act of 1934, as
amended.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Global
Security&#x201D; means, with respect to any series of Securities, a
Security executed by the Company and delivered by the Trustee to
the Depositary or pursuant to the Depositary&#x2019;s instruction,
all in accordance with the Indenture, which shall be registered in
the name of the Depositary or its nominee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Governmental
Obligations&#x201D; means securities that are (a) direct obligations
of the United States of America for the payment of which its full
faith and credit is pledged or (b) obligations of a Person
controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of
which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case,
are not callable or redeemable at the option of the issuer thereof
at any time prior to the stated maturity of the Securities, and
shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account
of the holder of such depositary receipt; provided, however, that
(except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in
respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced
by such depositary receipt.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;herein,&#x201D;
&#x201C;hereof&#x201D; and &#x201C;hereunder,&#x201D; and other words
of similar import, refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Indenture&#x201D;
means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms
hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Interest
Payment Date,&#x201D; when used with respect to any installment of
interest on a Security of a particular series, means the date
specified in such Security or in a Board Resolution or in an
indenture supplemental hereto with respect to such series as the
fixed date on which an installment of interest with respect to
Securities of that series is due and payable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Officer&#x201D;
means, with respect to the Company, the chairman of the Board of
Directors, a chief executive officer, a president, a chief
financial officer, a chief operating officer, any executive vice
president, any senior vice president, any vice president, the
treasurer or any assistant treasurer, the controller or any
assistant controller or the secretary or any assistant
secretary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Officer&#x2019;s
Certificate&#x201D; means a certificate signed by any Officer. Each
such certificate shall include the statements provided for in
Section 13.7, if and to the extent required by the provisions
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Opinion of
Counsel&#x201D; means an opinion in writing subject to customary
exceptions of legal counsel, who may be an employee of or counsel
for the Company, that is delivered to the Trustee in accordance
with the terms hereof. Each such opinion shall include the
statements provided for in Section 13.7, if and to the extent
required by the provisions thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Outstanding,&#x201D;
when used with reference to Securities of any series, means,
subject to the provisions of Section 8.4, as of any particular
time, all Securities of that series theretofore authenticated and
delivered by the Trustee under this Indenture, except (a)
Securities theretofore canceled by the Trustee or any paying agent,
or delivered to the Trustee or any paying agent for cancellation or
that have previously been canceled; (b) Securities or portions
thereof for the payment or redemption of which moneys or
Governmental Obligations in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other
than the Company) or shall have been set aside and segregated in
trust by the Company (if the Company shall act as its own paying
agent); provided, however, that if such Securities or portions of
such Securities are to be redeemed prior to the maturity thereof,
notice of such redemption shall have been given as provided in
Article III, or provision satisfactory to the Trustee shall have
been made for giving such notice; and (c) Securities in lieu of or
in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section
2.7.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Person&#x201D;
means any individual, corporation, partnership, joint venture,
joint-stock company, limited liability company, association, trust,
unincorporated organization, any other entity or organization,
including a government or political subdivision or an agency or
instrumentality thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Predecessor
Security&#x201D; 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</font> <font style="font-family: Times New Roman; font-size: 13px">2.7 in lieu of a
lost, destroyed or stolen Security shall be deemed to evidence the
same debt as the lost, destroyed or stolen Security.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-4-</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Responsible
Officer&#x201D; when used with respect to the Trustee means the
chairman of its board of directors, the chief executive officer,
the president, any vice president, the secretary, the treasurer,
any trust officer, any corporate trust officer or any other officer
or assistant officer of the Trustee customarily performing
functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his or her knowledge of and
familiarity with the particular subject.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Securities&#x201D;
means the debt Securities authenticated and delivered under this
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Securityholder,&#x201D;
&#x201C;holder of Securities,&#x201D; &#x201C;registered
holder,&#x201D; or other similar term, means the Person or Persons
in whose name or names a particular Security shall be registered on
the books of the Company kept for that purpose in accordance with
the terms of this Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Security
Register&#x201D; and &#x201C;Security Registrar&#x201D; shall have the
meanings as set forth in Section 2.5.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Subsidiary&#x201D;
means, with respect to any Person, (i) any corporation at least a
majority of whose outstanding Voting Stock shall at the time be
owned, directly or indirectly, by such Person or by one or more of
its Subsidiaries or by such Person and one or more of its
Subsidiaries, (ii) any general partnership, joint venture or
similar entity, at least a majority of whose outstanding
partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person
and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a
general partner.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Trustee&#x201D;
means , and, subject to the provisions of Article VII, shall also
include its successors and assigns, and, if at any time there is
more than one Person acting in such capacity hereunder,
&#x201C;Trustee&#x201D; shall mean each such Person. The term
&#x201C;Trustee&#x201D; as used with respect to a particular series
of the Securities shall mean the trustee with respect to that
series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Trust
Indenture Act&#x201D; means the Trust Indenture Act of 1939, as
amended.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Voting
Stock,&#x201D; as applied to stock of any Person, means shares,
interests, participations or other equivalents in the equity
interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the
equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by
reason of the occurrence of a contingency.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
II</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.1 Designation and Terms of Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The aggregate
principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be
issued in one or more series up to the aggregate principal amount
of Securities of that series from time to time authorized by or
pursuant to a Board Resolution or pursuant to one or more
indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant
to a Board Resolution, and set forth in an Officer&#x2019;s
Certificate, or established in one or more indentures supplemental
hereto:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the title of the
Securities of the series (which shall distinguish the Securities of
that series from all other Securities);</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">any
limit upon the aggregate principal amount of the Securities of that
series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of,
other Securities of that series);</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
date or dates on which the principal of the Securities of the
series is payable, any original issue discount that may apply to
the Securities of that series upon their issuance, the principal
amount due at maturity, and the place(s) of payment;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iv)&#xA0;&#xA0;&#xA0;
the rate or rates at which the Securities of the series shall bear
interest or the manner of calculation of such rate or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">rates,
if any;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(v)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the date or dates
from which such interest shall accrue, the Interest Payment Dates
on which such interest will be payable or the manner of
determination of such Interest Payment Dates, the place(s) of
payment, and the record date for the determination of holders to
whom interest is payable on any such Interest Payment Dates or the
manner of determination of such record dates;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(vi)&#xA0;&#xA0;&#xA0;
the right, if any, to extend the interest payment periods and the
duration of such extension;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(vii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the series may be
redeemed, in whole or in part, at the option of the
Company;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-5-</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(viii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
obligation, if any, of the Company to redeem or purchase Securities
of the series pursuant to any sinking fund, mandatory redemption,
or analogous provisions (including payments made in cash in
satisfaction of future sinking fund obligations) or at the option
of a holder thereof and the period or periods within which, the
price or prices at which, and the terms and conditions upon which,
Securities of the series shall be redeemed or purchased, in whole
or in part, pursuant to such obligation;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(ix) the form of
the Securities of the series including the form of the Certificate
of Authentication for such series;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(x)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">if other than
denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, the denominations in which the Securities of the
series shall be issuable;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xi)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">any
and all other terms (including terms, to the extent applicable,
relating to any auction or remarketing of the Securities of that
series and any security for the obligations of the Company with
respect to such Securities) with respect to such series (which
terms shall not be inconsistent with the terms of this Indenture,
as amended by any supplemental indenture) including any terms which
may be required by or advisable under United States laws or
regulations or advisable in connection with the marketing of
Securities of that series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">whether
the Securities are issuable as a Global Security and, in such case,
the terms and the identity of the Depositary for such
series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xiii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">whether
the Securities will be convertible into or exchangeable for shares
of common stock, preferred stock or other securities of the Company
or any other Person and, if so, the terms and conditions upon which
such Securities will be so convertible or exchangeable, including
the conversion or exchange price, as applicable, or how it will be
calculated and may be adjusted, any mandatory or optional (at the
Company&#x2019;s option or the holders&#x2019; option) conversion or
exchange features, and the applicable conversion or exchange
period;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xiv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">if
other than the principal amount thereof, the portion of the
principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant
to Section 6.1;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">any
additional or different Events of Default or restrictive covenants
(which may include, among other restrictions, restrictions on the
Company&#x2019;s ability or the ability of the Company&#x2019;s
Subsidiaries to: incur additional indebtedness; issue additional
securities; create liens; pay dividends or make distributions in
respect of the capital stock of the Company or the Company&#x2019;s
Subsidiaries; redeem capital stock; place restrictions on the
Company&#x2019;s Subsidiaries&#x2019; ability to pay dividends, make
distributions or transfer assets; make investments or other
restricted payments; sell or otherwise dispose of assets; enter
into sale-leaseback transactions; engage in transactions with
stockholders or affiliates; issue or sell stock of the
Company&#x2019;s Subsidiaries; or effect a consolidation or merger)
or financial covenants (which may include, among other financial
covenants, financial covenants that require the Company and its
Subsidiaries to maintain specified interest coverage, fixed charge,
cash flow-based, asset-based or other financial ratios) provided
for with respect to the Securities of the series;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xvi)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">if
other than dollars, the coin or currency in which the Securities of
the series are denominated (including, but not limited to, foreign
currency);</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xvii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
terms and conditions, if any, upon which the Company shall pay
amounts in addition to the stated interest, premium, if any and
principal amounts of the Securities of the series to any
Securityholder that is not a &#x201C;United States person&#x201D; for
federal tax purposes;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xviii) any
restrictions on transfer, sale or assignment of the Securities of
the series; and</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(xix) the
subordination terms of the Securities of the series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
Securities of any one series shall be substantially identical
except as may otherwise be provided in or pursuant to any such
Board Resolution or in any indentures supplemental
hereto.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If any
of the terms of the series are established by action taken pursuant
to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an
assistant secretary of the Company and delivered to the Trustee at
or prior to the delivery of the Officer&#x2019;s Certificate of the
Company setting forth the terms of the series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Securities of any
particular series may be issued at various times, with different
dates on which the principal or any installment of principal is
payable, with different rates of interest, if any, or different
methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with
different redemption dates.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.2 Form of Securities and
Trustee&#x2019;s Certificate</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities of any series and the Trustee&#x2019;s certificate of
authentication to be borne by such Securities shall be
substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board
Resolution, and set forth in an Officer&#x2019;s Certificate, and
they may have such letters, numbers or other marks of
identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the Company may deem
appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange on which Securities of that
series may be listed, or to conform to usage.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.3 Denominations: Provisions for
Payment</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities shall be issuable as registered Securities and in the
denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.1(a)(x).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities of a particular series shall bear interest payable on
the dates and at the rate specified with respect to that series.
