Exhibit 1.1
Execution Version
ARES CAPITAL CORPORATION
(a Maryland corporation)
$850,000,000
5.950% Notes due 2029
PURCHASE AGREEMENT
Dated: May 6, 2024
ARES CAPITAL CORPORATION
(a Maryland corporation)
$850,000,000
5.950% Notes due 2029
PURCHASE AGREEMENT
May 6, 2024
BofA Securities, Inc.
J.P. Morgan Securities LLC
SMBC Nikko Securities America, Inc.
Wells Fargo Securities, LLC
As Representatives of the Underwriters
named in Schedule A hereto.
c/o BofA Securities, Inc.
One Bryant Park
New York, New York 10036
c/o J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
c/o SMBC Nikko Securities America, Inc.
277 Park Avenue, 5th Floor
New York, New York 10172
c/o Wells Fargo Securities, LLC
550 South Tryon Street
Charlotte, NC 28202
Ladies and Gentlemen:
Ares Capital Corporation,
a Maryland corporation (the “Company”), confirms its agreement with each of the Underwriters named in Schedule A hereto (collectively,
the “Underwriters,” which term shall also include any underwriter substituted as hereinafter provided in Section 10 hereof),
for whom BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities,
LLC are acting as representatives (in such capacity, the “Representatives”), with respect to the issue and sale by the Company
and the purchase by the Underwriters, acting severally and not jointly, of $850,000,000 aggregate principal amount of 5.950% Notes due
2029 (the “Securities”) of the Company set forth in said Schedule A.
The Securities will be issued
under an indenture to be dated May 13, 2024, as supplemented by the First Supplemental Indenture, to be dated as of May 13,
2024 (collectively, the “Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee (the
“Trustee”). The aforesaid Securities will be issued to Cede & Co. as nominee of the Depository Trust Company (“DTC”)
pursuant to a blanket letter of representations, dated as of October 14, 2010 (the “DTC Agreement”), between the Company
and DTC.
The Company understands that
the Underwriters propose to make a public offering of the Securities as soon as the Representatives deem advisable after this Agreement
has been executed and delivered.
The Company has filed with
the Securities and Exchange Commission (the “Commission”) a shelf registration statement on Form N-2 (File No. 333-279023)
covering the registration of the Securities and certain of the Company’s other securities under the Securities Act of 1933, as amended
(the “1933 Act”), which registration statement became effective upon filing with the Commission on May 1, 2024. The Indenture
will be qualified under the Trust Indenture Act of 1939, as amended (the “1939 Act”). The Company has also filed with the
Commission a preliminary prospectus supplement, dated May 6, 2024, which contains a base prospectus, dated May 1, 2024 (collectively,
the “preliminary prospectus”). Promptly after execution and delivery of this Agreement, the Company will prepare and file
a prospectus in accordance with the provisions of Rule 430B (“Rule 430B”) of the rules and regulations of the
Commission under the 1933 Act (the “1933 Act Regulations”) and Rule 424(b) (“Rule 424(b)”) of the
1933 Act Regulations. The information included or incorporated by reference in such prospectus that was omitted from such registration
statement at the time it became effective but that is deemed to be part of such registration statement pursuant to Rule 430B is referred
to as “Rule 430B Information.” Unless the context otherwise requires, such registration statement, including all documents
filed as a part thereof, and including all post-effective amendments thereto filed on or prior to the date hereof and any Rule 430B
Information contained in a prospectus subsequently filed with the Commission pursuant to Rule 424(b) under the 1933 Act and
deemed to be part of the registration statement, and also including any registration statement filed pursuant to Rule 462(b)
under the 1933 Act Regulations (the “Rule 462(b) Registration Statement”), is herein called the “Registration
Statement.” The final prospectus in the form filed by the Company with the Commission pursuant to Rule 424(b) under the
1933 Act on or before the second business day after the date hereof (or such earlier time as may be required under the 1933 Act), which
will include the base prospectus, dated May 1, 2024, together with a final prospectus supplement, is herein called the “Prospectus.”
Any reference herein to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to refer to and include
the documents that are incorporated by reference therein pursuant to the 1933 Act Regulations in effect as of the Applicable Time (as
defined below). For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus
or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval system (“EDGAR”).
A Form N-54A Notification
of Election to be Subject to Sections 55 through 65 of the Investment Company Act of 1940 filed Pursuant to Section 54(a) of
the Investment Company Act (File No. 814-00663) (the “Notification of Election”) was filed with the Commission on April 21,
2004 under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the “1940
Act”).
The Company has entered into
the Second Amended and Restated Investment Advisory and Management Agreement, dated as of June 6, 2019 (as amended, the “Investment
Advisory Agreement”) with Ares Capital Management LLC, a Delaware limited liability company registered as an investment adviser
(the “Adviser”), under the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (collectively,
the “Advisers Act”).
The Company has entered into
an Amended and Restated Administration Agreement, dated as of June 1, 2007 (the “Administration Agreement”), with Ares
Operations LLC, a Delaware limited liability company (the “Administrator”).
SECTION 1. Representations and Warranties.
(a) Representations
and Warranties by the Company. The Company represents and warrants to each Underwriter as of the date hereof, as of the Applicable
Time referred to in Section 1(a)(i) hereof, and as of the Closing Time referred to in Section 2(b) hereof, and agrees
with each Underwriter, as follows:
(i) Compliance
with Registration Requirements. The Company is eligible to use Form N-2. The Registration Statement (and the Registration Statement
as amended by any post-effective amendment if the Company shall have made any amendments thereto after the effective date of the Registration
Statement) became effective upon filing under the 1933 Act with the Commission and no stop order suspending the effectiveness of the Registration
Statement (and the Registration Statement as amended by any post-effective amendment if the Company shall have made any amendments thereto
after the effective date of the Registration Statement) has been issued under the 1933 Act and no proceedings for that purpose or pursuant
to Section 8A of the 1933 Act have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission,
and any request on the part of the Commission for additional information has been complied with.
At the respective
times the Registration Statement and any post-effective amendments thereto became effective, at the Applicable Time and at the Closing
Time, the Registration Statement complied and will comply in all material respects with the requirements of the 1933 Act, the 1933 Act
Regulations and the 1940 Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. Neither the Prospectus nor any amendments or
supplements thereto (including any prospectus wrapper), at the time the Prospectus or any such amendment or supplement was issued, and
at the Closing Time, included or will include an untrue statement of a material fact or omitted or will omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Prospectus,
the preliminary prospectus and the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment
thereto complied when so filed in all material respects with the 1933 Act, the 1933 Act Regulations and the 1940 Act except for any corrections
to the preliminary prospectus that are made in the Prospectus and the preliminary prospectus and the Prospectus delivered to the Underwriters
for use in connection with this offering was identical to the electronically transmitted copies thereof filed with the Commission pursuant
to EDGAR, except to the extent permitted by Regulation S-T.
As of the Applicable
Time, the preliminary prospectus, together with the information included on Schedule B hereto, all considered together (collectively,
the “General Disclosure Package”), did not include any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of
the date hereof, as of the Applicable Time, and as of the Closing Time, the Marketing Materials (as defined below), together with the
information contained in the General Disclosure Package, did not and will not include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading.
The documents incorporated
or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus and the Prospectus (i) at the
time they were or hereafter are filed with the Commission, complied or will comply in all material respects with the requirements of the
Securities Exchange Act of 1934, as amended (the “1934 Act”) and (ii) at the time they were filed with the Commission,
when read together with the other information in the Registration Statement, the General Disclosure Package or the Prospectus, as the
case may be, did not or will not include an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading.
As used in this
subsection and elsewhere in this Agreement, “Applicable Time” means 4:45 P.M. (Eastern time) on May 6, 2024, or
such other time as agreed by the Company and the Representatives.
As used in this
subsection and elsewhere in this Agreement, “Marketing Materials” means the materials, if any, set forth on Schedule D hereto.
The representations
and warranties in this subsection shall not apply to (x) statements in or omissions from the Registration Statement (or any amendment
thereto), including the Rule 430B information, any preliminary prospectus or the Prospectus (or any amendment or supplement thereto),
the General Disclosure Package or the Marketing Materials made in reliance upon and in conformity with written information furnished to
the Company by any Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto),
including the Rule 430B information, any preliminary prospectus or the Prospectus (or any amendment or supplement thereto), the General
Disclosure Package or the Marketing Materials, or (y) the part of the Registration Statement that constitutes the Statement of Eligibility
and Qualification under the 1939 Act (Form T-1) of the Trustee under the Indenture.
(ii) Independent
Accountants. The accountants who certified the Company’s financial statements included or incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus are independent public accountants as required by the 1933 Act, the 1933
Act Regulations and the 1934 Act.
(iii) Financial
Statements. The financial statements included or incorporated by reference in the Registration Statement, the General Disclosure Package
and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the
Company and its Subsidiaries (as defined below) at the dates indicated and the consolidated statement of operations, consolidated statement
of stockholders’ equity and consolidated statement of cash flows of the Company and its Subsidiaries for the periods specified;
there are no financial statements that are required to be included in the Registration Statement, the General Disclosure Package or the
Prospectus that are not included as required; said financial statements have been prepared in conformity with generally accepted accounting
principles in the United States (“GAAP”) applied on a consistent basis throughout the periods involved. The “Financial
Highlights” included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly, in all material
respects, the information shown therein as of the date presented and have been compiled on a basis consistent with that of the audited
financial statements included in the Registration Statement, the General Disclosure Package and the Prospectus. The financial data set
forth in the General Disclosure Package and in the Prospectus under the caption “Capitalization” fairly presents the information
set forth therein on a basis consistent with that of the audited financial statements and related notes thereto contained in the Registration
Statement. There is no pro forma financial information that is required to be included in the Registration Statement, the General Disclosure
Package and the Prospectus that is not included as required.
(iv) No
Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the
General Disclosure Package and the Prospectus, except as otherwise stated therein, (A) there has been no material adverse change
in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries
(as defined below) considered as one enterprise, whether or not arising in the ordinary course of business (a “Material Adverse
Effect”), (B) there have been no transactions entered into by the Company or its Subsidiaries, other than those in the ordinary
course of business, which are material with respect to the Company and its Subsidiaries considered as one enterprise, and (C) there
has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.
(v) Good
Standing of the Company. The Company has been duly organized and is validly existing as a corporation in good standing under the laws
of the State of Maryland and has corporate power and authority to own, lease and operate its properties and to conduct its business as
described in the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement, the
Investment Advisory Agreement, the Administration Agreement, the Indenture, the Securities and the DTC Agreement; and the Company is duly
qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify
or to be in good standing would not reasonably be expected to result in a Material Adverse Effect.
(vi) Subsidiaries.
The Company’s only subsidiaries that are consolidated with the Company for financial reporting purposes under GAAP are those listed
on Schedule C hereto (each, a “Subsidiary” and collectively, the “Subsidiaries”). Each of the Subsidiaries has
been duly organized and is validly existing as a corporation, limited liability company or limited partnership in good standing under
the laws of the jurisdiction of its organization, has power and authority to own, lease and operate its properties and to conduct its
business as described in the Prospectus and is duly qualified as a foreign corporation, limited liability company or limited partnership
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership
or leasing of property or the conduct of business, except where the failure to be so qualified or to be in good standing would not reasonably
be expected to result in a Material Adverse Effect; except as otherwise disclosed in the Registration Statement, all of the issued and
outstanding capital stock of each such Subsidiary has been duly authorized and validly issued and is fully paid and non-assessable; none
of the outstanding shares of capital stock of any of the Subsidiaries was issued in violation of the preemptive or other similar rights
of any securityholder of such Subsidiary. Except (A) as set forth in the Registration Statement, the General Disclosure Package and
the Prospectus, and (B) portfolio investments made after March 31, 2024, the Company does not own, directly or indirectly, any
shares of stock or any other equity or debt securities of any corporation or have any equity or debt interest in any firm, partnership,
joint venture, association or other entity that is not a Subsidiary.
(vii) Capitalization.
The authorized, issued and outstanding capital stock of the Company is as set forth in the General Disclosure Package and the Prospectus
under the caption “Capitalization” (except for subsequent issuances, if any, pursuant to the Company’s Dividend Reinvestment
Plan or pursuant to reservations, agreements or employee benefit plans, if any, referred to in the General Disclosure Package or in the
Prospectus or pursuant to the exercise of convertible securities or options, if any, referred to in the General Disclosure Package or
the Prospectus). The shares of issued and outstanding capital stock of the Company have been duly authorized and validly issued and are
fully paid and non-assessable; none of the outstanding shares of capital stock of the Company was issued in violation of preemptive or
other similar rights of any securityholder of the Company.
(viii) Authorization
of Agreements. (A) This Agreement, the Investment Advisory Agreement and the Administration Agreement have each been duly authorized,
executed and delivered by the Company. The Investment Advisory Agreement and the Administration Agreement are valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, except as the enforcement thereof may be subject to (i) bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or thereafter in effect relating to creditors’ rights generally
and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought.
(B) The
Indenture (including the First Supplemental Indenture) has been duly authorized by the Company and, as of the Closing Time, will be duly
executed and delivered by the Company and, assuming it has been executed and delivered by the Trustee, will constitute a valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as the enforcement thereof may be subject
to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or thereafter in effect relating to creditors’
rights generally and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be
brought.
(C) The
DTC Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or thereafter in effect relating to creditors’ rights generally and (ii) general
principles of equity and the discretion of the court before which any proceeding therefor may be brought.
(ix) Authorization
and Description of Securities. The Securities have been duly authorized for issuance and sale to the Underwriters pursuant to this
Agreement and, when issued and delivered by the Company and authenticated by the Trustee pursuant to the provisions of this Agreement
and of the Indenture relating thereto, against payment of the consideration set forth in this Agreement, will be valid and legally binding
obligations of the Company enforceable in accordance with their terms, except as the enforcement thereof may be subject to the effect
of (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or thereafter in effect relating to creditors’
rights generally and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be
brought, and will be entitled to the benefits of the Indenture relating thereto; and the Securities and the Indenture conform in all material
respects to the statements relating thereto contained in the General Disclosure Package and the Prospectus.
(x) Absence
of Defaults and Conflicts. Neither the Company nor any of the Subsidiaries is in violation of its charter, by-laws or other organizational
documents. Further, neither the Company nor any of the Subsidiaries is in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease
or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which any of them may be bound, or to
which any of the property or assets of the Company or any of the Subsidiaries is subject (collectively, “Agreements and Instruments”)
except for such defaults that would not result in a Material Adverse Effect; and the execution, delivery and performance of this Agreement,
the Indenture (including the First Supplemental Indenture), the Securities, the Investment Advisory Agreement, the Administration Agreement
and the DTC Agreement and the consummation of the transactions contemplated herein and therein and in the Registration Statement, the
General Disclosure Package and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from the
sale of the Securities as described in the General Disclosure Package and the Prospectus under the caption “Use of Proceeds”)
and compliance by the Company with its obligations hereunder and thereunder do not and will not, whether with or without the giving of
notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or
result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of the Subsidiaries
pursuant to, the Agreements and Instruments, except for such conflicts, breaches, defaults or Repayment Events that would not result in
a Material Adverse Effect, nor will such action result in any violation of the provisions of the charter, by-laws or other organizational
documents of the Company or any of the Subsidiaries or any applicable law, statute, rule, regulation, judgment, order, writ or decree
of any government, government instrumentality or court, domestic or foreign, having jurisdiction over the Company or any of the Subsidiaries
or any of their assets, properties or operations. As used herein, a “Repayment Event” means any event or condition which gives
the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to
require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of the Subsidiaries.
(xi) Absence
of Proceedings. Other than as disclosed in the General Disclosure Package, there is no action, suit or proceeding or, to the knowledge
of the Company, inquiry or investigation, before or brought by any court or governmental agency or body, domestic or foreign, now pending,
or, to the knowledge of the Company, threatened, against or affecting the Company or any of the Subsidiaries, which is required to be
disclosed in the General Disclosure Package, or which would result in a Material Adverse Effect, or which would materially and adversely
affect the properties or assets thereof or the consummation of the transactions contemplated in this Agreement, the Indenture (including
the First Supplemental Indenture), the Securities, the Investment Advisory Agreement, the Administration Agreement or the DTC Agreement
or the performance by the Company of its obligations hereunder or thereunder; the aggregate of all pending legal or governmental proceedings
to which the Company or any of the Subsidiaries is a party or of which any of their respective property or assets is the subject which
are not described in the General Disclosure Package, including ordinary routine litigation incidental to the business, would not result
in a Material Adverse Effect.
(xii) Accuracy
of Exhibits. There are no contracts or documents which are required to be described in the Registration Statement or the Prospectus
or to be filed as exhibits thereto which have not been so described and filed as required.
(xiii) Possession
of Intellectual Property. The Company and the Subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent
rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual
Property”) necessary to carry on the business now operated by them or proposed to be operated by them immediately following the
offering of the Securities as described in the General Disclosure Package and the Prospectus, except where the failure to own or possess
or otherwise be able to acquire such rights in a timely manner would not otherwise reasonably be expected to result in a Material Adverse
Effect, and neither the Company nor any of the Subsidiaries has received any notice of or is otherwise aware of any infringement of or
conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render
any Intellectual Property invalid or inadequate to protect the interest of the Company or any of the Subsidiaries therein, and which infringement
or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would
reasonably be expected to result in a Material Adverse Effect.
(xiv) Absence
of Further Requirements. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree
of, any court or governmental authority or agency is necessary or required for the performance by the Company of its obligations hereunder,
in connection with the offering, issuance or sale of the Securities hereunder or the consummation of the transactions contemplated by
this Agreement, the Indenture, the Securities, the Investment Advisory Agreement, the Administration Agreement, the DTC Agreement, the
General Disclosure Package or the Prospectus (including the use of the proceeds from the sale of the Securities as described in the General
Disclosure Package and the Prospectus under the caption “Use of Proceeds”), except (A) such as have been already obtained
under the 1933 Act, the 1933 Act Regulations, the 1939 Act or the 1940 Act, (B) such as may be required under state securities laws,
and (C) the filing of the Notification of Election under the 1940 Act, which has been effected.
(xv) Absence
of Manipulation. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate take, directly
or indirectly, any action which is designed to or which has constituted or which would be expected to cause or result in stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities in violation of any law,
statute, regulation or rule applicable to the Company or its affiliates.
(xvi) Possession
of Licenses and Permits. The Company and the Subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or foreign regulatory agencies or
bodies necessary to conduct the business now operated by them or proposed to be operated by them immediately following the offering of
the Securities as described in the General Disclosure Package and the Prospectus, except where the failure so to possess would not reasonably
be expected to, singly or in the aggregate, result in a Material Adverse Effect; the Company and the Subsidiaries are in compliance with
the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not reasonably be expected to,
singly or in the aggregate, result in a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect,
except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would
not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect; and neither the Company nor any of the
Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a
Material Adverse Effect.
(xvii) Investment
Company Act. The Company is not required, and upon the issuance and sale of the Securities as herein contemplated and the application
of the net proceeds therefrom as described in the Prospectus will not be required, to register as a “registered management investment
company” under the 1940 Act.
(xviii) Registration
Rights. There are no persons with registration rights or other similar rights to have any securities registered pursuant to the Registration
Statement or otherwise registered by the Company under the 1933 Act.
(xix) Related
Party Transactions. There are no business relationships or related party transactions involving the Company, any of the Subsidiaries
or any other person required to be described in the Prospectus which have not been described as required.
(xx) Notification
of Election. When the Notification of Election was filed with the Commission, it (A) contained all statements required to be
stated therein in accordance with, and complied in all material respects with the requirements of, the 1940 Act and (B) did not include
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.
(xxi) Investment
Advisory Agreement. (A) The terms of the Investment Advisory Agreement, including compensation terms, comply in all material
respects with all applicable provisions of the 1940 Act and the Advisers Act and (B) the approvals by the board of directors and
the stockholders of the Company of the Investment Advisory Agreement have been made in accordance with the requirements of Section 15
of the 1940 Act applicable to companies that have elected to be regulated as business development companies under the 1940 Act.
(xxii) Interested
Persons. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus (A) no person is
serving or acting as an officer, director or investment adviser of the Company, except in accordance with the provisions of the 1940 Act
and the Advisers Act, and (B) to the knowledge of the Company, no director of the Company is an “interested person” (as
defined in the 1940 Act) of the Company or an “affiliated person” (as defined in the 1940 Act) of any of the Underwriters.
(xxiii) Business
Development Company. (A) The Company has duly elected to be treated by the Commission under the 1940 Act as a business development
company, such election is effective and all required action has been taken by the Company under the 1933 Act and the 1940 Act to make
the public offering and consummate the sale of the Securities as provided in this Agreement; (B) the provisions of the corporate
charter and by-laws of the Company, and the investment objectives, policies and restrictions described in the General Disclosure Package
and the Prospectus, assuming they are implemented as described, will comply in all material respects with the requirements of the 1940
Act; and (C) the operations of the Company are in compliance in all material respects with the provisions of the 1940 Act applicable
to business development companies.
(xxiv) Employees
and Executives. The Company is not aware that (A) any executive, key employee or significant group of employees of the Company,
any of the Subsidiaries, the Adviser or the Administrator plans to terminate employment with the Company, any of the Subsidiaries, the
Adviser or the Administrator or (B) any such executive or key employee is subject to any noncompete, nondisclosure, confidentiality,
employment, consulting or similar arrangement that would be violated by the present or proposed business activities of the Company, any
of the Subsidiaries, the Adviser or the Administrator except where such termination or violation would not reasonably be expected to have
a Material Adverse Effect.
(xxv) No
Extension of Credit. The Company has not, directly or indirectly, including through a Subsidiary, extended credit, arranged to extend
credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company.
(xxvi) Accounting
Controls. The Company has established and maintains an effective system of internal accounting controls sufficient to provide reasonable
assurances that (A) transactions are executed in accordance with management’s authorization; (B) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; and (C) access
to assets is permitted only in accordance with management’s authorization.
(xxvii) Disclosure
Controls. The Company has established and employs effective disclosure controls and procedures that are designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms, and is accumulated and communicated to
the Company’s management, including its principal executive officer or officers and principal financial officer or officers, as
appropriate to allow timely decisions regarding disclosure.
(xxviii) Tax
Returns. The Company and the Subsidiaries have filed all federal, state, local and foreign tax returns that are required to have been
filed by them pursuant to applicable foreign, federal, state, local or other law or have duly requested extensions thereof, except insofar
as the failure to file such returns or request such extensions would not reasonably be expected to result in a Material Adverse Effect,
and have paid all taxes shown as due pursuant to such returns or pursuant to any assessment received by the Company and the Subsidiaries,
except for such taxes or assessments, if any, as are being contested in good faith and as to which adequate reserves have been provided
or where the failure to pay would not reasonably be expected to result in a Material Adverse Effect.