Subject to Section 2.1(a)(xvi), the principal of and the interest
on the Securities of any series, as well as any premium thereon in
case of redemption thereof prior to maturity, shall be payable in
the coin or currency of the United States of America that at the
time is legal tender for public and private debt, at the office or
agency of the Company maintained for that purpose. Each Security
shall be dated the date of its authentication. Interest on the
Securities shall be computed on the basis of a 360-day year
composed of twelve 30-day months.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
interest installment on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose
name said Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for
such interest installment. In the event that any Security of a
particular series or portion thereof is called for redemption and
the redemption date is subsequent to a regular record date with
respect to any Interest Payment Date and prior to such Interest
Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section
3.3.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for
Securities of the same series (herein called &#x201C;Defaulted
Interest&#x201D;) shall forthwith cease to be payable to the
registered holder on the relevant regular record date by virtue of
having been such holder; and such Defaulted Interest shall be paid
by the Company, at its election, as provided in clause (i) or
clause (ii) below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company may
make payment of any Defaulted Interest on Securities to the Persons
in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special
record date for the payment of such Defaulted Interest, which shall
be fixed in the following manner: the Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest
as in this clause provided. Thereupon the Trustee shall fix a
special record date for the payment of such Defaulted Interest
which shall not be more than 15 nor less than 10 days prior to the
date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and
the special record date therefor to be mailed, first class postage
prepaid, to each Securityholder at his or her address as it appears
in the Security Register (as hereinafter defined), not less than 10
days prior to such special record date. 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 such Securities (or
their respective Predecessor Securities) are registered on such
special record date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The
Company may make payment of any Defaulted Interest on any
Securities in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities
may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of
the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Unless
otherwise set forth in a Board Resolution or one or more indentures
supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.1 hereof, the term &#x201C;regular
record date&#x201D; as used in this Section with respect to a series
of Securities and any Interest Payment Date for such series shall
mean either the fifteenth day of the month immediately preceding
the month in which an Interest Payment Date established for such
series pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the first day of a month, or the first day of the
month in which an Interest Payment Date established for such series
pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the fifteenth day of a month, whether or not such
date is a Business Day.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the foregoing provisions of this Section, each Security of a
series delivered under this Indenture upon transfer of or in
exchange for or in lieu of any other Security of such series shall
carry the rights to interest accrued and unpaid, and to accrue,
that were carried by such other Security.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.4 Execution and
Authentications</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Securities shall be signed on behalf of the Company by one of its
Officers. Signatures may be in the form of a manual or facsimile
signature.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may use the facsimile signature of any Person who shall
have been an Officer, notwithstanding the fact that at the time the
Securities shall be authenticated and delivered or disposed of such
Person shall have ceased to be such an officer of the Company. The
Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall
be dated the date of its authentication by the
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">A
Security shall not be valid until authenticated manually by an
authorized signatory of the Trustee, or by an Authenticating Agent.
Such signature shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.
At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and
delivery of such Securities, signed by an Officer, and the Trustee
in accordance with such written order shall authenticate and
deliver such Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, if requested,
and (subject to Section 7.1) shall be fully protected in relying
upon, an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee shall not be required to authenticate such Securities if
the issue of such Securities pursuant to this Indenture will affect
the Trustee&#x2019;s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.5 Registration of Transfer and Exchange.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Securities of any
series may be exchanged upon presentation thereof at the office or
agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a
like aggregate principal amount, upon payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto,
all as provided in this Section. In respect of any Securities so
surrendered for exchange, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in
exchange therefor the Security or Securities of the same series
that the Securityholder making the exchange shall be entitled to
receive, bearing numbers not contemporaneously
outstanding.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company shall
keep, or cause to be kept, at its office or agency designated for
such purpose a register or registers (herein referred to as the
&#x201C;Security Register&#x201D;) in which, subject to such
reasonable regulations as it may prescribe, the Company shall
register the Securities and the transfers of Securities as in this
Article provided and which at all reasonable times shall be open
for inspection by the Trustee. The registrar for the purpose of
registering Securities and transfer of Securities as herein
provided shall be appointed as authorized by Board Resolution (the
&#x201C;Security Registrar&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Upon
surrender for transfer of any Security at the office or agency of
the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall
deliver in the name of the transferee or transferees a new Security
or Securities of the same series as the Security presented for a
like aggregate principal amount.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
Securities presented or surrendered for exchange or registration of
transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the
Company or the Security Registrar, duly executed by the registered
holder or by such holder&#x2019;s duly authorized attorney in
writing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set
forth in an Officer&#x2019;s Certificate, or established in one or
more indentures supplemental to this Indenture, no service charge
shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial
redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in
relation thereto, other than exchanges pursuant to Section 2.6,
Section 3.3(b) and Section 9.4 not involving any
transfer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company shall
not be required (i) to issue, exchange or register the transfer of
any Securities during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of
less than all the Outstanding Securities of the same series and
ending at the close of business on the day of such mailing, nor
(ii) to register the transfer of or exchange any Securities of any
series or portions thereof called for redemption, other than the
unredeemed portion of any such Securities being redeemed in part.
The provisions of this Section 2.5 are, with respect to any Global
Security, subject to Section 2.11 hereof.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.6 Temporary Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Pending
the preparation of definitive Securities of any series, the Company
may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any
authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of
which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as
may be determined by the Company. Every temporary Security of any
series shall be executed by the Company and be authenticated by the
Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such
series. Without unnecessary delay the Company will execute and will
furnish definitive Securities of such series and thereupon any or
all temporary Securities of such series may be surrendered in
exchange therefor (without charge to the holders), at the office or
agency of the Company designated for the purpose, and the Trustee
shall authenticate and such office or agency shall deliver in
exchange for such temporary Securities an equal aggregate principal
amount of definitive Securities of such series, unless the Company
advises the Trustee to the effect that definitive Securities need
not be executed and furnished until further notice from the
Company. Until so exchanged, the temporary Securities of such
series shall be entitled to the same benefits under this Indenture
as definitive Securities of such series authenticated and delivered
hereunder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 2.7 Mutilated, Destroyed, Lost or
Stolen Securities</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any temporary or definitive Security shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company&#x2019;s
request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the
Security so destroyed, lost or stolen. In every case the applicant
for a substituted Security shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to
save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the
Trustee evidence to their satisfaction of the destruction, loss or
theft of the applicant&#x2019;s Security and of the ownership
thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of
any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any Security that has matured or is about to mature shall become
mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of
the same (without surrender thereof except in the case of a
mutilated Security) if the applicant for such payment shall furnish
to the Company and the Trustee such security or indemnity as they
may require to save them harmless, and, in case of destruction,
loss or theft, evidence to the satisfaction of the Company and the
Trustee of the destruction, loss or theft of such Security and of
the ownership thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Every
replacement Security issued pursuant to the provisions of this
Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen
Security shall be found at any time, or be enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of the same
series duly issued hereunder. All Securities shall be held and
owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the
extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their
surrender.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.8 Cancellation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer shall, if surrendered to the
Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled
by it, and no Securities shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this
Indenture. On request of the Company at the time of such surrender,
the Trustee shall deliver to the Company canceled Securities held
by the Trustee. In the absence of such request the Trustee may
dispose of canceled Securities in accordance with its standard
procedures and deliver a certificate of disposition to the Company.
If the Company shall otherwise acquire any of the Securities,
however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities
unless and until the same are delivered to the Trustee for
cancellation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.9 Benefits of Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Nothing
in this Indenture or in the Securities, express or implied, shall
give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities (and, with respect to the
provisions of Article XIV, the holders of any indebtedness of the
Company to which the Securities of any series are subordinated) any
legal or equitable right, remedy or claim under or in respect of
this Indenture, or under any covenant, condition or provision
herein contained; all such covenants, conditions and provisions
being for the sole benefit of the parties hereto and of the holders
of the Securities (and, with respect to the provisions of Article
XIV, the holders of any indebtedness of the Company to which the
Securities of any series are subordinated).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.10 Authenticating Agent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">So long
as any of the Securities of any series remain Outstanding there may
be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said
Authenticating Agent shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon
exchange, transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. All references in this
Indenture to the authentication of Securities by the Trustee shall
be deemed to include authentication by an Authenticating Agent for
such series. Each Authenticating Agent shall be acceptable to the
Company and shall be a corporation that has a combined capital and
surplus, as most recently reported or determined by it, sufficient
under the laws of any jurisdiction under which it is organized or
in which it is doing business to conduct a trust business, and that
is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state
authorities. If at any time any Authenticating Agent shall cease to
be eligible in accordance with these provisions, it shall resign
immediately.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The
Trustee may at any time (and upon request by the Company shall)
terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the
Company. Upon resignation, termination or cessation of eligibility
of any Authenticating Agent, the Trustee may appoint an eligible
successor Authenticating Agent acceptable to the Company. Any
successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and
duties of its predecessor hereunder as if originally named as an
Authenticating Agent pursuant hereto.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
2.11 Global Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall establish pursuant to Section 2.1 that the Securities of a
particular series are to be issued as a Global Security, then the
Company shall execute and the Trustee shall, in accordance with
Section 2.4, authenticate and deliver, a Global Security that (i)
shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of
such series, (ii) shall be registered in the name of the Depositary
or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary&#x2019;s instruction and
(iv) shall bear a legend substantially to the following effect:
&#x201C;Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in
part, only to another nominee of the Depositary or to a successor
Depositary or to a nominee of such successor
Depositary.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Notwithstanding the
provisions of Section 2.5, the Global Security of a series may be
transferred, in whole but not in part and in the manner provided in
Section 2.5, only to another nominee of the Depositary for such
series, or to a successor Depositary for such series selected or
approved by the Company or to a nominee of such successor
Depositary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If at any time the
Depositary for a series of the Securities notifies the Company that
it is unwilling or unable to continue as Depositary for such series
or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for
such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such
condition, as the case may be, or if an Event of Default has
occurred and is continuing and the Company has received a request
from the Depositary or from the Trustee, this Section 2.11 shall no
longer be applicable to the Securities of such series and the
Company will execute, and subject to Section 2.4, the Trustee will
authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time
determine that the Securities of any series shall no longer be
represented by a Global Security and that the provisions of this
Section 2.11 shall no longer apply to the Securities of such
series. In such event the Company will execute and, subject to
Section 2.4, the Trustee, upon receipt of an Officer&#x2019;s
Certificate evidencing such determination by the Company, will
authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange
for such Global Security. Upon the exchange of the Global Security
for such Securities in definitive registered form without coupons,
in authorized denominations, the Global Security shall be canceled
by the Trustee. Such Securities in definitive registered form
issued in exchange for the Global Security pursuant to this Section
2.11(c) shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the
Trustee. The Trustee shall deliver such Securities to the
Depositary for delivery to the Persons in whose names such
Securities are so registered.</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
III</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.1 Redemption.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may redeem the Securities of any series issued hereunder on
and after the dates and in accordance with the terms established
for such series pursuant to Section 2.1 hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 3.2 Notice of
Redemption</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case the Company
shall desire to exercise such right to redeem all or, as the case
may be, a portion of the Securities of any series in accordance
with any right the Company reserved for itself to do so pursuant to
Section 2.1 hereof, the Company shall, or shall cause the Trustee
to, give notice of such redemption to holders of the Securities of