(xxix) No
Unlawful Payments. Neither the Company nor the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee
or other person associated with or acting on behalf of the Company or any of the Subsidiaries has (A) used any corporate funds for
any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (B) made any direct or indirect
unlawful payment to any foreign or domestic government official or employee from corporate funds; (C) violated or is in violation
of any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (D) made any bribe, rebate, payoff, influence payment,
kickback or other unlawful payment. The Company and its Subsidiaries, taken as a whole, have instituted, maintain and enforce, and will
continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and
anti-corruption laws except in each case as would not reasonably expected to, individually or in the aggregate, have a Material Adverse
Effect.
(xxx) Compliance
with Anti-Money Laundering Laws. The operations of the Company and each of its Subsidiaries are and have been conducted at all times
in compliance with all applicable financial recordkeeping and reporting requirements of the Bank Secrecy Act, as amended by Title III
of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and each of its Subsidiaries conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with
respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.
| (xix) | No Conflicts with Sanctions Laws. (i) None of the Company, any of its Subsidiaries, or, to
the Company’s knowledge, any director, officer, employee, agent, affiliate or representative of the Company or any of its Subsidiaries,
is an individual or entity (“Person”) that is, or is owned or controlled by one or more Persons that are: |
| (a) | the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office
of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty’s Treasury, or other relevant sanctions
authority (collectively, “Sanctions”), or |
| (b) | located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Crimea, the non-government controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine, the so-called Donetsk
People’s Republic and so-called Luhansk People’s Republic regions of Ukraine, Cuba, Iran, North Korea, and Syria). |
| (ii) | The Company will not, directly or indirectly, use the proceeds of the offering of the Securities hereunder,
or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person: |
| (a) | to fund or facilitate any activities or business of or with any Person or in any country or territory
that, at the time of such funding or facilitation, is the subject of Sanctions; or |
| (b) | in any other manner that will result in a violation of Sanctions by any Person (including any Person participating
in the offering, whether as underwriter, advisor, investor or otherwise). |
| (iii) | For the past 5 years (or, in the case of any sanctions administered or enforced by the U.S. Department
of the Treasury’s Office of Foreign Assets Control, for the past 10 years), the Company and each of its Subsidiaries have not knowingly
engaged in, and are not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions with any Person, or in
any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. |
(xxxi) Company
Not Ineligible Issuer and is a Well-Known Seasoned Issuer. The Company is not an ineligible issuer and is a well-known seasoned issuer,
in each case as defined in Rule 405 under the 1933 Act, in each case at the times specified in Rule 405 under the 1933 Act in
connection with the offering of the Securities.
(xxxii) Sarbanes-Oxley
Act. Except as disclosed in the General Disclosure Package, the Company is, and to the knowledge of the Company, the Company’s
directors and officers, in their capacities as such, are, in compliance in all material respects with any applicable provision of the
Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related
to loans and Sections 302 and 906 related to certifications.
(xxxiii) Cybersecurity.
(A) The Company is not aware of any security breach or incident, unauthorized access or disclosure, or other compromise relating
to the Adviser’s information technology and computer systems, data and databases used by the Company (collectively, “IT Systems
and Data”) except in each case as would not reasonably expected to, individually or in the aggregate, have a Material Adverse Effect,
and (B) to the Company’s knowledge, the Adviser has implemented appropriate controls, policies, procedures, and technological
safeguards to maintain and protect the integrity, continuous operation, redundancy and security of its IT Systems and Data reasonably
consistent with in all material respects with industry standards and practices, or as required by applicable regulatory standards. To
the Company’s knowledge, the Adviser is presently in material compliance with all applicable laws and regulations relating to the
privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification.
(b) Representations
and Warranties of the Adviser and the Administrator. The Adviser and the Administrator, jointly and severally, represent to each Underwriter
as of the date hereof, as of the Applicable Time, and as of the Closing Time referred to in Section 2(b) hereof, and agree with
each Underwriter as follows:
(i) No
Material Adverse Change in Business. Since the respective dates as of which information is given in the Registration Statement, the
General Disclosure Package and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the condition,
financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator,
whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect. For
purposes of this Section 1(b), “Material Adverse Effect” means, in addition to a “Material Adverse Effect”
as defined in Section 1(c)(iv), any material adverse effect on the ability of the Adviser or Administrator, as applicable, to fulfill
its obligations under this Agreement.
(ii) Good
Standing. Each of the Adviser and the Administrator has been duly organized and is validly existing as a limited liability company
in good standing under the laws of the State of Delaware, and has limited liability company power and authority to own, lease and operate
its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and to enter into and perform
its obligations under this Agreement; the Adviser has limited liability company power and authority to execute and deliver and perform
its obligations under the Investment Advisory Agreement; the Administrator has limited liability company power and authority to enter
into and perform its obligations under the Administration Agreement; and each of the Adviser and the Administrator is duly qualified to
transact business as a foreign entity and is in good standing in each other jurisdiction in which such qualification is required, whether
by reason of ownership or leasing of its property or the conduct of business, except where the failure to qualify or be in good standing
would not otherwise reasonably be expected to result in a Material Adverse Effect.
(iii) Registration
Under Advisers Act. The Adviser is duly registered with the Commission as an investment adviser under the Advisers Act and is not
prohibited by the Advisers Act or the 1940 Act from acting under the Investment Advisory Agreement for the Company as contemplated by
the General Disclosure Package and the Prospectus. There does not exist any proceeding or, to the Adviser’s knowledge, any facts
or circumstances the existence of which could lead to any proceeding which might adversely affect the registration of the Adviser with
the Commission.
(iv) Absence
of Proceedings. There is no action, suit or proceeding or, to the knowledge of the Adviser or the Administrator, inquiry or investigation
before or brought by any court or governmental agency or body, domestic or foreign, now pending, or, to the knowledge of the Adviser or
the Administrator, threatened, against or affecting either the Adviser or the Administrator, which is required to be disclosed in the
General Disclosure Package (other than as disclosed therein), or which would reasonably be expected to result in a Material Adverse Effect,
or which would reasonably be expected to materially and adversely affect the consummation of the transactions contemplated in this Agreement,
the Indenture, the Securities, the Investment Advisory Agreement or the Administration Agreement; the aggregate of all pending legal or
governmental proceedings to which the Adviser or the Administrator is a party or of which any of their respective property or assets is
the subject which are not described in the General Disclosure Package, including ordinary routine litigation incidental to their business,
would not reasonably be expected to result in a Material Adverse Effect.
(v) Absence
of Defaults and Conflicts. Neither the Adviser nor the Administrator is in violation of its limited liability company operating agreement
or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture,
mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Adviser or the Administrator
is a party or by which it or any of them may be bound, or to which any of the property or assets of the Adviser or the Administrator is
subject (collectively, the “Adviser/Administrator Agreements and Instruments”), or in violation of any law, statute, rule,
regulation, judgment, order or decree except for such violations or defaults that would not reasonably be expected to result in a Material
Adverse Effect; and the execution, delivery and performance of this Agreement, the Investment Advisory Agreement and the Administration
Agreement and the consummation of the transactions contemplated herein and therein and in the Registration Statement, the General Disclosure
Package and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from the sale of the Securities
as described in the General Disclosure Package and the Prospectus under the caption “Use of Proceeds”) and compliance by the
Adviser and the Administrator with their respective obligations hereunder and under the Investment Advisory Agreement and the Administration
Agreement do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a
breach of, or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of
the Adviser or the Administrator pursuant to, the Adviser/Administrator Agreements and Instruments except for such violations or defaults
that would not reasonably be expected to result in a Material Adverse Effect, nor will such action result in any violation of the provisions
of the limited liability company operating agreement of the Adviser or Administrator, respectively, or any applicable law, statute, rule,
regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign, having jurisdiction
over the Adviser or the Administrator or any of their assets, properties or operations.
(vi) Authorization
of Agreements. This Agreement, the Investment Advisory Agreement and the Administration Agreement have been duly authorized, executed
and delivered by the Adviser and the Administrator, as applicable. This Agreement, the Investment Advisory Agreement and the Administration
Agreement are valid and binding obligations of the Adviser or the Administrator, as applicable, enforceable against them in accordance
with their terms, except as the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or thereafter in effect relating to creditors’ rights generally and (ii) general principles of equity and
the discretion of the court before which any proceeding therefor may be brought.
(vii) Absence
of Further Requirements. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree
of, any court or governmental authority or agency is necessary or required for the performance by the Adviser or the Administrator of
their obligations hereunder, in connection with the offering, issuance or sale of the Securities hereunder or the consummation of the
transactions contemplated by this Agreement, the Indenture, the Investment Advisory Agreement, the Administration Agreement, the DTC Agreement,
the General Disclosure Package or the Prospectus (including the use of the proceeds from the sale of the Securities as described in the
General Disclosure Package and the Prospectus under the caption “Use of Proceeds”), except (A) such as have been already
obtained under the 1933 Act, the 1933 Act Regulations or the 1940 Act, (B) such as may be required under state securities laws and
(C) the filing of the Notification of Election under the 1940 Act, which has been effected.
(viii) Description
of Adviser and Administrator. The description of the Adviser and the Administrator contained in the General Disclosure Package and
the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading.
(ix) Possession
of Licenses and Permits. The Adviser and the Administrator possess such Governmental Licenses issued by the appropriate federal, state,
local or foreign regulatory agencies or bodies necessary to conduct the business now operated by them, except where the failure so to
possess would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect; the Adviser and the Administrator
are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singly
or in the aggregate, result in a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except
when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not,
singly or in the aggregate, result in a Material Adverse Effect; and neither the Adviser nor the Administrator has received any notice
of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the
subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse Effect.
(x) Stabilization
and Manipulation. Neither the Adviser, the Administrator nor any of their respective partners, officers, affiliates or controlling
persons has taken, directly or indirectly, any action designed, under the 1934 Act, to result in the stabilization or manipulation of
the price of any security of the Company to facilitate the sale of the Securities in violation of any law, statute, regulation or rule applicable
to the Adviser, the Administrator or any of their respective partners, officers, affiliates or controlling persons.
(xi) Employment
Status. The Adviser is not aware that (A) any executive, key employee or significant group of employees of the Company, if any,
any of the Subsidiaries, the Adviser or the Administrator, as applicable, plans to terminate employment with the Company, any of the Subsidiaries,
the Adviser or the Administrator or (B) any such executive or key employee is subject to any noncompete, nondisclosure, confidentiality,
employment, consulting or similar agreement that would be violated by the present or proposed business activities of the Company, the
Subsidiaries or the Adviser except where such termination or violation would not reasonably be expected to have a Material Adverse Effect.
(xii) Internal
Controls. The Adviser is using its commercially reasonable efforts to operate a system of internal controls sufficient to provide
reasonable assurance that (A) transactions effectuated by it under the Investment Advisory Agreement are executed in accordance with
its management’s general or specific authorization; and (B) access to the Company’s assets that are in its possession
or control is permitted only in accordance with its management’s general or specific authorization.
(xiii) Accounting
Controls. The Administrator is using its commercially reasonable efforts to operate a system of internal accounting controls sufficient
to provide reasonable assurance that (A) transactions for which it has bookkeeping and record keeping responsibility for under the
Administration Agreement are recorded as necessary to permit preparation of the Company’s financial statements in conformity with
GAAP and to maintain financial statements in conformity with GAAP and to maintain accountability for the Company’s assets and (B) the
recorded accountability for such assets is compared with existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.
(c) Officer’s
Certificates. Any certificate signed by any officer of the Company, any of the Subsidiaries, the Adviser or the Administrator delivered
to the Representatives or to counsel for the Underwriters shall be deemed a representation and warranty by the Company, such Subsidiary,
the Adviser and/or the Administrator, as applicable, to each Underwriter as to the matters covered thereby.
SECTION 2. Sale and Delivery to Underwriters; Closing.
(a) Securities.
On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the
Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase
from the Company, at the price set forth in Schedule A, the aggregate principal amount of Securities set forth in Schedule A opposite
the name of such Underwriter, plus any additional aggregate principal amount of Securities which such Underwriter may become obligated
to purchase pursuant to the provisions of Section 10 hereof
(b) Payment.
Payment of the purchase price for, and delivery of, the Securities shall be made at the offices of Freshfields Bruckhaus Deringer
US LLP, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 or at such other place as shall be agreed upon by the Representatives
and the Company, at 9:00 A.M. (Eastern time) on the fifth business day after the date hereof (unless postponed in accordance with
the provisions of Section 10), or such other time not later than ten business days after such date as shall be agreed upon by the
Representatives and the Company (such time and date of payment and delivery being herein called “Closing Time”).
Payment shall be made to the
Company by wire transfer of immediately available funds to a bank account designated by the Company, against delivery to the Representatives
through the facilities of DTC for the respective accounts of the Underwriters of Securities to be purchased by them. It is understood
that each Underwriter has authorized the Representatives, for its account, to accept delivery of, receipt for, and make payment of the
purchase price for, the Securities, which it has agreed to purchase. The Representatives, individually and not as representatives of the
Underwriters, may (but shall not be obligated to) make payment of the purchase price for the Securities to be purchased by any Underwriter
whose funds have not been received by the Closing Time, but such payment shall not relieve such Underwriter from its obligations hereunder.
(c) Denominations;
Registration. The Securities shall be transferred electronically at the Closing Time, in such denominations and registered in such
names as the Representatives may request; provided that any such request must be received in writing at least one full business day before
the Closing Time.
SECTION 3. Covenants
of the Company. The Company covenants with each Underwriter as follows:
(a) Compliance
with Securities Regulations and Commission Requests. During any period that a prospectus relating to the Securities is required to
be delivered under the 1933 Act (but in any event through the Closing Time), the Company, subject to Section 3(b), will comply with
the requirements of Rule 415, Rule 430B and Rule 424(b) and will notify the Representatives immediately, and confirm
the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective, or any supplement
to the Prospectus or any amended Prospectus shall have been filed, (ii) of the receipt of any comments from the Commission relating
to the Registration Statement, (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment
or supplement to the Prospectus or for additional information, and (iv) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or of any order preventing or suspending the use of any preliminary prospectus, or of
any proceeding under Section 8A of the 1933 Act, or of the suspension of the qualification of the Securities for offering or sale
in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes. The Company will promptly effect
the filings necessary pursuant to Rule 424(b) and will take such steps as it deems necessary to ascertain promptly whether the
form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that
it was not, it will promptly file such prospectus. During any period that a prospectus relating to the Securities is required to be delivered
under the 1933 Act (but in any event through the Closing Time), the Company will use its reasonable efforts to prevent the issuance of
any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment.
(b) Filing
of Amendments. During any period that a prospectus relating to the Securities is required to be delivered under the 1933 Act (but
in any event through the Closing Time), the Company will give the Representatives notice of its intention to file or prepare any amendment
to the Registration Statement (including any filing under Rule 462(b)) or any amendment, supplement or revision to any preliminary
prospectus (including any prospectus included in the Registration Statement at the time it became effective) or to the Prospectus, will
furnish the Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing or use, as the
case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall reasonably
object. The Company has given the Underwriters notice of any filings made pursuant to the 1934 Act or the rules and regulations adopted
thereunder within 48 hours prior to the Applicable Time; the Company will give the Underwriters notice of its intention to make any such
filing from the Applicable Time to the Closing Time and will furnish the Underwriters with copies of any such documents a reasonable amount
of time prior to such proposed filing.
(c) Delivery
of Commission Filings. Upon the Representatives’ written request, the Company will deliver to the Representatives, without charge,
conformed copies of the Registration Statement as originally filed, and of each amendment thereto (including exhibits filed therewith
or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein) and conformed copies
of all consents and certificates of experts, and, upon the Representatives’ request, will also deliver to the Representatives, without
charge, a conformed copy of the Registration Statement as originally filed and of each amendment thereto (without exhibits) for each of
the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical
to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation
S-T, or as filed with the Commission in paper form as permitted by Regulation S-T.
(d) Delivery
of Prospectuses. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus as such
Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the 1933 Act. The
Company will furnish to each Underwriter, without charge, during the period when the Prospectus is required to be delivered under the
1933 Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus
and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof
filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.
(e) Continued
Compliance with Securities Laws. The Company will use its commercially reasonable efforts to comply with the 1933 Act and the 1933
Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Prospectus.
If at any time when a prospectus is required by the 1933 Act to be delivered in connection with sales of the Securities, any event shall
occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company,
to amend the Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not include any untrue statements
of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the
circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary, in the opinion of such counsel, at any
such time to amend the Registration Statement or amend or supplement the Prospectus in order to comply with the requirements of the 1933
Act or the 1933 Act Regulations, the Company will promptly prepare and file with the Commission, subject to Section 3(b), such amendment
or supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply
with such requirements, and the Company will furnish to the Underwriters such number of copies of such amendment or supplement as the
Underwriters may reasonably request.
(f) Blue
Sky Qualifications. The Company will use its commercially reasonable efforts, in cooperation with the Underwriters, to qualify the
Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as
the Representatives may designate and to maintain such qualifications in effect for as long as the Representatives reasonably request;
provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign
corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect
of doing business in any jurisdiction in which it is not otherwise so subject.
(g) Rule 158.
The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to its securityholders
as soon as reasonably practicable an earnings statement for the purposes of, and to provide the benefits contemplated by, the last paragraph
of Section 11(a) of the 1933 Act.
(h) DTC.
The Company will cooperate with the Representatives and use its commercially reasonable efforts to permit the offered Securities to
be eligible for clearance and settlement through the facilities of DTC.
(i) Use
of Proceeds. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the General
Disclosure Package and in the Prospectus under “Use of Proceeds.”
(j) Restriction
on Sale of Securities. Through the Closing Time, the Company will not, without the prior written consent of the Representatives, directly
or indirectly, offer, pledge, sell, contract to sell, grant any option for the sale of, or otherwise transfer or dispose of any debt securities
issued or guaranteed by the Company or any securities convertible into or exercisable or exchangeable for debt securities issued or guaranteed
by the Company or file any registration statement under the 1933 Act with respect to any of the foregoing. The foregoing sentence shall
not apply to the registration and sale of Securities to be sold hereunder.
(k) Reporting
Requirements. The Company, during the period when the Prospectus is required to be delivered under the 1933 Act, will file all documents
required to be filed with the Commission pursuant to the 1934 Act within the time periods required by the 1934 Act and the rules and
regulations of the Commission thereunder.
(l) Business
Development Company Status. The Company, during a period of at least 12 months from the Closing Time, will use its commercially reasonable
efforts to maintain its status as a business development company; provided, however, the Company may cease to be, or withdraw
its election as, a business development company, with the approval of the board of directors and a vote of stockholders as required by
Section 58 of the 1940 Act or any successor provision.
(m) Regulated
Investment Company Status. During the 12-month period following the Closing Time, the Company will use its commercially reasonable
efforts to qualify and elect to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986,
as amended (the “Code”) and to maintain such qualification and election in effect for each full fiscal year during which it
is a business development company under the 1940 Act.
(n) Accounting
Controls. The Company will use its commercially reasonable efforts to maintain a system of internal accounting controls sufficient
to provide reasonable assurances that (A) material information relating to the Company and the assets managed by the Adviser is promptly
made known to the officers responsible for establishing and maintaining the system of internal accounting controls; and (B) any significant
deficiencies or weaknesses in the design or operation of internal accounting controls which could adversely affect the Company’s
ability to record, process, summarize and report financial data, and any fraud whether or not material that involves management or other
employees who have a significant role in internal controls, are adequately and promptly disclosed to the Company’s independent auditors
and the audit committee of the Company’s board of directors.
(o) Marketing
Materials. Before using, authorizing, approving or referring to any Marketing Materials, the Company will furnish to the Representatives
and counsel for the Underwriters a copy of such materials for review and will not use, authorize, approve or refer to any such materials
to which the Representatives or the counsel for the Underwriters reasonably object.
SECTION 4. Payment of Expenses.
(a) Expenses.
The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i) the preparation,
printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment
thereto, (ii) the printing and delivery to the Underwriters of this Agreement, the Indenture, the DTC Agreement and such other documents
as may be required in connection with the offering, purchase, sale, issuance or delivery of the Securities, (iii) the preparation,
issuance and delivery of the certificates for the Securities to the Underwriters, including any transfer taxes and any stamp or other
duties payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv) the fees and disbursements of the
Company’s, the Adviser’s and the Administrator’s counsel, accountants and other advisors, (v) the qualification
of the Securities under securities laws in accordance with the provisions of Section 3(f) hereof, including filing fees and
the reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of
the Blue Sky Survey and any supplement thereto, (vi) the printing and delivery to the Underwriters of copies of each preliminary
prospectus and of the Prospectus and any amendments or supplements thereto, (vii) the preparation, printing and delivery to the Underwriters
of copies of the Blue Sky Survey and any supplement thereto, (viii) the fees and expenses of the Trustee with respect to the Securities,
(ix) the filing fees incident to, and the reasonable fees and disbursements of counsel to the Underwriters in connection with, the
review by the Financial Industry Regulatory Authority (“FINRA”) of the terms of the sale of the Securities, and (x) the
costs and expenses (including without limitation any damages or other amounts payable in connection with legal or contractual liability)
associated with the reforming of any contracts for sale of the Securities made by the Underwriters (which are terminated prior to the
Closing Time) caused by a breach of the representation contained in the fourth paragraph of Section 1(a)(i). In the event there are
any road show or marketing expenses, the Underwriters will pay their own expenses and the Company will pay its own expenses.
(b) Termination
of Agreement. If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5 or Section 9(a)(i) and
(iii) hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses incurred, including the reasonable
fees and disbursements of counsel for the Underwriters.
SECTION 5. Conditions
of Underwriters’ Obligations. The obligations of the several Underwriters hereunder are subject to the accuracy of the representations
and warranties of the Company, the Adviser and the Administrator contained in Section 1 hereof or in certificates of any officer
of the Company, the Adviser or the Administrator, to the performance by the Company, the Adviser and the Administrator of their respective
covenants and other obligations hereunder, and to the following further conditions:
(a) Effectiveness
of Registration Statement. The Registration Statement, including any Rule 462(b) Registration Statement, has become effective
and at the Closing Time no stop order suspending the effectiveness of the Registration Statement shall have been issued under the 1933
Act or proceedings therefor or pursuant to Section 8A of the 1933 Act initiated or threatened by the Commission, and any request
on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of counsel to the
Underwriters. A final prospectus containing the Rule 430B Information shall have been filed with the Commission in accordance with
Rule 424(b).