such series to be redeemed by mailing, first class postage prepaid,
a notice of such redemption not less than 30 days and not more than
90 days before the date fixed for redemption of that series to such
holders at their last addresses as they shall appear upon the
Security Register, unless a shorter period is specified in the
Securities to be redeemed. Any notice that is mailed in the manner
herein provided shall be conclusively presumed to have been duly
given, whether or not the registered holder receives the notice. In
any case, failure duly to give such notice to the holder of any
Security of any series designated for redemption in whole or in
part, or any defect in the notice, shall not affect the validity of
the proceedings for the redemption of any other Securities of such
series or any other series. In the case of any redemption of
Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in
this Indenture, the Company shall furnish the Trustee with an
Officer&#x2019;s Certificate evidencing compliance with any such
restriction.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Each
such notice of redemption shall specify the date fixed for
redemption and the redemption price at which Securities of that
series are to be redeemed, and shall state that payment of the
redemption price of such Securities to be redeemed will be made at
the office or agency of the Company, upon presentation and
surrender of such Securities, that interest accrued to the date
fixed for redemption will be paid as specified in said notice, that
from and after said date interest will cease to accrue and that the
redemption is from a sinking fund, if such is the case. If less
than all the Securities of a series are to be redeemed, the notice
to the holders of Securities of that series to be redeemed in part
shall specify the particular Securities to be so
redeemed.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any Security is to be redeemed in part only, the notice that
relates to such Security shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after
the redemption date, upon surrender of such Security, a new
Security or Securities of such series in principal amount equal to
the unredeemed portion thereof will be issued.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If less than all
the Securities of a series are to be redeemed, the Company shall
give the Trustee at least 45 days&#x2019; notice (unless a shorter
notice shall be satisfactory to the Trustee) in advance of the date
fixed for redemption as to the aggregate principal amount of
Securities of the series to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as it shall deem
appropriate and fair in its discretion and that may provide for the
selection of a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal
amount of such Securities of a denomination larger than $1,000, the
Securities to be redeemed and shall thereafter promptly notify the
Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. The Company may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by an
Officer, instruct the Trustee or any paying agent to call all or
any part of the Securities of a particular series for redemption
and to give notice of redemption in the manner set forth in this
Section, such notice to be in the name of the Company or its own
name as the Trustee or such paying agent may deem advisable. In any
case in which notice of redemption is to be given by the Trustee or
any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may be, such Security Register, transfer books
or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any
notice by mail that may be required under the provisions of this
Section.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.3 Payment Upon Redemption.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the giving of
notice of redemption shall have been completed as above provided,
the Securities or portions of Securities of the series to be
redeemed specified in such notice shall become due and payable on
the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed
for redemption and interest on such Securities or portions of
Securities shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such
redemption price and accrued interest with respect to any such
Security or portion thereof. On presentation and surrender of such
Securities on or after the date fixed for redemption at the place
of payment specified in the notice, said Securities shall be paid
and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for
redemption (but if the date fixed for redemption is an interest
payment date, the interest installment payable on such date shall
be payable to the registered holder at the close of business on the
applicable record date pursuant to Section 2.3).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon presentation
of any Security of such series that is to be redeemed in part only,
the Company shall execute and the Trustee shall authenticate and
the office or agency where the Security is presented shall deliver
to the holder thereof, at the expense of the Company, a new
Security of the same series of authorized denominations in
principal amount equal to the unredeemed portion of the Security so
presented.</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.4 Sinking Fund.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
provisions of Sections 3.4, 3.5 and 3.6 shall be applicable to any
sinking fund for the retirement of Securities of a series, except
as otherwise specified as contemplated by Section 2.1 for
Securities of such series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a
&#x201C;mandatory sinking fund payment,&#x201D; and any payment in
excess of such minimum amount provided for by the terms of
Securities of any series is herein referred to as an
&#x201C;optional sinking fund payment.&#x201D; If provided for by the
terms of Securities of any series, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section
3.5. Each sinking fund payment shall be applied to the redemption
of Securities of any series as provided for by the terms of
Securities of such series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.5 Satisfaction of Sinking Fund Payments with
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company (i) may deliver Outstanding Securities of a series and (ii)
may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series
required to be made pursuant to the terms of such Securities as
provided for by the terms of such series, provided that such
Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at
the redemption price specified in such Securities for redemption
through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
3.6 Redemption of Securities for Sinking Fund.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Not
less than 45 days prior to each sinking fund payment date for any
series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an
Officer&#x2019;s Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms
of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to
Section 3.5 and the basis for such credit and will, together with
such Officer&#x2019;s Certificate, deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 3.2 and cause notice of the
redemption thereof to be given in the name of and at the expense of
the Company in the manner provided in Section 3.2. Such notice
having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Section
3.3.</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
IV</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">COVENANTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.1 Payment of Principal, Premium and Interest.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will duly and punctually pay or cause to be paid the
principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided
herein and established with respect to such Securities. Payments of
principal on the Securities may be made at the time provided herein
and established with respect to such Securities by U.S. dollar
check drawn on and mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account
(such wire transfer to be made only to a Securityholder of an
aggregate principal amount of Securities of the applicable series
in excess of U.S. $2,000,000 and only if such Securityholder shall
have furnished wire instructions to the Trustee no later than 15
days prior to the relevant payment date). Payments of interest on
the Securities may be made at the time provided herein and
established with respect to such Securities by U.S. dollar check
mailed to the address of the Securityholder entitled thereto as
such address shall appear in the Security Register, or U.S. dollar
wire transfer to, a U.S. dollar account (such a wire transfer to be
made only to a Securityholder of an aggregate principal amount of
Securities of the applicable series in excess of U.S. $2,000,000
and only if such Securityholder shall have furnished wire
instructions in writing to the Security Registrar and the Trustee
no later than 15 days prior to the relevant payment
date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.2 Maintenance of Office or Agency.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">So long
as any series of the Securities remain Outstanding, the Company
agrees to maintain an office or agency with respect to each such
series and at such other location or locations as may be designated
as provided in this Section 4.2, where (i) Securities of that
series may be presented for payment, (ii) Securities of that series
may be presented as herein above authorized for registration of
transfer and exchange, and (iii) notices and demands to or upon the
Company in respect of the Securities of that series and this
Indenture may be given or served, such designation to continue with
respect to such office or agency until the Company shall, by
written notice signed by any officer authorized to sign an
Officer&#x2019;s Certificate and delivered to the Trustee, designate
some other office or agency for such purposes or any of them. If at
any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all
such presentations, notices and demands. The Company initially
appoints the Corporate Trust Office of the Trustee as its paying
agent with respect to the Securities.</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.3 Paying Agents.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall appoint one or more paying agents for all or any series of
the Securities, other than the Trustee, the Company will cause each
such paying agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">that it will hold
all sums held by it as such agent for the payment of the principal
of (and premium, if any) or interest on the Securities of that
series (whether such sums have been paid to it by the Company or by
any other obligor of such Securities) in trust for the benefit of
the Persons entitled thereto;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">that
it will give the Trustee notice of any failure by the Company (or
by any other obligor of such Securities) to make any payment of the
principal of (and premium, if any) or interest on the Securities of
that series when the same shall be due and payable;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">that
it will, at any time during the continuance of any failure referred
to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such paying agent; and</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iv) that it will
perform all other duties of paying agent as set forth in this
Indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall act as its own paying agent with respect to any series of the
Securities, it will on or before each due date of the principal of
(and premium, if any) or interest on Securities of that series, set
aside, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay such principal (and
premium, if any) or interest so becoming due on Securities of that
series until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such
Securities) to take such action. Whenever the Company shall have
one or more paying agents for any series of Securities, it will,
prior to each due date of the principal of (and premium, if any) or
interest on any Securities of that series, deposit with the paying
agent a sum sufficient to pay the principal (and premium, if any)
or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or
interest, and (unless such paying agent is the Trustee) the Company
will promptly notify the Trustee of this action or failure so to
act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold
sums in trust as provided in this Section is subject to the
provisions of Section 11.5, and (ii) the Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent
to pay, to the Trustee all sums held in trust by the Company or
such paying agent, such sums to be held by the Trustee upon the
same terms and conditions as those upon which such sums were held
by the Company or such paying agent; and, upon such payment by the
Company or any paying agent to the Trustee, the Company or such
paying agent shall be released from all further liability with
respect to such money.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.4 Appointment to Fill Vacancy in Office of Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section
7.10, a Trustee, so that there shall at all times be a Trustee
hereunder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
4.5 Compliance with Consolidation Provisions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will not, while any of the Securities remain Outstanding,
consolidate with or merge into any other Person, in either case
where the Company is not the survivor of such transaction, or sell
or convey all or substantially all of its property to any other
Person unless the provisions of Article X hereof are complied
with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
V</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SECURITYHOLDERS&#x2019;
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
5.1 Company to Furnish Trustee Names and Addresses of
Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will furnish or cause to be furnished to the Trustee (a)
within 15 days after each regular record date (as defined in
Section 2.3) a list, in such form as the Trustee may reasonably
require, of the names and addresses of the holders of each series
of Securities as of such regular record date, provided that the
Company shall not be obligated to furnish or cause to furnish such
list at any time that the list shall not differ in any respect from
the most recent list furnished to the Trustee by the Company and
(b) at such other times as the Trustee may request in writing
within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more
than 15 days prior to the time such list is furnished; provided,
however, that, in either case, no such list need be furnished for
any series for which the Trustee shall be the Security
Registrar.</font></div>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 5.2 Preservation Of Information;
Communications With Securityholders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as
provided in Section 5.1 and as to the names and addresses of
holders of Securities received by the Trustee in its capacity as
Security Registrar (if acting in such capacity).</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b) The Trustee may
destroy any list furnished to it as provided in Section 5.1 upon
receipt of a new list so furnished.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Securityholders may
communicate as provided in Section 312(b) of the Trust Indenture
Act with other Securityholders with respect to their rights under
this Indenture or under the Securities, and, in connection with any
such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with
the provisions of Section 312(b) of the Trust Indenture
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
5.3 Reports by the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company covenants and agrees to provide (which delivery may be via
electronic mail) to the Trustee, after the Company files the same
with the Securities and Exchange 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 Securities
and Exchange Commission may from time to time by rules and
regulations prescribe) that the Company files with the Securities
and Exchange Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act; provided, however, the Company shall not be
required to deliver to the Trustee any materials for which the
Company has sought and received confidential treatment by the
Securities and Exchange Commission; and provided further, so long
as such filings by the Company are available on the Securities and
Exchange Commission&#x2019;s Electronic Data Gathering, Analysis and
Retrieval System (EDGAR), such filings shall be deemed to have been
filed with the Trustee for purposes of this Section 5.3 without any
further action required by the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
5.4 Reports by the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If required by
Section 313(a) of the Trust Indenture Act, the Trustee, within
sixty (60) days after each May 1, shall transmit by mail, first
class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register, a brief report dated
as of such May 1, which complies with Section 313(a) of the Trust
Indenture Act.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b) The Trustee
shall comply with Section 313(b) and 313(c) of the Trust Indenture
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">A copy of each such
report shall, at the time of such transmission to Securityholders,
be filed by the Trustee with the Company, with each securities
exchange upon which any Securities are listed (if so listed) and
also with the Securities and Exchange Commission. The Company
agrees to notify the Trustee when any Securities become listed on
any securities exchange.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
VI</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.1 Events of Default.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Whenever used
herein with respect to Securities of a particular series,
&#x201C;Event of Default&#x201D; means any one or more of the
following events that has occurred and is continuing:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Company
defaults in the payment of any installment of interest upon any of
the Securities of that series, as and when the same shall become
due and payable, and such default continues for a period of 90
days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any