(b) Opinions
of Counsel for Company. At the Closing Time, the Representatives shall have received the favorable opinion, dated as of Closing Time,
of Kirkland & Ellis LLP, counsel for the Company, Eversheds Sutherland (US) LLP, special regulatory counsel for the Company,
and Venable LLP, special Maryland counsel for the Company, in each case in form and substance reasonably satisfactory to counsel for the
Underwriters, together with signed or reproduced copies of such letter for each of the other Underwriters, to the effect set forth in
Exhibits A through C hereto. Such counsel may state that, insofar as such opinion involves factual matters, they have relied upon certificates
of officers of the Company and/or any of the Subsidiaries and certificates of public officials.
(c) Opinion
of Counsel for Underwriters. At the Closing Time, the Representatives shall have received the favorable opinion, dated as of Closing
Time, of Freshfields Bruckhaus Deringer US LLP, counsel for the Underwriters, together with signed or reproduced copies of such letter
for each of the other Underwriters, in form and substance reasonably satisfactory to the Representatives. In giving such opinion such
counsel may rely, as to all matters governed by the laws of jurisdictions other than the law of the State of New York and the federal
law of the United States upon the opinions of counsel reasonably satisfactory to the Representatives, including counsel of the Company.
Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the extent they deem proper,
upon certificates of officers of the Company and/or any of the Subsidiaries and certificates of public officials.
(d) Officers’
Certificates. (i) At the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which
information is given in the Prospectus or the General Disclosure Package, any material adverse change in the condition, financial or otherwise,
or in the earnings, business affairs or business prospects of the Company and the Subsidiaries considered as one enterprise, whether or
not arising in the ordinary course of business, and the Representatives shall have received a certificate of the chief executive officer
or president of the Company and of the chief financial or chief accounting officer of the Company, dated as of Closing Time, to the effect
that (A) there has been no such material adverse change, (B) the representations and warranties in Section 1(a) hereof
are true and correct with the same force and effect as though expressly made at and as of Closing Time, (C) the Company has complied
with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to Closing Time, and (D) no
stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted
or are pending or, to their knowledge, contemplated by the Commission.
(ii) At
the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information is given in the
Prospectus or the General Disclosure Package, any material adverse change in the condition, financial or otherwise, or in the earnings,
business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in the ordinary
course of business, that would reasonably be expected to result in a Material Adverse Effect (collectively, with respect to each of the
Adviser and the Administrator, an “Advisers Material Adverse Effect”), and the Representatives shall have received a certificate
of a vice president (or other authorized officer) and the chief financial or chief accounting officer (or other authorized officer) of
each of the Adviser and the Administrator, dated as of Closing Time, to the effect that (A) there has been no such Advisers Material
Adverse Effect, (B) the representations and warranties of the Adviser and Administrator in Sections 1(a) and 1(b) hereof
are true and correct with the same force and effect as though expressly made at and as of Closing Time, (C) the Adviser and the Administrator
have complied with all agreements and satisfied all conditions on their part to be performed or satisfied at or prior to Closing Time,
and (D) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose
have been instituted or are pending or, to their knowledge, contemplated by the Commission.
(e) Accountant’s
Comfort Letter and CFO Certificate. At the time of the execution of this Agreement, the Representatives shall have received:
(i) A
letter from KPMG LLP, independent public accountants for the Company, in form and substance reasonably satisfactory to the Representatives,
covering the financial information included or incorporated by reference in the Registration Statement, the General Disclosure Package
and the Prospectus of the Company, together with signed or reproduced copies of such letter for each of the other Underwriters, containing
statements and information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect
to the financial statements and certain financial information contained in the Registration Statement and the Prospectus.
(ii) A
certificate of the chief financial officer of the Company, in form and substance reasonably satisfactory to the Representatives and as
agreed upon prior to the date hereof, covering certain financial matters of the Company, together with signed or reproduced copies of
such certificate for each of the other Underwriters.
(f) Bring-down
Comfort Letter and CFO Certificate. At the Closing Time, the Representatives shall have received (i) from KPMG LLP, independent
public accountants for the Company, dated as of Closing Time, to the effect that they reaffirm the statements made in the letter furnished
pursuant to subsection (e)(i) of this Section, except that the specified date referred to shall be a date not more than three business
days prior to Closing Time and (ii) from the Company, a certificate of the chief financial officer of the Company, dated as of the
Closing Time, to the effect that the chief financial officer of the Company reaffirms the statements made in the certificate furnished
pursuant to subsection (e)(ii) of this Section.
(g) Indenture.
At or prior to the Closing Time, the Indenture shall be in full force and effect.
(h) Ratings.
At the Closing Time, the Securities shall be rated at least BBB- by Standard & Poor’s and BBB by Fitch and since the
execution of this Agreement, there shall not have been any decrease in the rating of any debt or preferred stock of the Company or any
Subsidiary by any “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the 1934
Act), or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does
not indicate the direction of the possible change, and no such organization shall have publicly announced it has under surveillance or
review any such rating.
(i) Additional
Documents. At the Closing Time, counsel for the Underwriters shall have been furnished with such documents as they may reasonably
require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence
the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings
taken by the Company, the Adviser and the Administrator in connection with the issuance and sale of the Securities as herein contemplated
shall be reasonably satisfactory in form and substance to the Representatives and counsel for the Underwriters.
(k) Termination
of Agreement. If any condition specified in this Section shall not have been fulfilled when
and as required to be fulfilled, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior
to Closing Time, and such termination shall be without liability of any party to any other party except as provided in Section 4
and except that Sections 1, 6, 7 and 8 shall survive any such termination and remain in full force and effect.
SECTION 6. Indemnification.
(a) (1) Indemnification
of Underwriters by the Company. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, as such term is
defined in Rule 501(b) under the 1933 Act (each, an “Affiliate”), its directors, officers, selling agents and each
person, if any, who controls any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
as follows:
(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430B Information
(including the information on Schedule B hereto), or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement
of a material fact included in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) or in the General
Disclosure Package or the Marketing Materials, or the omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading;
(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 6(d) below)
any such settlement is effected with the written consent of the Company;
(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representatives), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;
provided,
however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out
of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information
furnished to the Company by such Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment
thereto), including the Rule 430B Information, or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto),
the General Disclosure Package or the Marketing Materials.
(2) Indemnification
of Underwriters by the Adviser and the Administrator. Each of the Adviser and the Administrator, jointly and severally, agrees to
indemnify and hold harmless each Underwriter, its Affiliates, its directors, officers, selling agents and each person, if any, who controls
any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:
(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430B Information
(including the information on Schedule B hereto), or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement
of a material fact included in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) or in the General
Disclosure Package or in the Marketing Materials, or the omission or alleged omission therefrom of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading to the extent the loss, liability,
claim, damage and expense relates to information concerning the Adviser or the Administrator;
(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission related to the Adviser or the Administrator or any such alleged untrue statement or omission
related to the Adviser or the Administrator; provided that (subject to Section 6(d) below) any such settlement is effected with
the written consent of the Company;
(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representatives), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission related to the Adviser or the
Administrator, or any such alleged untrue statement or omission related to the Adviser or the Administrator, to the extent that any such
expense is not paid under (i) or (ii) above;
provided,
however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out
of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information
furnished to the Company by such Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment
thereto), including the Rule 430B Information, or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto),
the General Disclosure Package or the Marketing Materials.
(b) Indemnification
of Company, Directors, Officers, Adviser and Administrator. Each Underwriter severally agrees to indemnify and hold harmless each
of the Company, the Adviser, the Administrator, each of their directors and officers and each person, if any, who controls the Company,
the Adviser or the Administrator within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any
and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section, as incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement
(or any amendment thereto), including the Rule 430B Information, or any preliminary prospectus or the Prospectus (or any amendment
or supplement thereto) or in the General Disclosure Package or the Marketing Materials in reliance upon and in conformity with written
information furnished to the Company by such Underwriter through the Representatives expressly for use in the Registration Statement (or
any amendment thereto), including the Rule 430B Information, or any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto) or in the General Disclosure Package or the Marketing Materials.
(c) Actions
against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder (an “Action”), but failure
to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially
prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of
this indemnity agreement. In the case of parties indemnified pursuant to Section 6(a)(1) or (2) above, counsel to the indemnified
parties shall be selected by the Representatives, and, in the case of parties indemnified pursuant to Section 6(b) above, counsel
to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of
any such Action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than
one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one
Action or separate but similar or related Actions in the same jurisdiction arising out of the same general allegations or circumstances.
No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry
of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 6 or Section 7
hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent
(i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation,
proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on
behalf of any indemnified party. Notwithstanding anything to the contrary herein, neither the assumption of the defense of any such Action
nor the payment of any fees or expenses related thereto shall be deemed to be an admission by the indemnifying party that it has an obligation
to indemnify any person pursuant to this Agreement.
(d) Settlement
Without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section 6(a)(1)(ii) or 6(a)(2)(ii) effected without its written consent if (i) such settlement
is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party
shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.
(e) Acknowledgement
by the Company, the Adviser and the Administrator. The Company, the Adviser and the Administrator also acknowledge and agree that
(i) the purchase and sale of any Securities pursuant to this Agreement, including the determination of the public offering price
of the Securities and any related discounts and commissions, is an arm’s-length commercial transaction between the Company, on the
one hand, and the Underwriters of such Securities, on the other hand, (ii) in connection with the public offering of the Securities
and the process leading to such transaction the Underwriters will act solely as principals and not as agents or fiduciaries of the Company
or its stockholders, creditors, employees or any other party, (iii) the Underwriters will not assume an advisory or fiduciary responsibility
in favor of the Company with respect to the offering of Securities contemplated hereby or the process leading thereto (irrespective of
whether the Underwriters have advised or are currently advising the Company on other matters) and the Underwriters will not have any obligation
to the Company with respect to the offering except the obligations expressly set forth herein, (iv) the Underwriters and their affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of the Company, and (v) the Underwriters
have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to the offering of the Securities
and the Company has consulted and will consult its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.
SECTION 7. Contribution.
If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute
to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in
such proportion as is appropriate to reflect the relative benefits received by the Company, the Adviser and the Administrator on the one
hand and the Underwriters on the other hand from the offering of the Securities pursuant to this Agreement or (ii) if the allocation
provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Company, the Adviser and the Administrator on the one
hand and of the Underwriters on the other hand in connection with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable considerations.
The relative benefits received
by the Company, the Adviser and the Administrator on the one hand and the Underwriters on the other hand in connection with the offering
of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the
offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company and the total underwriting discount
received by the Underwriters, in each case as set forth on the cover of the Prospectus, bear to the aggregate initial public offering
price of the Securities as set forth on the cover of the Prospectus.
The relative fault of the
Company, the Adviser and the Administrator on the one hand and the Underwriters on the other hand shall be determined by reference to,
among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Company, the Adviser and the Administrator or by the Underwriters and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company, the Adviser,
the Administrator and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7 were
determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to above in this Section 7. The aggregate amount of losses,
liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 7 shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against
any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission or alleged omission.
Notwithstanding the provisions
of this Section 7, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at
which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which
such Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.