indenture supplemental hereto shall not constitute a default in the
payment of interest for this purpose;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(ii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
Company defaults in the payment of the principal of (or premium, if
any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption,
by declaration or otherwise, or in any payment required by any
sinking or analogous fund established with respect to that series;
provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture
supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iii)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
Company fails to observe or perform any other of its covenants or
agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities
pursuant to Section 2.1 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the
benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of
such failure, requiring the same to be remedied and stating that
such notice is a &#x201C;Notice of Default&#x201D; hereunder, shall
have been given to the Company by the Trustee, by registered or
certified mail, or to the Company and the Trustee by the holders of
at least 25% in principal amount of the Securities of that series
at the time Outstanding;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(iv)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the
Company pursuant to or within the meaning of any Bankruptcy Law (i)
commences a voluntary case, (ii) consents to the entry of an order
for relief against it in an involuntary case, (iii) consents to the
appointment of a Custodian of it or for all or substantially all of
its property or (iv) makes a general assignment for the benefit of
its creditors; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(v)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">a court of
competent jurisdiction enters an order under any Bankruptcy Law
that (i) is for relief against the Company in an involuntary case,
(ii) appoints a Custodian of the Company for all or substantially
all of its property or (iii) orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 90
days.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In each and every
such case (other than an Event of Default specified in clause (4)
or clause (5) above), unless the principal of all the Securities of
that series shall have already become due and payable, either the
Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder,
by notice in writing to the Company (and to the Trustee if given by
such Securityholders), may declare the principal of (and premium,
if any, on) and accrued and unpaid interest on all the Securities
of that series to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and
payable. If an Event of Default specified in clause (4) or clause
(5) above occurs, the principal of and accrued and unpaid interest
on all the Securities of that series shall automatically be
immediately due and payable without any declaration or other act on
the part of the Trustee or the holders of the
Securities.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">At any time after
the principal of (and premium, if any, on) and accrued and unpaid
interest on the Securities of that series shall have been so
declared due and payable, and before any judgment or decree for the
payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding
hereunder, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to
pay all matured installments of interest upon all the Securities of
that series and the principal of (and premium, if any, on) any and
all Securities of that series that shall have become due otherwise
than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Securities of that
series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.6, and (ii) any and all
Events of Default under the Indenture with respect to such series,
other than the nonpayment of principal on (and premium, if any, on)
and accrued and unpaid interest on Securities of that series that
shall not have become due by their terms, shall have been remedied
or waived as provided in Section 6.6.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">No such
rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent
thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case the Trustee
shall have proceeded to enforce any right with respect to
Securities of that series under this Indenture and such proceedings
shall have been discontinued or abandoned because of such
rescission or annulment or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case,
subject to any determination in such proceedings, the Company and
the Trustee shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers
of the Company and the Trustee shall continue as though no such
proceedings had been taken.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.2 Collection of Indebtedness and Suits for Enforcement by
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company
covenants that (i) in case it shall default in the payment of any
installment of interest on any of the Securities of a series, or in
any payment required by any sinking or analogous fund established
with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period
of 90 days, or (ii) in case it shall default in the payment of the
principal of (or premium, if any, on) any of the Securities of a
series when the same shall have become due and payable, whether
upon maturity of the Securities of a series or upon redemption or
upon declaration or otherwise then, upon demand of the Trustee, the
Company will pay to the Trustee, for the benefit of the holders of
the Securities of that series, the whole amount that then shall
have been become due and payable on all such Securities for
principal (and premium, if any) or interest, or both, as the case
may be, with interest upon the overdue principal (and premium, if
any) and (to the extent that payment of such interest is
enforceable under applicable law) upon overdue installments of
interest at the rate per annum expressed in the Securities of that
series; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, and the
amount payable to the Trustee under Section 7.6.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">If the Company
shall fail to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any action or proceedings at
law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or
final decree, and may enforce any such judgment or final decree
against the Company or other obligor upon the Securities of that
series and collect the moneys adjudged or decreed to be payable in
the manner provided by law or equity out of the property of the
Company or other obligor upon the Securities of that series,
wherever situated.</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of any
receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee
shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except
as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary
or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount
due and payable by the Company under the Indenture at the date of
institution of such proceedings and for any additional amount that
may become due and payable by the Company after such date, and to
collect and receive any moneys or other property payable or
deliverable on any such claim, and to distribute the same after the
deduction of the amount payable to the Trustee under Section 7.6;
and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of
Securities of such series to make such payments to the Trustee,
and, in the event that the Trustee shall consent to the making of
such payments directly to such Securityholders, to pay to the
Trustee any amount due it under Section 7.6.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">All rights of
action and of asserting claims under this Indenture, or under any
of the terms established with respect to Securities of that series,
may be enforced by the Trustee without the possession of any of
such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall,
after provision for payment to the Trustee of any amounts due under
Section 7.6, be for the ratable benefit of the holders of the
Securities of such series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement
contained in the Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by
law.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Nothing
contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities of that series or the
rights of any holder thereof or to authorize the Trustee to vote in
respect of the claim of any Securityholder in any such
proceeding.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.3 Application of Moneys Collected.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
moneys collected by the Trustee pursuant to this Article with
respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the
Securities of that series, and notation thereon of the payment, if
only partially paid, and upon surrender thereof if fully
paid:</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">FIRST:
To the payment of all indebtedness of the Company to which such
series of Securities is subordinated to the extent required by
Section 7.6 and Article XIV;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">SECOND:
To the payment of the amounts then due and unpaid upon Securities
of such series for principal (and premium, if any) and interest, in
respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities for
principal (and premium, if any) and interest, respectively;
and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">THIRD:
To the payment of the remainder, if any, to the Company or any
other Person lawfully entitled thereto.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.4 Limitation on Suits.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">No
holder of any Security of any series shall have any right by virtue
or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless (i) such
holder previously shall have given to the Trustee written notice of
an Event of Default and of the continuance thereof with respect to
the Securities of such series specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in
aggregate principal amount of the Securities of such series then
Outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as
Trustee hereunder; (iii) such holder or holders shall have offered
to the Trustee such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or
thereby; (iv) the Trustee for 90 days after its receipt of such
notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such
90 day period, the holders of a majority in principal amount of the
Securities of that series do not give the Trustee a direction
inconsistent with the request.</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Notwithstanding
anything contained herein to the contrary or any other provisions
of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and
interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of
redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates
or redemption date, shall not be impaired or affected without the
consent of such holder and by accepting a Security hereunder it is
expressly understood, intended and covenanted by the taker and
holder of every Security of such series with every other such taker
and holder and the Trustee, that no one or more holders of
Securities of such series shall have any right in any manner
whatsoever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders
of any other of such Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce
any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all
holders of Securities of such series. For the protection and
enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.5 Rights and Remedies Cumulative; Delay or Omission Not
Waiver.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Except as otherwise
provided in Section 2.7, all powers and remedies given by this
Article to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of
any other powers and remedies available to the Trustee or the
holders of the Securities, by judicial proceedings or otherwise, to
enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established
with respect to such Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">No delay or
omission of the Trustee or of any holder of any of the Securities
to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right
or power, or shall be construed to be a waiver of any such default
or an acquiescence therein; and, subject to the provisions of
Section 6.4, every power and remedy given by this Article or by law
to the Trustee or the Securityholders may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or
by the Securityholders.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.6 Control by Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding, determined in
accordance with Section 8.4, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule
of law or with this Indenture. Subject to the provisions of Section
7.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible
Officer or officers of the Trustee, determine that the proceeding
so directed, subject to the Trustee&#x2019;s duties under the Trust
Indenture Act, would involve the Trustee in personal liability or
might be unduly prejudicial to the Securityholders not involved in
the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding
affected thereby, determined in accordance with Section 8.4, may on
behalf of the holders of all of the Securities of such series waive
any past default in the performance of any of the covenants
contained herein or established pursuant to Section 2.1 with
respect to such series and its consequences, except a default in
the payment of the principal of, or premium, if any, or interest
on, any of the Securities of that series as and when the same shall
become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and
principal and any premium has been deposited with the Trustee (in
accordance with Section 6.1(c)). Upon any such waiver, the default
covered thereby shall be deemed to be cured for all purposes of
this Indenture and the Company, the Trustee and the holders of the
Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right
consequent thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
6.7 Undertaking to Pay Costs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 14px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
parties to this Indenture agree, and each holder of any Securities
by such holder&#x2019;s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by
it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable
attorneys&#x2019; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Securityholder, or group of
Securityholders, holding more than 10% in aggregate principal
amount of the Outstanding Securities of any series, or to any suit
instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) or interest on any
Security of such series, on or after the respective due dates
expressed in such Security or established pursuant to this
Indenture.</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-17-</font></div>
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</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
VII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CONCERNING
THE TRUSTEE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 7.1 Certain Duties and Responsibilities
of Trustee</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee, prior
to the occurrence of an Event of Default with respect to the
Securities of a series and after the curing of all Events of
Default with respect to the Securities of that series that may have
occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically
set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of
Default with respect to the Securities of a series has occurred
(that has not been cured or waived), the Trustee shall exercise
with respect to Securities of that series such of the rights and
powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent man would exercise
or use under the circumstances in the conduct of his own
affairs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">prior to the
occurrence of an Event of Default with respect to the Securities of
a series and after the curing or waiving of all such Events of
Default with respect to that series that may have occurred: (A) the
duties and obligations of the Trustee shall with respect to the
Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable
with respect to the Securities of such series except for the
performance of such duties and obligations as are specifically set
forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and (B) in
the absence of bad faith on the part of the Trustee, the Trustee
may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the
requirements of this Indenture;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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 not less than a majority in principal amount of the
Securities of any series at the time Outstanding relating to the
time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred upon the Trustee under this Indenture with respect to the
Securities of that series; and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(4)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">none of the
provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the
exercise of any of its rights or powers if there is reasonable
ground for believing that the repayment of such funds or liability
is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured
to it.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.2 Certain Rights of Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise provided in Section 7.1:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee may
rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security
or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or
parties;</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Any request,
direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by any authorized officer of the
Company (unless other evidence in respect thereof is specifically
prescribed herein);</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee may
consult with counsel and the written advice of such counsel or, if
requested, any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or
suffered or omitted hereunder in good faith and in reliance
thereon;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this
Indenture, unless such Securityholders shall have offered to the
Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default with respect