No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation.
For purposes of this Section 7,
each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act and each Underwriter’s Affiliates, directors, officers, and selling agents shall have the same rights to contribution as such
Underwriter, and each director of the Company, each officer of the Company, and each person, if any, who controls the Company, Adviser
or Administrator within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to
contribution as the Company, Adviser or Administrator, as the case may be. The Underwriters’ respective obligations to contribute
pursuant to this Section 7 are several in proportion to the aggregate principal amount of Securities set forth opposite their respective
names in Schedule A hereto and not joint.
Notwithstanding any other
provision of Section 6 and this Section 7, no party shall be entitled to indemnification or contribution under this Agreement
in violation of Section 17(i) of the 1940 Act.
SECTION 8. Representations,
Warranties and Agreements to Survive. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company, any of the Subsidiaries, the Adviser and the Administrator submitted pursuant hereto, shall remain operative
and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling
agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company and (ii) delivery
of and payment for the Securities.
SECTION 9. Termination of Agreement.
(a) Termination;
General. The Representatives may terminate this Agreement, by notice to the Company, at any time at or prior to Closing Time (i) if
there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the Prospectus
or the General Disclosure Package, any material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Company and the Subsidiaries considered as one enterprise, the Adviser or the Administrator, whether
or not arising in the ordinary course of business, or (ii) if there has occurred any material adverse change in the financial markets
in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis
or any change or development involving a prospective change in national or international political, financial or economic conditions,
in each case the effect of which is such as to make it, in the judgment of the Representatives, impracticable or inadvisable to market
the Securities or to enforce contracts for the sale of the Securities, or (iii) if trading in any securities of the Company has been
suspended or materially limited by the Commission or the Nasdaq Global Select Market or the Nasdaq Global Market or The New York Stock
Exchange, or (iv) if trading generally on The New York Stock Exchange, the NYSE American LLC, the Nasdaq Global Market or the Nasdaq
Global Select Market has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges
for prices have been required, by any of said exchanges or by such system or by order of the Commission, FINRA or any other governmental
authority, or (v) a material disruption has occurred in commercial banking or securities settlement or clearance services in the
United States, or (vi) if a banking moratorium has been declared by either Federal or New York authorities.
(b) Liabilities.
If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other party
except as provided in Section 4 hereof, and provided further that Sections 1, 6, 7 and 8 shall survive such termination and remain
in full force and effect.
SECTION 10. Default
by One or More of the Underwriters. If one or more of the Underwriters shall fail at the Closing Time to purchase the Securities which
it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), the Representatives shall have the
right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters,
to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set
forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, then:
(i) if
the aggregate principal amount of Defaulted Securities does not exceed 10% of the aggregate principal amount of Securities to be purchased
on such date, each of the non- defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof
in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting
Underwriters, or
(ii) if
the aggregate principal amount of Defaulted Securities exceeds 10% of the aggregate principal amount of Securities to be purchased on
such date, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter.
No action taken
pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default.
In the event of
any such default which does not result in a termination of this Agreement, either the Representatives or the Company shall have the right
to postpone Closing Time for a period not exceeding seven days in order to effect any required changes in the Registration Statement,
the General Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term “Underwriter”
includes any person substituted for an Underwriter under this Section 10.
SECTION 11. Tax Disclosure.
Notwithstanding any other provision of this Agreement, from the commencement of discussions with respect to the transactions contemplated
hereby, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure (as such terms are used in Sections 6011, 6111 and 6112 of the U.S. Code and the Treasury
Regulations promulgated thereunder) of the transactions contemplated by this Agreement and all materials of any kind (including opinions
or other tax analyses) that are provided relating to such tax treatment and tax structure.
SECTION 12. Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
by any standard form of telecommunication. Notices to the Underwriters shall be directed to the Representatives at BofA Securities, Inc.,
One Bryant Park, New York, NY 10036, Attention: High Grade Debt Capital Markets Transaction Management/Legal, Fax: 212-901-7881, J.P.
Morgan Securities LLC, 383 Madison Avenue, New York NY 10179, attention: Investment Grade Syndicate Desk, facsimile: 212-834-6180, SMBC
Nikko Securities America, Inc. at 277 Park Avenue, New York, NY, 10172, Toll Free: 1-888-868-6856, Attention: Debt Capital Markets
and Wells Fargo Securities, LLC, 550 South Tryon Street, Charlotte, NC 28202, Attention: Transaction Management; Email: [email protected],
with a copy to Freshfields Bruckhaus Deringer US LLP, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007, attention: Valerie
Ford Jacob and Michael Levitt; and notices to the Company, the Adviser and Administrator shall be directed to them at 245 Park Avenue,
44th Floor, New York, NY 10167, attention: General Counsel, with a copy to Kirkland & Ellis LLP, 2049 Century Park East, Suite 3700,
Los Angeles, CA 90067, attention: Monica Shilling and Christopher Wu.
SECTION 13. Parties.
This Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company and their respective successors.
Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than
the Underwriters, the Company, the Adviser and the Administrator and their respective successors and the controlling persons, officers,
directors and other parties referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy
or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof
are intended to be for the sole and exclusive benefit of the Underwriters, the Company, the Adviser and the Administrator and their respective
successors, and said controlling persons, officers, directors and other parties referred to in Sections 6 and 7 and their heirs and legal
representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be
deemed to be a successor by reason merely of such purchase.
SECTION 14. GOVERNING
LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED THERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
SECTION 15. TIME.
TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.
SECTION 16. Submission
to Jurisdiction. Except as set forth below, no claim or action may be commenced, prosecuted or continued in any court other than the
courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District
of New York, which courts shall have jurisdiction over the adjudication of such matters, and each of the Underwriters, the Company, the
Adviser and the Administrator consent to the jurisdiction of such courts and personal service with respect thereto. The Company, the Adviser
and the Administrator hereby consent to personal jurisdiction, service and venue in any court in which any claim or action arising out
of or in any way relating to this Agreement is brought by any third party against the Underwriters or any indemnified party. The Underwriters,
the Company, the Adviser and the Administrator (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise)
in any way arising out of or relating to this Agreement.
SECTION 17. Counterparts.
This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. Electronic signatures complying with the New York Electronic Signatures and Records
Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures
for purposes of this Agreement. Transmission by telecopy, electronic mail or other transmission method of an executed counterpart of this
Agreement will constitute due and sufficient delivery of such counterpart.
SECTION 18. Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.
SECTION 19. USA Patriot
Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)),
the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company,
which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters
to properly identify their respective clients.
SECTION 20. Recognition of the U.S. Special Resolution
Regimes.
(a) In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.
(b) In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.
“BHC Act Affiliate” has the meaning
assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any of the
following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means
each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
[SIGNATURE PAGES FOLLOW]
If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement between the Underwriters, the Company, the Adviser and the Administrator in accordance
with its terms.
| |
Very truly yours, |
| |
|
| |
COMPANY: |
| |
|
| |
ARES CAPITAL CORPORATION |
| |
|
| |
|
| |
By: |
/s/ Kipp deVeer |
| |
|
Name: |
Kipp deVeer |
| |
|
Title: |
Chief Executive Officer |
| |
|
| |
|
| |
ADVISER: |
| |
|
| |
ARES CAPITAL MANAGEMENT LLC |
| |
|
| |
|
| |
By: |
/s/ Joshua M. Bloomstein |
| |
|
Name: |
Joshua M. Bloomstein |
| |
|
Title: |
Vice President and Assistant Secretary |
| |
|
| |
|
| |
ADMINISTRATOR: |
| |
|
| |
ARES OPERATIONS LLC |
| |
|
| |
By: |
/s/ Naseem Sagati Aghili |
| |
|
Name: |
Naseem Sagati Aghili |
| |
|
Title: |
General Counsel and Corporate Secretary |
[Signature Page to Purchase Agreement
– Representatives]
| CONFIRMED AND ACCEPTED, |
|
| as of the date first above written: |
|
| |
|
| BofA SECURITIES, INC. |
|
| J.P. MORGAN SECURITIES LLC |
|
| SMBC Nikko Securities America, Inc. |
|
| Wells Fargo Securities, LLC |
|
| |
|
| By: BOFA SECURITIES, INC. |
|
| |
|
| |
|
| By: |
/s/ Zara Kwan |
|
| |
Name: |
Zara Kwan |
|
| |
Title: |
Managing Director |
|
| |
|
| |
|
| By: J.P. MORGAN SECURITIES LLC |
|
| |
|
| |
|
| By: |
/s/ Stephen L. Sheiner |
|
| |
Name: |
Stephen L. Sheiner |
|
| |
Title: |
Executive Director |
|
| |
|
| |
|
| By: SMBC Nikko Securities America, Inc. |
|
| |
|
| |
|
| By: |
/s/ Thomas Bausano |
|
| |
Name: |
Thomas Bausano |
|
| |
Title: |
Managing Director |
|
| |
|
| |
|
| By: WELLS FARGO SECURITIES, LLC |
|
| |
|
| |
|
| By: |
/s/ Carolyn Hurley |
|
| |
Name: |
Carolyn Hurley |
|
| |
Title: |
Managing Director |
|
For themselves and as Representatives of the other Underwriters
SCHEDULE A
1. The
initial offering price for the Securities shall be 98.983% of the aggregate principal amount thereof plus accrued interest, if any, from
the date of issuance.
2. The
purchase price for the Securities to be paid by the several Underwriters shall be 98.383% of the aggregate principal amount thereof.