to a series of the Securities (that has not been cured or waived),
to exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and to use the
same degree of care and skill in their exercise, as a prudent man
would exercise or use under the circumstances in the conduct of his
own affairs;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-18-</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be liable for any action taken or omitted to be taken by it in
good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this
Indenture;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(f)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond,
security, or other papers or documents, unless requested in writing
so to do by the holders of not less than a majority in principal
amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.4); provided,
however, 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 costs, expenses or
liabilities as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Company or, if paid
by the Trustee, shall be repaid by the Company upon demand;
and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, the Trustee shall not be deemed to have knowledge of any
Default or Event of Default except (1) any Event of Default
occurring pursuant to Sections 6.1(a)(i) and 6.1(a)(ii) or (2) any
Default or Event of Default of which the Trustee shall have
received written notification in the manner set forth in this
Indenture or a Responsible Officer of the Trustee shall have
obtained actual knowledge. Delivery of reports, information and
documents to the Trustee under Section 5.3 is for informational
purposes only and the information and the Trustee&#x2019;s receipt
of the foregoing shall not constitute constructive notice of any
information contained therein, or determinable from information
contained therein including the Company&#x2019;s compliance with any
of their covenants thereunder (as to which the Trustee is entitled
to rely exclusively on an Officer&#x2019;s
Certificate).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.3 Trustee Not Responsible for Recitals or Issuance or
Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The recitals
contained herein and in the Securities shall be taken as the
statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;&#xA0;
The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee shall
not be accountable for the use or application by the Company of any
of the Securities or of the proceeds of such Securities, or for the
use or application of any moneys paid over by the Trustee in
accordance with any provision of this Indenture or established
pursuant to Section 2.1, or for the use or application of any
moneys received by any paying agent other than the
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.4 May Hold Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee or any paying agent or Security Registrar, in its
individual or any other capacity, may become the owner or pledgee
of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.5 Moneys Held in Trust.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the provisions of Section 11.5, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not
be segregated from other funds except to the extent required by
law. The Trustee shall be under no liability for interest on any
moneys received by it hereunder except such as it may agree with
the Company to pay thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.6 Compensation and Reimbursement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Company
covenants and agrees to pay to the Trustee, and the Trustee shall
be entitled to, such reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a
trustee of an express trust) as the Company and the Trustee may
from time to time agree in writing, for all services rendered by it
in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the
Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly
in its employ), except any such expense, disbursement or advance as
may arise from its negligence or bad faith and except as the
Company and Trustee may from time to time agree in writing. The
Company also covenants to indemnify the Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless
against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in
connection with the acceptance or administration of this trust,
including the reasonable costs and expenses of defending itself
against any claim of liability in the premises.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The obligations of
the Company under this Section to compensate and indemnify the
Trustee and to pay or reimburse the Trustee for reasonable
expenses, disbursements and advances shall constitute indebtedness
of the Company to which the Securities are subordinated. Such
additional indebtedness shall be secured by a lien prior to that of
the Securities upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the benefit of the
holders of particular Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.7 Reliance on Officer&#x2019;s Certificate.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise provided in Section 7.1, whenever in the
administration of the provisions of this Indenture the Trustee
shall deem it reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to
take any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an
Officer&#x2019;s Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted to be taken by it under the provisions
of this Indenture upon the faith thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.8 Disqualification; Conflicting Interests.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If the
Trustee has or shall acquire any &#x201C;conflicting interest&#x201D;
within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.9 Corporate Trustee Required; Eligibility.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">There
shall at all times be a Trustee with respect to the Securities
issued hereunder which shall at all times be a corporation
organized and doing business under the laws of the United States of
America or any state or territory thereof or of the District of
Columbia, or a corporation or other Person permitted to act as
trustee by the Securities and Exchange Commission, authorized under
such laws to exercise corporate trust powers, having a combined
capital and surplus of at least fifty million U.S. dollars
($50,000,000), and subject to supervision or examination by
federal, state, territorial, or District of Columbia
authority.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If such
corporation or other Person publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation or
other Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published.
The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the
Company, serve as Trustee. In case at any time the Trustee shall
cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and
with the effect specified in Section 7.10.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.10 Resignation and Removal; Appointment of
Successor.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The Trustee or any
successor hereafter appointed may at any time resign with respect
to the Securities of one or more series by giving written notice
thereof to the Company and by transmitting notice of resignation by
mail, first class postage prepaid, to the Securityholders of such
series, as their names and addresses appear upon the Security
Register. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to
Securities of such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after the
mailing of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of
a successor trustee with respect to Securities of such series, or
any Securityholder of that series who has been a bona fide holder
of a Security or Securities for at least six months may on behalf
of himself and all others similarly situated, petition any such
court for the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee.</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0; In
case at any time any one of the following shall occur:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(1)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
fail to comply with the provisions of Section 7.8 after written
request therefor by the Company or by any Securityholder who has
been a bona fide holder of a Security or Securities for at least
six months; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(2)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
cease to be eligible in accordance with the provisions of Section
7.9 and shall fail to resign after written request therefor by the
Company or by any such Securityholder; or</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px;"><font style="font-family: Times New Roman; font-size: 13px">(3)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or
consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation; then, in any such
case, the Company may remove the Trustee with respect to all
Securities and appoint a successor trustee by written instrument,
in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or any Securityholder who
has been a bona fide holder of a Security or Securities for at
least six months may, on behalf of that holder and all others
similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a
successor trustee.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-20-</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The holders of a
majority in aggregate principal amount of the Securities of any
series at the time Outstanding may at any time remove the Trustee
with respect to such series by so notifying the Trustee and the
Company and may appoint a successor Trustee for such series with
the consent of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Any resignation or
removal of the Trustee and appointment of a successor trustee with
respect to the Securities of a series pursuant to any of the
provisions of this Section shall become effective upon acceptance
of appointment by the successor trustee as provided in Section
7.11.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Any successor
trustee appointed pursuant to this Section may be appointed with
respect to the Securities of one or more series or all of such
series, and at any time there shall be only one Trustee with
respect to the Securities of any particular series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.11 Acceptance of Appointment By Successor.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of the
appointment hereunder of a successor trustee with respect to all
Securities, every such successor trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become
effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of
the Company or the successor trustee, such retiring Trustee shall,
upon payment of its charges, execute and deliver an instrument
transferring to such successor trustee all the rights, powers, and
trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor trustee all property and money held by
such retiring Trustee hereunder.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of the
appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor trustee with respect to the
Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor trustee shall
accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates, (ii) shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (iii) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees
of the same trust, that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent
provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such
successor trustee relates have no further responsibility for the
exercise of rights and powers or for the performance of the duties
and obligations vested in the Trustee under this Indenture, and
each such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
trustee relates; but, on request of the Company or any successor
trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by
such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor trustee
relates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon request of any
such successor trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and trusts
referred to in paragraph (a) or (b) of this Section, as the case
may be.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon acceptance of
appointment by a successor trustee as provided in this Section, the
Company shall transmit notice of the succession of such trustee
hereunder by mail, first class postage prepaid, to the
Securityholders, as their names and addresses appear upon the
Security Register. If the Company fails to transmit such notice
within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.12 Merger, Conversion, Consolidation or Succession to
Business.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">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 the corporate
trust business of the Trustee, including the administration of the
trust created by this Indenture, shall be the successor of the
Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.8 and eligible under
the provisions of Section 7.9, without the execution or filing of
any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding. In case
any Securities shall have been authenticated, but not delivered, by
the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated
such Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.13 Preferential Collection of Claims Against the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee shall comply with Section 311(a) of the Trust Indenture
Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act. A Trustee who has resigned or
been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
7.14 Notice of Default</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If any
Default or any Event of Default occurs and is continuing and if
such Default or Event of Default is known to a Responsible Officer
of the Trustee, the Trustee shall mail to each Securityholder in
the manner and to the extent provided in Section 313(c) of the
Trust Indenture Act notice of the Default or Event of Default
within the earlier of 90 days after it occurs and 30 days after it
is known to a Responsible Officer of the Trustee or written notice
of it is received by the Trustee, unless such Default or Event of
Default has been cured; provided, however, that, except in the case
of a default in the payment of the principal of (or premium, if
any) or interest on any Security, the Trustee shall be protected in
withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that
the withholding of such notice is in the interest of the
Securityholders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
VIII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CONCERNING
THE SECURITYHOLDERS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 8.1 Evidence of Action by
Securityholders</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Whenever in this
Indenture it is provided that the holders of a majority or
specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including
the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that
at the time of taking any such action the holders of such majority
or specified percentage of that series have joined therein may be
evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in
person or by agent or proxy appointed in writing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If the
Company shall solicit from the Securityholders of any series any
request, demand, authorization, direction, notice, consent, waiver
or other action, the Company may, at its option, as evidenced by an
Officer&#x2019;s Certificate, fix in advance a record date for such
series for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent,
waiver or other action, but the Company shall have no obligation to
do so. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other action
may be given before or after the record date, but only the
Securityholders of record at the close of business on the record
date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or
consented to such request, demand, authorization, direction,
notice, consent, waiver or other action, and for that purpose the
Outstanding Securities of that series shall be computed as of the
record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date
shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after
the record date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.2 Proof of Execution by Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to the provisions of Section 7.1, proof of the execution of any
instrument by a Securityholder (such proof will not require
notarization) or his agent or proxy and proof of the holding by any
Person of any of the Securities shall be sufficient if made in the
following manner:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The fact and date
of the execution by any such Person of any instrument may be proved
in any reasonable manner acceptable to the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">The ownership of
Securities shall be proved by the Security Register of such
Securities or by a certificate of the Security Registrar
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee may require such additional proof of any matter referred to
in this Section as it shall deem necessary.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.3 Who May be Deemed Owners.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Prior
to the due presentment for registration of transfer of any
Security, the Company, the Trustee, any paying agent and any
Security Registrar may deem and treat the Person in whose name such
Security shall be registered upon the books of the Company as the
absolute owner of such Security (whether or not such Security shall
be overdue and notwithstanding any notice of ownership or writing
thereon made by anyone other than the Security Registrar) for the
purpose of receiving payment of or on account of the principal of,
premium, if any, and (subject to Section 2.3) interest on such
Security and for all other purposes; and neither the Company nor
the Trustee nor any paying agent nor any Security Registrar shall
be affected by any notice to the contrary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.4 Certain Securities Owned by Company Disregarded.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
determining whether the holders of the requisite aggregate
principal amount of Securities of a particular series have
concurred in any direction, consent or waiver under this Indenture,
the Securities of that series that are owned by the Company or any
other obligor on the Securities of that series or by any Person
directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of
that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the
purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities
of such series that the Trustee actually knows are so owned shall
be so disregarded. The Securities so owned that have been pledged
in good faith may be regarded as Outstanding for the purposes of
this Section, if the pledgee shall establish to the satisfaction of
the Trustee the pledgee&#x2019;s right so to act with respect to
such Securities and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect
common control with the Company or any such other obligor. In case
of a dispute as to such right, any decision by the Trustee taken
upon the advice of counsel shall be full protection to the
Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
8.5 Actions Binding on Future Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">At any
time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.1, of the taking of any action by the holders
of the majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in
connection with such action, any holder of a Security of that
series that is shown by the evidence to be included in the
Securities the holders of which have consented to such action may,
by filing written notice with the Trustee, and upon proof of
holding as provided in Section 8.2, revoke such action so far as
concerns such Security. Except as aforesaid any such action taken
by the holder of any Security shall be conclusive and binding upon
such holder and upon all future holders and owners of such
Security, and of any Security issued in exchange therefor, on
registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such
Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a
particular series specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the
Trustee and the holders of all the Securities of that
series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
IX</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SUPPLEMENTAL
INDENTURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 9.1 Supplemental Indentures Without the
Consent of Securityholders</font> .</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
addition to any supplemental indenture otherwise authorized by this
Indenture, the Company and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect), without the consent of the Securityholders, for
one or more of the following purposes:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to cure any
ambiguity, defect, or inconsistency herein or in the Securities of
any series;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;
to comply with Article X;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to provide for
uncertificated Securities in addition to or in place of
certificated Securities;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(d)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to add to the
covenants, restrictions, conditions or provisions relating to the
Company for the benefit of the holders of all or any series of
Securities (and if such covenants, restrictions, conditions or
provisions are to be for the benefit of less than all series of
Securities, stating that such covenants, restrictions, conditions
or provisions are expressly being included solely for the benefit
of such series), to make the occurrence, or the occurrence and the
continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default, or to
surrender any right or power herein conferred upon the
Company;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(e)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to add to, delete
from, or revise the conditions, limitations, and restrictions on
the authorized amount, terms, or purposes of issue, authentication,
and delivery of Securities, as herein set forth;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(f)&#xA0;&#xA0;&#xA0;
to make any change that does not adversely affect the rights of any
Securityholder in any material respect;</font></div>
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</div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(g)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to provide for the
issuance of and establish the form and terms and conditions of the
Securities of any series as provided in Section 2.1, to establish
the form of any certifications required to be furnished pursuant to
the terms of this Indenture or any series of Securities, or to add
to the rights of the holders of any series of
Securities;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(h)&#xA0;&#xA0;&#xA0;
to evidence and provide for the acceptance of appointment hereunder
by a successor trustee; or</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(i)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">to comply with any
requirements of the Securities and Exchange Commission or any
successor in connection with the qualification of this Indenture
under the Trust Indenture Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any
further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee&#x2019;s own
rights, duties or immunities under this Indenture or
otherwise.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
supplemental indenture authorized by the provisions of this Section
may be executed by the Company and the Trustee without the consent
of the holders of any of the Securities at the time Outstanding,
notwithstanding any of the provisions of Section 9.2.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.2 Supplemental Indentures With Consent of
Securityholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">With
the consent (evidenced as provided in Section 8.1) of the holders
of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture
or indentures at the time Outstanding, the Company, when authorized
by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any
manner not covered by Section 9.1 the rights of the holders of the
Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of
the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, or
reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon, or reduce any premium
payable upon the redemption thereof or (b) reduce the aforesaid
percentage of Securities, the holders of which are required to
consent to any such supplemental indenture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">It
shall not be necessary for the consent of the Securityholders of
any series affected thereby under this Section to approve the
particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.3 Effect of Supplemental Indentures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Upon
the execution of any supplemental indenture pursuant to the
provisions of this Article or of Section 10.1, this Indenture
shall, with respect to such series, be and be deemed to be modified
and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under
this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be
determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for
any and all purposes.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.4 Securities Affected by Supplemental Indentures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Securities of any
series affected by a supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.1, may
bear a notation in form approved by the Company, provided such form
meets the requirements of any securities exchange upon which such
series may be listed, as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new
Securities of that series so modified as to conform, in the opinion
of the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the
Company, authenticated by the Trustee and delivered in exchange for
the Securities of that series then Outstanding.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
9.5 Execution of Supplemental Indentures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Upon
the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of
Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects
the Trustee&#x2019;s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its
discretion but shall not be obligated to enter into such
supplemental indenture. The Trustee, subject to the provisions of
Section 7.1, may receive an Officer&#x2019;s Certificate or, if
requested, an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article is
authorized or permitted by, and conforms to, the terms of this
Article and that it is proper for the Trustee under the provisions
of this Article to join in the execution thereof; provided,
however, that such Officer&#x2019;s Certificate or Opinion of
Counsel need not be provided in connection with the execution of a
supplemental indenture that establishes the terms of a series of
Securities pursuant to Section 2.1 hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Promptly after the
execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice,
setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as
their names and addresses appear upon the Security Register. Any
failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any
such supplemental indenture.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
X</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SUCCESSOR
ENTITY</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 10.1 Company May Consolidate,
Etc</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution,
and set forth in an Officer&#x2019;s Certificate, or established in
one or more indentures supplemental to this Indenture, nothing
contained in this Indenture shall prevent any consolidation or
merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or
mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any sale, conveyance,
transfer or other disposition of the property of the Company or its
successor or successors as an entirety, or substantially as an
entirety, to any other corporation (whether or not affiliated with
the Company or its successor or successors) authorized to acquire
and operate the same; provided, however, (a) the Company hereby
covenants and agrees that, upon any such consolidation or merger
(in each case, if the Company is not the survivor of such
transaction), sale, conveyance, transfer or other disposition, the
due and punctual payment of the principal of (premium, if any) and
interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor, and the due and
punctual performance and observance of all the covenants and
conditions of this Indenture with respect to each series or
established with respect to such series pursuant to Section 2.1 to
be kept or performed by the Company shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of
the Trust Indenture Act, as then in effect) reasonably satisfactory
in form to the Trustee executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company
shall have been merged, or by the entity which shall have acquired
such property and (b) in the event that the Securities of any
series then Outstanding are convertible into or exchangeable for
shares of common stock or other securities of the Company, such
entity shall, by such supplemental indenture, make provision so
that the Securityholders of Securities of that series shall
thereafter be entitled to receive upon conversion or exchange of
such Securities the number of securities or property to which a
holder of the number of shares of common stock or other securities
of the Company deliverable upon conversion or exchange of those
Securities would have been entitled had such conversion or exchange
occurred immediately prior to such consolidation, merger, sale,
conveyance, transfer or other disposition.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
10.2 Successor Entity Substituted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the obligations set forth
under Section 10.1 on all of the Securities of all series
Outstanding, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been
named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">In case of any such
consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in
substance) may be made in the Securities thereafter to be issued as
may be appropriate.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(c)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Nothing contained
in this Article shall require any action by the Company in the case
of a consolidation or merger of any Person into the Company where
the Company is the survivor of such transaction, or the acquisition
by the Company, by purchase or otherwise, of all or any part of the
property of any other Person (whether or not affiliated with the
Company).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
10.3 Evidence of Consolidation, Etc.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Trustee, subject to the provisions of Section 7.1, may receive an
Officer&#x2019;s Certificate and, if requested, an Opinion of
Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or other disposition, and any such
assumption, comply with the provisions of this
Article.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
XI</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SATISFACTION
AND DISCHARGE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 11.1 Satisfaction and Discharge of
Indenture</font>.</font></div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If at
any time: (a) the Company shall have delivered to the Trustee for
cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any
Securities that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.7 and
Securities for whose payment money or Governmental Obligations have
theretofore been deposited in trust or segregated and held in trust
by the Company and thereupon repaid to the Company or discharged
from such trust, as provided in Section 11.5); or (b) all such
Securities of a particular series not theretofore delivered to the
Trustee for cancellation shall have become due and payable, or are
by their terms to become due and payable within one year or are to
be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, sufficient in the opinion of
a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the
Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder with
respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series
except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3
and 7.10, that shall survive until the date of maturity or
redemption date, as the case may be, and Sections 7.6 and 11.5,
that shall survive to such date and thereafter, and the Trustee, on
demand of the Company and at the cost and expense of the Company
shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture with respect to such
series.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.2 Discharge of Obligations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If at
any time all such Securities of a particular series not heretofore
delivered to the Trustee for cancellation or that have not become
due and payable as described in Section 11.1 shall have been paid
by the Company by depositing irrevocably with the Trustee as trust
funds moneys or an amount of Governmental Obligations sufficient to
pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to
become due to such date of maturity or date fixed for redemption,
as the case may be, and if the Company shall also pay or cause to
be paid all other sums payable hereunder by the Company with
respect to such series, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with
the Trustee the obligations of the Company under this Indenture
with respect to such series shall cease to be of further effect
except for the provisions of Sections 2.3, 2.5, 2.7, 4,01, 4.2,
4,03, 7.6, 7.10 and 11.5 hereof that shall survive until such
Securities shall mature and be paid.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Thereafter,
Sections 7.6 and 11.5 shall survive.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.3 Deposited Moneys to be Held in Trust.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All
moneys or Governmental Obligations deposited with the Trustee
pursuant to Sections 11.1 or 11.2 shall be held in trust and shall
be available for payment as due, either directly or through any
paying agent (including the Company acting as its own paying
agent), to the holders of the particular series of Securities for
the payment or redemption of which such moneys or Governmental
Obligations have been deposited with the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.4 Payment of Moneys Held by Paying Agents.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In
connection with the satisfaction and discharge of this Indenture
all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of
the Company, be paid to the Trustee and thereupon such paying agent
shall be released from all further liability with respect to such
moneys or Governmental Obligations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
11.5 Repayment to Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
moneys or Governmental Obligations deposited with any paying agent
or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities
of a particular series that are not applied but remain unclaimed by
the holders of such Securities for at least two years after the
date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable,
or such other shorter period set forth in applicable escheat or
abandoned or unclaimed property law, shall be repaid to the Company
on May 31 of each year or upon the Company&#x2019;s request or (if
then held by the Company) shall be discharged from such trust; and
thereupon the paying agent and the Trustee shall be released from
all further liability with respect to such moneys or Governmental
Obligations, and the holder of any of the Securities entitled to
receive such payment shall thereafter, as a general creditor, look
only to the Company for the payment thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
XII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 12.1 No Recourse</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">No
recourse under or upon any obligation, covenant or agreement of
this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or
future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of
any predecessor or successor corporation, or any of them, because
of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom;
and that any and all such personal liability of every name and
nature, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every