| Name of Underwriter | |
Aggregate
Principal
Amount of
Securities to be
Purchased | |
| BofA Securities, Inc. | |
$ | 170,319,000 | |
| J.P. Morgan Securities LLC | |
$ | 170,319,000 | |
| SMBC Nikko Securities America, Inc. | |
$ | 170,319,000 | |
| Wells Fargo Securities, LLC | |
$ | 170,318,000 | |
| Mizuho Securities USA LLC | |
$ | 20,188,000 | |
| MUFG Securities Americas Inc. | |
$ | 20,188,000 | |
| RBC Capital Markets, LLC | |
$ | 20,187,000 | |
| Truist Securities, Inc. | |
$ | 20,187,000 | |
| CIBC World Markets Corp. | |
$ | 6,800,000 | |
| ICBC Standard Bank Plc | |
$ | 6,800,000 | |
| Morgan Stanley & Co. LLC | |
$ | 6,800,000 | |
| Barclays Capital Inc. | |
$ | 5,780,000 | |
| BNP Paribas Securities Corp. | |
$ | 5,780,000 | |
| BNY Mellon Capital Markets, LLC | |
$ | 5,780,000 | |
| Capital One Securities, Inc. | |
$ | 5,780,000 | |
| Goldman Sachs & Co. LLC | |
$ | 5,780,000 | |
| Natixis Securities Americas LLC | |
$ | 5,780,000 | |
| Regions Securities LLC | |
$ | 5,780,000 | |
| SG Americas Securities, LLC | |
$ | 5,780,000 | |
| U.S. Bancorp Investments, Inc. | |
$ | 5,780,000 | |
| ING Financial Markets LLC | |
$ | 2,678,000 | |
| R. Seelaus & Co., LLC | |
$ | 2,677,000 | |
| Academy Securities, Inc. | |
$ | 1,275,000 | |
| Citigroup Global Markets Inc. | |
$ | 1,275,000 | |
| Comerica Securities, Inc. | |
$ | 1,275,000 | |
| Deutsche Bank Securities Inc. | |
$ | 1,275,000 | |
| Keefe, Bruyette & Woods, Inc. | |
$ | 1,275,000 | |
| Loop Capital Markets LLC | |
$ | 1,275,000 | |
| Samuel A. Ramirez & Company, Inc. | |
$ | 1,275,000 | |
| Siebert Williams Shank & Co., LLC | |
$ | 1,275,000 | |
| Total | |
$ | 850,000,000 | |
SCHEDULE B
| 1. | “New Issue” Bloomberg filed with the Commission on May 6, 2024 pursuant to Rule 497(a) (as
a Rule 482ad). |
| 2. | “Guidance” Bloomberg filed with the Commission on May 6, 2024 pursuant to Rule 497(a) (as
a Rule 482ad). |
| 3. | “Launch” Bloomberg filed with the Commission on May 6, 2024 pursuant to Rule 497(a) (as
a Rule 482ad). |
| 4. | The Pricing Term Sheet, dated May 6, 2024, filed with the Commission on May 6, 2024 pursuant to Rule 433 (as a free
writing prospectus). |
SCHEDULE C
ARES CAPITAL CORPORATION
CONSOLIDATED SUBSIDIARIES
| 1. | AC CORPORATE HOLDINGS, INC. - DE |
| 2. | ACAS CRE CDO 2007-1, LLC - DE |
| 4. | ALLIED CRESCENT EQUITY, LLC - DE |
| 5. | ARCC APEX SPV, LLC – DE |
| 8. | ARCC BLOCKER CORP. - DE |
| 9. | ARCC BLOCKER II LLC - DE |
| 10. | ARCC BLOCKER IV LLC - DE |
| 11. | ARCC BLOCKER V LLC - DE |
| 12. | ARCC BLOCKER VI LLC - DE |
| 13. | ARCC BLOCKER VII LLC - DE |
| 14. | ARCC BLOCKER VIII LLC - DE |
| 16. | ARCC FB FUNDING LLC - DE |
| 20. | ARCC GREEN ENERGY PARTNERS BLOCKER LLC - DE |
| 21. | ARCC HEELSTONE LLC - DE |
| 25. | ARCC MBU HOLDINGS LLC - DE |
| 26. | ARCC MCF 1, LLC (f/k/a DYNAMIC EQUITY, LLC) - DE |
| 32. | ARCC OTG PREFERRED CORP. - DE |
| 33. | ARCC PCGI III AIV BLOCKER, INC. - DE |
| 35. | ARCC PCP L.P. - CAYMAN ISLANDS |
| 42. | ARCC S2 LLC (F/K/A AC POSTLE, LLC) - DE |
| 45. | ARCC SK BLOCKER CORP. - DE |
| 48. | ARCC UNIVERSAL CORP. - DE |
| 49. | ARES DIRECT LENDING CLO 1 LLC - DE |
| 50. | ARES CAPITAL CP FUNDING HOLDINGS LLC - DE |
| 51. | ARES CAPITAL CP FUNDING LLC - DE |
| 52. | ARES CAPITAL JB FUNDING LLC - DE |
| 53. | ASCLEPIUS INTERMEDIATE HOLDINGS LLC - DE |
| 54. | ASCLEPIUS HOLDINGS LLC - DE |
| 56. | CALDER EQUITY, LLC - DE |
| 57. | EUROPEAN CAPITAL LIMITED - Guernsey |
| 60. | IVY HILL ASSET MANAGEMENT GP, LLC - DE |
| 61. | MULTIAD EQUITY CORP. - DE |
| 62. | POTOMAC ENERGY CENTER, LLC - VA |
| 63. | POTOMAC INTERMEDIATE HOLDINGS II LLC - DE |
| 64. | POTOMAC INTERMEDIATE HOLDINGS III LLC - DE |
| 66. | STARTEC EQUITY, LLC - DE |
| 67. | SVP HOLDINGS GP LLC - DE |
SCHEDULE D
MARKETING MATERIALS
None.
Exhibit 4.1
ARES
CAPITAL CORPORATION
(Issuer)
and
U.S. Bank Trust Company, National Association
(Trustee)
Indenture
Dated as of May 13, 2024
Providing for the Issuance
of
Debt Securities
TABLE
OF CONTENTS
| |
|
|
Page |
| |
|
|
|
| Article One DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION |
1 |
| |
Section 1.01 |
Definitions |
1 |
| |
Section 1.02 |
Compliance Certificates |
13 |
| |
Section 1.03 |
Form of Documents Delivered to Trustee |
13 |
| |
Section 1.04 |
Acts of Holders |
14 |
| |
Section 1.05 |
Notices, Etc., to Trustee and Company |
15 |
| |
Section 1.06 |
Notice to Holders; Waiver |
16 |
| |
Section 1.07 |
Effect of Headings and Table of Contents |
17 |
| |
Section 1.08 |
Successors and Assigns |
17 |
| |
Section 1.09 |
Separability Clause |
17 |
| |
Section 1.10 |
Benefits of Indenture |
17 |
| |
Section 1.11 |
Governing Law; Jury Trial Waiver |
17 |
| |
Section 1.12 |
Legal Holidays |
17 |
| |
Section 1.13 |
Submission to Jurisdiction |
18 |
| |
|
|
|
| Article Two SECURITIES FORMS |
18 |
| |
Section 2.01 |
Forms of Securities |
18 |
| |
Section 2.02 |
Form of Trustee’s Certificate of Authentication |
19 |
| |
Section 2.03 |
Securities Issuable in Global Form |
19 |
| |
Section 2.04 |
Certificated Notes |
20 |
| |
|
|
|
| Article Three THE SECURITIES |
20 |
| |
Section 3.01 |
Amount Unlimited; Issuable in Series |
20 |
| |
Section 3.02 |
Denominations |
24 |
| |
Section 3.03 |
Execution, Authentication, Delivery and Dating |
24 |
| |
Section 3.04 |
Temporary Securities |
26 |
| |
Section 3.05 |
Registration; Registration of Transfer and Exchange |
26 |
| |
Section 3.06 |
Mutilated, Destroyed, Lost and Stolen Securities |
28 |
| |
Section 3.07 |
Payment of Interest; Interest Rights Preserved; Optional Interest Reset |
29 |
| |
Section 3.08 |
Optional Extension of Maturity |
31 |
| |
Section 3.09 |
Persons Deemed Owners |
32 |
| |
Section 3.10 |
Cancellation |
32 |
| |
Section 3.11 |
Computation of Interest |
33 |
| |
Section 3.12 |
Currency and Manner of Payments in Respect of Securities |
33 |
| |
Section 3.13 |
Appointment and Resignation of Successor Exchange Rate Agent |
36 |
| |
Section 3.14 |
CUSIP Numbers, ISINs and Common Code Numbers |
37 |
| |
|
|
|
| Article Four SATISFACTION AND DISCHARGE |
37 |
| |
Section 4.01 |
Satisfaction and Discharge of Indenture |
37 |
| |
Section 4.02 |
Application of Trust Funds |
38 |
| Article Five REMEDIES |
39 |
| |
Section 5.01 |
Events of Default |
39 |
| |
Section 5.02 |
Acceleration of Maturity; Rescission and Annulment |
41 |
| |
Section 5.03 |
Collection of Indebtedness and Suits for Enforcement by Trustee |
43 |
| |
Section 5.04 |
Trustee May File Proofs of Claim |
44 |
| |
Section 5.05 |
Trustee May Enforce Claims Without Possession of Securities |
45 |
| |
Section 5.06 |
Application of Money Collected |
45 |
| |
Section 5.07 |
Limitation on Suits |
46 |
| |
Section 5.08 |
Unconditional Right of Holders to Receive Principal, Premium and Interest |
46 |
| |
Section 5.09 |
Restoration of Rights and Remedies |
47 |
| |
Section 5.10 |
Rights and Remedies Cumulative |
47 |
| |
Section 5.11 |
Delay or Omission Not Waiver |
47 |
| |
Section 5.12 |
Control by Holders of Securities |
47 |
| |
Section 5.13 |
Waiver of Past Defaults |
48 |
| |
Section 5.14 |
Waiver of Stay or Extension Laws |
48 |
| |
Section 5.15 |
Undertaking for Costs |
48 |
| |
|
|
|
| Article Six THE TRUSTEE |
48 |
| |
Section 6.01 |
Notice of Defaults |
48 |
| |
Section 6.02 |
Certain Rights of Trustee |
50 |
| |
Section 6.03 |
Not Responsible for Recitals or Issuance of Securities |
52 |
| |
Section 6.04 |
May Hold Securities |
52 |
| |
Section 6.05 |
Money Held in Trust |
52 |
| |
Section 6.06 |
Compensation and Reimbursement and Indemnification of Trustee |
53 |
| |
Section 6.07 |
Corporate Trustee Required; Eligibility |
53 |
| |
Section 6.08 |
Disqualification; Conflicting Interests |
53 |
| |
Section 6.09 |
Resignation and Removal; Appointment of Successor |
54 |
| |
Section 6.10 |
Acceptance of Appointment by Successor |
55 |
| |
Section 6.11 |
Merger, Conversion, Consolidation or Succession to Business |
56 |
| |
Section 6.12 |
Appointment of Authenticating Agent |
57 |
| |
Section 6.13 |
Preferential Collection of Claims Against Company |
58 |
| |
|
|
|
| Article Seven HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY |
58 |
| |
Section 7.01 |
Disclosure of Names and Addresses of Holders |
58 |
| |
Section 7.02 |
Preservation of Information; Communications to Holders |
59 |
| |
Section 7.03 |
Reports by Trustee |
59 |
| |
Section 7.04 |
Reports by Company |
59 |
| |
Section 7.05 |
Calculation of Original Issue Discount |
60 |
| |
|
|
|
| Article Eight CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER |
60 |
| |
Section 8.01 |
Company May Consolidate, Etc., Only on Certain Terms |
60 |
| |
Section 8.02 |
Successor Person Substituted |
61 |
| Article Nine SUPPLEMENTAL INDENTURES |
61 |
| |
Section 9.01 |
Supplemental Indentures Without Consent of Holders |
61 |
| |
Section 9.02 |
Supplemental Indentures with Consent of Holders |
63 |
| |
Section 9.03 |
Execution of Supplemental Indentures |
64 |
| |
Section 9.04 |
Effect of Supplemental Indentures |
64 |
| |
Section 9.05 |
Conformity with Trust Indenture Act |
64 |
| |
Section 9.06 |
Reference in Securities to Supplemental Indentures |
64 |
| |
|
|
|
| Article Ten COVENANTS |
65 |
| |
Section 10.01 |
Payment of Principal, Premium, if any, and Interest |
65 |
| |
Section 10.02 |
Maintenance of Office or Agency |
65 |
| |
Section 10.03 |
Money for Securities Payments to Be Held in Trust |
65 |
| |
Section 10.04 |
Additional Amounts |
66 |
| |
Section 10.05 |
Statement as to Compliance |
67 |
| |
Section 10.06 |
Waiver of Certain Covenants |
67 |
| |
Section 10.07 |
Section 18(a)(1)(A) of the Investment Company Act |
68 |
| |
Section 10.08 |
Commission Reports and Reports to Holders |
68 |
| |
|
|
|
| Article Eleven REDEMPTION OF SECURITIES |
68 |
| |
Section 11.01 |
Applicability of Article |
68 |
| |
Section 11.02 |
Notice to Trustee |
68 |
| |
Section 11.03 |
Selection by Trustee of Securities to Be Redeemed |
68 |
| |
Section 11.04 |
Notice of Redemption |
69 |
| |
Section 11.05 |
Deposit of Redemption Price |
70 |
| |
Section 11.06 |
Securities Payable on Redemption Date |
70 |
| |
Section 11.07 |
Securities Redeemed in Part |
71 |
| |
|
|
|
| Article Twelve SINKING FUNDS |
71 |
| |
Section 12.01 |
Applicability of Article |
71 |
| |
Section 12.02 |
Satisfaction of Sinking Fund Payments with Securities |
72 |
| |
Section 12.03 |
Redemption of Securities for Sinking Fund |
72 |
| |
|
|
|
| Article Thirteen REPAYMENT AT THE OPTION OF HOLDERS |
72 |
| |
Section 13.01 |
Applicability of Article |
72 |
| |
Section 13.02 |
Repayment of Securities |
73 |
| |
Section 13.03 |
Exercise of Option |
73 |
| |
Section 13.04 |
When Securities Presented for Repayment Become Due and Payable |
73 |
| |
Section 13.05 |
Securities Repaid in Part |
74 |
| |
|
|
|
| Article Fourteen DEFEASANCE AND COVENANT DEFEASANCE |
74 |
| |
Section 14.01 |
Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance |
74 |
| |
Section 14.02 |
Defeasance and Discharge |
74 |
| |
Section 14.03 |
Covenant Defeasance |
75 |
| |
Section 14.04 |
Conditions to Defeasance or Covenant Defeasance |
75 |
| |
Section 14.05 |
Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions |
77 |
| Article Fifteen MEETINGS OF HOLDERS OF SECURITIES |
78 |
| |
Section 15.01 |
Purposes for Which Meetings May Be Called |
78 |
| |
Section 15.02 |
Call, Notice and Place of Meetings |
78 |
| |
Section 15.03 |
Persons Entitled to Vote at Meetings |
78 |
| |
Section 15.04 |
Quorum; Action |
79 |
| |
Section 15.05 |
Determination of Voting Rights; Conduct and Adjournment of Meetings |
80 |
| |
Section 15.06 |
Counting Votes and Recording Action of Meetings |