such incorporator, stockholder, officer or director as such,
because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied
therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and
the issuance of such Securities.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
XIII</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">MISCELLANEOUS
PROVISIONS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 13.1 Effect on Successors and
Assigns</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">All the
covenants, stipulations, promises and agreements in this Indenture
made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 13.2 Actions by
Successor</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any act
or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer
of the Company shall and may be done and performed with like force
and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful successor of the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.3 Surrender of Company Powers.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company by instrument in writing executed by authority of its Board
of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so
surrendered shall terminate both as to the Company and as to any
successor corporation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.4 Notices.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as otherwise expressly provided herein, any notice, request or
demand that by any provision of this Indenture is required or
permitted to be given, made or served by the Trustee or by the
holders of Securities or by any other Person pursuant to this
Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until
another address is filed in writing by the Company with the
Trustee), as follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Any
notice, election, request or demand by the Company or any
Securityholder or by any other Person pursuant to this Indenture to
or upon the Trustee shall be deemed to have been sufficiently given
or made, for all purposes, if given or made in writing at the
Corporate Trust Office of the Trustee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.5 Governing Law.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 8px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">This
Indenture and each Security shall be deemed to be a contract made
under the internal laws of the State of Delaware, and for all
purposes shall be construed in accordance with the laws of said
State, except to the extent that the Trust Indenture Act is
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.6 Treatment of Securities as Debt.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">It is
intended that the Securities will be treated as indebtedness and
not as equity for federal income tax purposes. The provisions of
this Indenture shall be interpreted to further this
intention.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.7 Certificates and Opinions as to Conditions
Precedent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(a)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Upon any
application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer&#x2019;s Certificate stating
that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12)
relating to the proposed action have been complied with and, if
requested, an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to
which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular
application or demand, no additional certificate or opinion need be
furnished.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 60px;"><font style="font-family: Times New Roman; font-size: 13px">(b)</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Each certificate or
opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this
Indenture shall include (i) a statement that the Person making such
certificate or opinion has read such covenant or condition; (ii) a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in
such certificate or opinion are based; (iii) a statement that, in
the opinion of such Person, he has made such examination or
investigation as is reasonably necessary to enable him to express
an informed opinion as to whether or not such covenant or condition
has been complied with; and (iv) a statement as to whether or not,
in the opinion of such Person, such condition or covenant has been
complied with.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.8 Payments on Business Days.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution,
and set forth in an Officer&#x2019;s Certificate, or established in
one or more indentures supplemental to this Indenture, in any case
where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business
Day, then payment of interest or principal (and premium, if any)
may be made on the next succeeding Business Day with the same force
and effect as if made on the nominal date of maturity or
redemption, and no interest shall accrue for the period after such
nominal date.</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.9 Conflict with Trust Indenture Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">If and
to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to
317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.10 Counterparts.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">This
Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together
constitute but one and the same instrument.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.11 Separability.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">In case
any one or more of the provisions contained in this Indenture or in
the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other
provisions of this Indenture or of such Securities, but this
Indenture and such Securities shall be construed as if such invalid
or illegal or unenforceable provision had never been contained
herein or therein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Section
13.12 Compliance Certificates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 6px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year during which any Securities of any series were
outstanding, an officer&#x2019;s certificate stating whether or not
the signers know of any Default or Event of Default that occurred
during such fiscal year. Such certificate shall contain a
certification from the principal executive officer, principal
financial officer or principal accounting officer of the Company
that a review has been conducted of the activities of the Company
and the Company&#x2019;s performance under this Indenture and that
the Company has complied with all conditions and covenants under
this Indenture. For purposes of this Section 13.12, such compliance
shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture. If the officer
of the Company signing such certificate has knowledge of such a
Default or Event of Default, the certificate shall describe any
such Default or Event of Default and its status.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ARTICLE
XIV</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SUBORDINATION
OF SECURITIES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Section 14.1 Subordination
Terms</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 19px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">The
payment by the Company of the principal of, premium, if any, and
interest on any series of Securities issued hereunder shall be
subordinated to the extent set forth in an indenture supplemental
hereto relating to such series.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed all as of the day and year first
above</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">written.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0 auto;width: 100%;; font-family: inherit; font-size: inherit">
<tr>
<td style="width: 50%">
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</td>
<td style="width: 50%">
<div><font>&#xA0;</font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">ISSUER
DIRECT CORPORATION</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">By:__________________________</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">[TRUSTEE], as
Trustee</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">By:__________________________<br>
</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">-28-</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>isdr_ex5-1.htm
<DESCRIPTION>OPINION OF QUICK LAW GROUP PC
<TEXT>
<html>
<head>
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<!-- Copyright 2018 Issuer Direct Corporation -->
<title>Blueprint</title>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exhibit 5.1</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2580;
&#x2580; &#x2580;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">QUICK
LAW GROUP PC</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1035
PEARL STREET</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SUITE
403</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">BOULDER,
CO 80302</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 10%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Phone:
720.259.3393</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Facsimile:
303.845.7315</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Issuer
Direct Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">500
Perimeter Park Drive</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Suite
D</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Morrisville,
North Carolina 27560</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Re:&#xA0;<font style="text-decoration: underline">Issuer
Direct Corporation&#x2019;s Registration Statement on
Form&#xA0;S-3</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ladies
and Gentlemen:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We have
acted as special counsel to Issuer Direct Corporation, a Delaware
corporation (the &#x201C;Company&#x201D;), in connection with its
filing on the date hereof with the Securities and Exchange
Commission (the &#x201C;Commission&#x201D;) of a registration
statement on Form&#xA0;S-3 (the &#x201C;Registration
Statement&#x201D;), including a base prospectus (the &#x201C;Base
Prospectus&#x201D;), which provides that it will be supplemented by
one or more prospectus supplements (each such prospectus
supplement, together with the Base Prospectus, a
&#x201C;Prospectus&#x201D;) under the Securities Act of 1933, as
amended (the &#x201C;Securities Act&#x201D;) relating to the
registration for issue and sale by the Company of up to $30,000,000
in aggregate principal amount of: (i)&#xA0;shares of the
Company&#x2019;s common stock, $0.001 par value per share (the
&#x201C;Common Stock&#x201D;), which may include shares of Common
Stock issuable upon the conversion and/or exercise of the other
securities included in the Registration Statement, (ii)&#xA0;shares
of the Company&#x2019;s preferred stock, $0.001 par value per share
(the &#x201C;Preferred Stock&#x201D;), which may include shares of
Preferred Stock issuable upon the exercise of the Warrants (as
defined herein) included in the Registration Statement, (iii)&#xA0;
<font style="background-color: #FFFFFF">senior debt securities (the
&#x201C;Senior Debt Securities&#x201D;), which may be convertible
into or exchangeable for shares of Common Stock and/or Preferred
Stock, to be issued under an indenture to be entered into between
the Company, as issuer, and a trustee (a form of which is included
as Exhibit&#xA0;4.4 to the Registration Statement) and one or more
board resolutions, supplemental indentures thereto or
officer&#x2019;s certificates thereunder (such indenture, together
with the applicable board resolution, supplemental indenture or
officer&#x2019;s certificate pertaining to the applicable series of
Senior Debt Securities, the &#x201C;Senior Debt Securities
Applicable Indenture&#x201D;), (iv)&#xA0;subordinated debt
securities (the &#x201C;Subordinated Debt Securities&#x201D; and,
together with the Senior Debt Securities, the &#x201C;Debt
Securities&#x201D;), which may be convertible into or exchangeable
for shares of Common Stock and/or Preferred Stock, to be issued
under an indenture to be entered into between the Company, as
issuer, and a trustee (a form of which is included as
Exhibit&#xA0;4.5 to the Registration Statement) and one or more
board resolutions, supplemental indentures thereto or
officer&#x2019;s certificates thereunder (such indenture, together
with the applicable board resolution, supplemental indenture or
officer&#x2019;s certificate pertaining to the applicable series of
Subordinated Debt Securities, the &#x201C;Subordinated Debt
Securities Applicable Indenture&#x201D; and together with the Senior
Debt Securities Applicable Indenture, the &#x201C;Applicable
Indenture&#x201D;)</font>, (v)&#xA0;&#xA0;warrants (the
&#x201C;Warrants&#x201D;) to purchase Common Stock, Preferred Stock
and/or Debt Securities, which may be issued pursuant to a warrant
agreement (the &#x201C;Warrant Agreement&#x201D;) between the Company
and a designated warrant agent (the &#x201C;Warrant Agent&#x201D;),
(vi)&#xA0;shares of Common Stock and/or Preferred Stock issuable
upon exercise of the Warrants or upon conversion or exchange of the
Debt Securities, (vii)&#xA0;units comprised of one or more shares
of Common Stock, shares of Preferred Stock, Debt Securities and
Warrants, in any combination (the &#x201C;Units&#x201D;), which may
be issued pursuant to a unit agreement (the &#x201C;Unit
Agreement&#x201D;) between the Company and a designated unit agent
(the &#x201C;Unit Agent&#x201D;) and/or (viii)&#xA0;any combination
of the foregoing securities (collectively, the Common Stock,
Preferred Stock, the Debt Securities, Warrants and Units plus any
additional Debt Securities, Common Stock, Preferred Stock, Warrants
and Units that may be registered pursuant to any subsequent
registration statement that the Company may hereafter file with the
Commission pursuant to Rule&#xA0;462(b)&#xA0;under the Securities
Act in connection with the offering by the Company contemplated by
the Registration Statement, are collectively referred to herein as
the &#x201C;Securities&#x201D;). The Securities may be offered and
sold by the Company from time to time pursuant to Rule&#xA0;415
under the Securities Act as set forth in the Prospectus, as
supplemented by the various prospectus supplements that may be
filed under the Securities Act after the date hereof. This opinion
is being delivered in accordance with the requirements of Item
601(b)(5)&#xA0;of Regulation S-K under the Securities
Act.</font></div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;We have
reviewed such records, documents, agreements and certificates, and
examined such questions of law, as we have considered necessary or
appropriate to express the opinions set forth below. In making our
examination of records, documents, agreements and certificates, we
have assumed the authenticity of the same, the correctness of the
information contained therein, the genuineness of all signatures,
the authority of all persons entering and maintaining records or
executing documents, agreements and certificates, and the
conformity to authentic originals of all items submitted to us as
copies (whether certified, conformed, photostatic or by other
electronic means) of records, documents, agreements or
certificates. In rendering our opinions, we have relied as to
factual matters upon certificates of public officials and
certificates and representations of officers of the
Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Based
upon and subject to the foregoing and to the other assumptions,
qualifications, limitations and exceptions set forth herein, we are
of the opinion that:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">1.&#xA0;&#xA0;&#xA0;
When an issuance of Common Stock has been duly authorized by all
necessary corporate action of the Company, upon issuance, delivery
and payment therefor in an amount not less than the par value
thereof in the manner contemplated by the applicable Prospectus and
by such corporate action, and in total amounts and numbers of
shares that do not exceed the respective total amounts and numbers
of shares (a)&#xA0;available under the Certificate of
Incorporation, as amended, and (b)&#xA0;authorized by the board of
directors in connection with the offering contemplated by the
applicable Prospectus, such shares of Common Stock will be validly
issued, fully paid and nonassessable. In rendering the foregoing
opinion, we have assumed that the Company will comply with all
applicable notice requirements regarding uncertificated shares
provided in the Delaware General Corporation Law.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">2.
&#xA0;&#xA0; When a series of Preferred Stock has been duly
established in accordance with the terms of the Company&#x2019;s
Certificate of Incorporation, as amended and authorized by all
necessary corporate action of the Company, upon issuance, delivery
and payment therefor in an amount not less than the par value
thereof in the manner contemplated by the applicable Prospectus and
by such corporate action, and in total amounts and numbers of
shares that do not exceed the respective total amounts and numbers
of shares (a)&#xA0;available under the Certificate of
Incorporation, as amended, and (b)&#xA0;authorized by the board of
directors in connection with the offering contemplated by the
applicable Prospectus, such shares of such series of Preferred
Stock will be validly issued, fully paid and nonassessable. In
rendering the foregoing opinion, we have assumed that the Company
will comply with all applicable notice requirements regarding
uncertificated shares provided in the Delaware General Corporation
Law.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">3.&#xA0;&#xA0;&#xA0;
When the Applicable Indenture has been duly authorized by all
necessary corporate action of the Company and duly executed and
delivered by the Company, and when the specific terms of a
particular series of Debt Securities have been duly established in
accordance with the terms of the Applicable Indenture and
authorized by all necessary corporate action of the Company and
such Debt Securities have been duly executed, authenticated, issued
and delivered against payment therefor in accordance with the terms
of the Applicable Indenture and in the manner contemplated by the
applicable Prospectus and by such corporate action, such Debt
Securities will be legally valid and binding obligations of the
Company, enforceable against the Company in accordance with their
terms.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">4.
&#xA0;&#xA0; When the applicable Warrant Agreement has been duly
authorized, executed and delivered by all necessary corporate
action of the Company, and when the specific terms of a particular
issuance of Warrants have been duly established in accordance with
the terms of the applicable warrant agreement and authorized by all
necessary corporate action of the Company, and such Warrants have
been duly executed, authenticated, issued and delivered against
payment therefor in accordance with the terms of the applicable
warrant agreement and in the manner contemplated by the applicable
Prospectus and by such corporate action (assuming the securities
issuable upon exercise of such Warrants have been duly authorized
and reserved for issuance by all necessary corporate action), such
Warrants will be the legally valid and binding obligations of the
Company, enforceable against the Company in accordance with their
terms.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">5.&#xA0;&#xA0;&#xA0;
When the applicable Unit Agreement has been duly authorized,
executed and delivered by all necessary corporate action of the
Company, and when the specific terms of a particular issuance of
Units have been duly authorized in accordance with the terms of the
applicable unit agreement and authorized by all necessary corporate
action of the Company, and such Units have been duly executed,
authenticated, issued and delivered against payment therefor in
accordance with the terms of the applicable unit agreement and in
the manner contemplated by the applicable Prospectus and by such
corporate action (assuming the securities issuable upon exercise of
such Units have been duly authorized and reserved for issuance by
all necessary corporate action), such Units will be the legally
valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
opinions set forth herein are subject to the following assumptions,
qualifications, limitations and exceptions being true and correct
at or before the time of the delivery of any Securities offered
pursuant to the Registration Statement (the &#x201C;Offered
Securities&#x201D;):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(i)&#xA0; the Board
of Directors, including any appropriate committee appointed
thereby, and appropriate officers of the Company shall have duly
established the terms of the Offered Securities;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(ii)&#xA0; the
Board of Directors, including any appropriate committee appointed
thereby, and appropriate officers of the Company shall have duly
authorized, and taken any other necessary corporate action to
approve the creation, issuance and sale of, the Offered Securities
and related matters (including without limitation with respect
to&#xA0;offered Preferred Stock, the creation, execution,
acknowledgment and filing of a certificate of designation stating
the number, designation, relative rights, preferences and
limitations of any such offered Preferred Stock in accordance with
the applicable provisions of the corporate laws of the State of
Delaware) and such authorizations and actions have not been
rescinded;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)&#xA0; the
terms of the issuance and sale of the Offered Securities have been
duly established in conformity with the Certificate of
Incorporation, as amended, the amended restated by-laws, and other
similar formation documents of the Company (the &#x201C;Formation
Documents&#x201D;) and any other relevant agreement, the Warrant
Agreement and the Unit Agreement (collectively, the
&#x201C;Applicable Agreements&#x201D;), so as not to violate any
applicable law, the Formation Documents (subject to the further
assumption that such Formation Documents have not been amended from
the date hereof in a manner that would affect the validity of any
of the opinions rendered herein), or result in a default under or
breach of any agreement or instrument binding upon the Company and
so as to comply with any restriction imposed by any court or
governmental body having jurisdiction over the
Company;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(iv)&#xA0; the
Offered Securities, and any certificates representing the interests
in the relevant Offered Securities, have been duly authenticated,
authorized, executed, countersigned, registered and delivered upon
payment of the agreed-upon legal consideration therefor (in an
amount per share of Common Stock or Preferred Stock, as
appropriate, not less than the par value thereof) and have been
duly issued and sold in accordance with any relevant agreement
(including, but not limited to, any Applicable Agreements), any
underwriting agreement with respect to the Offered Securities or
any other duly authorized, executed and delivered, applicable,
valid and binding purchase agreement, or as otherwise contemplated
by the Registration Statement or any post-effective amendment
thereto, and any prospectus supplement(s)&#xA0;relating
thereto;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(vi)&#xA0; the
Registration Statement, as finally amended (including all necessary
post-effective amendments) and any additional registration
statement filed under the Securities Act will have been declared
effective under the Securities Act and such effectiveness shall not
have been terminated or rescinded;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(vii)&#xA0;
appropriate prospectus supplement(s)&#xA0;shall have been prepared,
delivered and filed in compliance with the Securities Act and the
applicable rules&#xA0;and regulations thereunder describing the
Offered Securities offered thereby;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(viii)&#xA0; the
Offered Securities shall be issued and sold in compliance with all
federal and state securities laws and solely in the manner stated
in the Registration Statement and the applicable prospectus
supplement and there shall not have occurred any change in law
affecting the validity of the opinions rendered
herein;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(ix)&#xA0; if the
Offered Securities will be sold pursuant to a firm commitment
underwritten offering, the underwriting agreement with respect to
the Offered Securities in the form filed as an exhibit to the
Registration Statement or any post-effective amendment thereto, or
incorporated by reference therein, has been duly authorized,
executed and delivered by the Company and the other parties
thereto;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(x)&#xA0;in the
case of an Applicable Agreement or other agreement or instrument
pursuant to which any Offered Securities are to be issued,
(i)&#xA0;each Applicable Agreement will be duly authorized,
executed and delivered by the parties thereto other than the
Company, (ii)&#xA0;that each Applicable Agreement will constitute
legally valid and binding obligations of the parties thereto other
than the Company, enforceable against each of them in accordance
with their respective terms, and (iii)&#xA0;that the status of each
of the Applicable Agreement as legally valid and binding
obligations of the parties will not be affected by any
(a)&#xA0;breaches of, or defaults under, agreements or instruments,
(b)&#xA0;violations of statutes, rules, regulations or court or
governmental orders, or (c)&#xA0;failures to obtain required
consents, approvals or authorizations from, or to make required
registrations, declarations or filings with, governmental
authorities;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(xi)&#xA0; in the
case of an Applicable Agreement or other agreement or instrument
pursuant to which any Offered Securities are to be issued, there
shall be no terms or provisions contained therein which would
affect the validity of any of the opinions rendered herein
and</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(xii)&#xA0;in the
case of an Applicable Agreement or other agreement or instrument
pursuant to which any Offered Securities are to be issued,&#xA0;we
have assumed that the laws of the State of Delaware will be chosen
to govern such agreement or instrument and that such choice is a
valid and legal provision.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
foregoing opinions are based upon and expressly limited to the laws
of the State of Delaware.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Our
opinions are subject to: (i)&#xA0;the effect of bankruptcy,
insolvency, reorganization, preference, fraudulent transfer,
moratorium or other similar laws relating to or affecting the
rights and remedies of creditors; (ii)&#xA0;the effect of general
principles of equity, whether considered in a proceeding in equity
or at law (including the possible unavailability of specific
performance or injunctive relief), concepts of materiality,
reasonableness, good faith and fair dealing, and the discretion of
the court before which a proceeding is brought; (iii)&#xA0;the
invalidity under certain circumstances under law or court decisions
of provisions providing for the indemnification of or contribution
to a party with respect to a liability where such indemnification
or contribution is contrary to public policy; and (iv)&#xA0;we
express no opinion as to (a)&#xA0;any provision for liquidated
damages, default interest, late charges, monetary penalties,
make-whole premiums or other economic remedies to the extent such
provisions are deemed to constitute a penalty, (b)&#xA0;consents
to, or restrictions upon, governing law, jurisdiction, venue,
arbitration, remedies or judicial relief, (c)&#xA0;waivers of
rights or defenses, (d)&#xA0;any provision requiring the payment of
attorneys&#x2019; fees, where such payment is contrary to law or
public policy, (e)&#xA0;any provision permitting, upon acceleration
of any Debt Securities, collection of that portion of the stated
principal amount thereof which might be determined to constitute
unearned interest thereon, (f)&#xA0;the creation, validity,
attachment, perfection, or priority of any lien or security
interest, (g)&#xA0;advance waivers of claims, defenses, rights
granted by law, or notice, opportunity for hearing, evidentiary
requirements, statutes of limitation, trial by jury or at law, or
other procedural rights, (h)&#xA0;waivers of broadly or vaguely
stated rights, (i)&#xA0;provisions for exclusivity, election or
accumulation of rights or remedies, (j)&#xA0;provisions authorizing
or validating conclusive or discretionary determinations,
(k)&#xA0;grants of setoff rights, (l)&#xA0;proxies, powers and
trusts, (m)&#xA0;provisions prohibiting, restricting, or requiring
consent to assignment or transfer of any right or property,
(n)&#xA0;any provision to the extent it requires that a claim with
respect to a security denominated in other than U.S. dollars (or a
judgment in respect of such a claim) be converted into U.S. dollars
at a rate of exchange at a particular date, to the extent
applicable law otherwise provides, and (o)&#xA0;the severability,
if invalid, of provisions to the foregoing effect.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We
hereby consent to the filing of this opinion as Exhibit&#xA0;5.1 to
the Registration Statement and to the reference to this firm under
the caption &#x201C;Legal Matters.&#x201D; We further consent to the
incorporation by reference of this letter and consent into any
registration statement or post-effective amendment to the
Registration Statement filed pursuant to
Rule&#xA0;462(b)&#xA0;under the Securities Act with respect to the
Securities.&#xA0; In giving such consent, we do not thereby admit
that we are in the category of persons whose consent is required
under Section&#xA0;7 of the Securities Act of 1933, as amended or
under the rules&#xA0;and regulations promulgated by the
Commission.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">This
opinion is expressed as of the date hereof, and we disclaim any
undertaking to advise you of any subsequent changes in the facts
stated or assumed herein or of any subsequent changes in applicable
laws, even where the Offered Securities may be issued from time to
time on a delayed or continuous basis.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 51%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 51%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/<font style="text-decoration: underline">s/
Quick Law Group PC</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Quick
Law Group PC</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>isdr_ex23-2.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - CHERRY BEKAERT LLP
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2018 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Exhibit
23.2</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Consent
of Independent Registered Public Accounting Firm</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">We
hereby consent to the incorporation by reference in this Prospectus
constituing part of this Registration Statement on Form S-3 of
Issuer Direct Corporation and its subsidiaries (the
&#x201C;Company&#x201D;) of our report dated March 1, 2018 relating
to the consolidated balance sheets as of December 31, 2017 and
2016, and the related consolidated statements of income,
comprehensive income, shareholders&#x2019; equity, and cash flows
for each of the years in the two-year period ended December 31,
2017 of the Company, which appears in the Company&#x2019;s annual
report on Form 10-K/A and incorporated by reference herein. We also
consent to the reference to our firm under the caption
&#x201C;Experts&#x201D;.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Cherry Bekaert LLP</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Raleigh, North
Carolina</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">August
2, 2018</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