81 |
| |
|
|
|
| Article Sixteen SUBORDINATION OF SECURITIES |
81 |
| |
Section 16.01 |
Agreement to Subordinate |
81 |
| |
Section 16.02 |
Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities |
82 |
| |
Section 16.03 |
No Payment on Subordinated Securities in Event of Default on Senior Indebtedness |
84 |
| |
Section 16.04 |
Payments on Subordinated Securities Permitted |
84 |
| |
Section 16.05 |
Authorization of Holders to Trustee to Effect Subordination |
84 |
| |
Section 16.06 |
Notices to Trustee |
84 |
| |
Section 16.07 |
Trustee as Holder of Senior Indebtedness |
85 |
| |
Section 16.08 |
Modifications of Terms of Senior Indebtedness |
85 |
| |
Section 16.09 |
Reliance on Judicial Order or Certificate of Liquidating Agent |
85 |
ARES CAPITAL CORPORATION
Reconciliation and tie between Trust Indenture
Act of 1939
and Indenture, dated as of May 13, 2024
|
Trust Indenture Act Section |
Indenture Section |
| § 310 |
(a)(1) |
6.07 |
| |
(a)(2) |
6.07 |
| |
(a)(5) |
6.07 |
| |
(b) |
6.08 |
| § 311 |
|
6.13 |
| § 312 |
(c) |
7.01 |
| § 313 |
|
7.03 |
| § 314 |
(a) |
7.04 |
| |
(a)(4) |
10.05 |
| |
(c)(1) |
1.02 |
| |
(c)(2) |
1.02 |
| |
(e) |
1.02 |
| § 315 |
(a) |
6.01 |
| |
(b) |
6.01 |
| |
(c) |
6.01 |
| |
(d) |
6.01 |
| |
(e) |
5.15 |
| § 316 |
(a) (last sentence) |
1.01 (“Outstanding”) |
| |
(a)(1)(A) |
5.02, 5.12 |
| |
(a)(1)(B) |
5.13 |
| |
(b) |
5.08 |
| § 317 |
(a)(1) |
5.03 |
| |
(a)(2) |
5.04 |
| |
(b) |
10.03 |
| § 318 |
(a) |
1.11 |
| |
(c) |
1.11 |
NOTE: This reconciliation and tie shall not, for
any purpose, be deemed to be a part of the Indenture.
INDENTURE, dated as of May 13,
2024, between Ares Capital Corporation, a Maryland corporation (the “Company”), and U.S. Bank Trust Company, National
Association, a national banking association, as Trustee (as trustee in such capacity and not in its individual capacity, the “Trustee”).
RECITALS OF THE COMPANY
WHEREAS, the Company deems
it necessary to issue from time to time for its lawful purposes debt securities (hereinafter called the “Securities”)
evidencing its secured or unsecured indebtedness, which may or may not be convertible into or exchangeable for any securities of any Person
(including the Company), and has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to
time of the Securities, to be issued in one or more series, unlimited as to principal amount, to bear such rates of interest, to mature
at such times and to have such other provisions as shall be fixed as hereinafter provided;
WHEREAS, this Indenture (as
defined herein) is subject to the provisions of the Trust Indenture Act (as defined herein) that are required to be part of this Indenture
and shall, to the extent applicable, be governed by such provisions; and
WHEREAS, all things necessary
to make this Indenture a valid and legally binding agreement of, and enforceable against, the Company, in accordance with its terms, have
been done.
NOW, THEREFORE, for and in
consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted
and agreed, for the benefit of each other and for the equal and proportionate benefit of all Holders of the Securities, or of a series
thereof, as follows:
Article One
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
Section 1.01 Definitions.
For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires:
(a) the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular
and, pursuant to Section 3.01, any such item may, with respect to any particular series of Securities, be amended or modified or
specified as being inapplicable;
(b) all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned
to them therein, and the terms “cash transaction” and “self-liquidating paper,” as used in Section 311 of
the Trust Indenture Act, shall have the meanings assigned to them in the rules of the Commission adopted under the Trust Indenture
Act;
(c) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;
(d) the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision;
(e) “or”
is not exclusive;
(f) the
words “include,” “includes” or “including” shall be deemed to be followed by the words “without
limitation”;
(g) provisions
apply to successive events and transactions;
(h) references
to sections of or rules under the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted
by the Commission from time to time; and
(i) any
reference to “execute,” “executed,” “sign,” “signed,” “signature” or any other
like term hereunder shall include execution by electronic signature (including any .pdf file, .jpeg file, or any other electronic or image
file, or any “electronic signature” complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§
301-309), as amended from time to time, which includes any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe
Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the
Trustee), except to the extent the Trustee requests otherwise. Any such electronic signatures shall be deemed original signatures for
all purposes hereunder. Transmission by telecopy, electronic mail or other transmission method of any executed counterpart hereunder will
constitute due and sufficient delivery of such counterpart.
Certain terms, used in other
Articles herein, are defined in those Articles.
“Act,”
when used with respect to any Holder of a Security, has the meaning specified in Section 1.04.
“Additional Amounts”
means any additional amounts that are required by a Security or by or pursuant to a Board Resolution, under circumstances specified therein,
to be paid by the Company in respect of certain taxes imposed on certain Holders and that are owing to such Holders.
“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative
to the foregoing; provided, that “Affiliate” shall not include any portfolio company of the Company over which the
Company may have control or in which the Company may have an investment from time to time.
“Applicable Procedures”
means, with respect to any matter at any time relating to any global Security, the rules, policies and procedures of the Depositary that
apply to such matter.
“Authenticating Agent”
means the Trustee or any authenticating agent appointed by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee to
authenticate Securities of one or more series.
“Bankruptcy Law”
has the meaning specified in Section 5.01.
“Board of Directors”
means the board of directors of the Company, or any duly authorized committee of such board of directors or any officers of the Company
duly authorized so to act by such board of directors.
“Board Resolution”
means a copy of a resolution certified by the Secretary, an Assistant Secretary or another appropriate officer 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.
“Business Day”
means any day other than a Legal Holiday.
“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after
execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties on such date.
“Company”
means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.
“Company Request”
and “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman
(or a Co-Chairman, if applicable), the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, if any, the
President (or a Co-President, if applicable), a Vice President, the Treasurer, the Secretary or an Assistant Secretary of the Company.
“Component Currency”
has the meaning specified in Section 3.12(h).
“Controlled Subsidiary”
means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its direct
or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the
management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.
“Conversion Date”
has the meaning specified in Section 3.12(d).
“Conversion Event”
means the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the
settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the
Euro both within the EMU and for the settlement of transactions by public institutions of or within the EMU or (iii) any currency
unit (or composite currency) other than the Euro for the purposes for which it was established.
“Corporate Trust
Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located 60 Livingston Ave., St. Paul, MN 55107, Attn: Ares Capital Notes Administrator;
Brandon Bonfig, Vice President, [email protected]; provided that for purposes of presentment or surrender of securities
for transfer or payment or exchange, such office is located at Bondholder Services-EP-MN WS2N, 111 Fillmore Avenue East, St. Paul, MN
55107, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal
corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice
to the Holders and the Company).
“corporation”
includes corporations, associations, companies and business trusts.
“Currency”
means any currency or currencies, composite currency or currency unit or currency units, including the Euro, issued by the government
of one or more countries or by any reorganized confederation or association of such governments.
“Default”
means any event that is, or after notice or passage of time or both would be, an Event of Default.
“Defaulted Interest”
has the meaning specified in Section 3.07(a).
“Depositary”
means, with respect to each Security in global form, The Depository Trust Company, until a successor shall have been appointed and becomes
such person, and thereafter, “Depositary” shall mean or include such successor.
“Derivative Instrument”
means, with respect to a Person and the Securities of any series, any contract, instrument or other right to receive payment or delivery
of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection
with such Person’s investment in Securities of such series (other than a Screened Affiliate) is a party (whether or not requiring
further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by
the value and/or performance of such Securities and/or the creditworthiness of the Company (the “Performance References”).
“Directing Holder”
has the meaning specified in Section 5.02.
“Dollar”
or “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time
shall be legal tender for the payment of public and private debts.
“Election Date”
has the meaning specified in Section 3.12(h).
“EMU” means
the Economic and Monetary Union of the European Union.
“Event of Default”
has the meaning specified in Section 5.01.
“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any statute successor thereto, in each case as amended from time to time and
the rules and regulations of the Commission promulgated thereunder.
“Exchange Rate Agent,”
with respect to Securities of or within any series, means, unless otherwise specified with respect to any Securities pursuant to Section 3.01,
a New York Clearing House bank designated pursuant to Section 3.01 or Section 3.13.
“Exchange Rate Officer’s
Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation
and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and
on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 3.02 in the relevant
Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate or the applicable bid quotation
signed by the Chief Financial Officer or any Vice President of the Company.
“Extension Notice”
has the meaning specified in Section 3.08.
“Extension Period”
has the meaning specified in Section 3.08.
“Final Maturity”
has the meaning specified in Section 3.08.
“Foreign Currency”
means any Currency other than the U.S. dollar, including the Euro.
“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight
Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.
“Government Obligations”
means securities that are (i) direct obligations of the United States of America or the government which issued the Foreign Currency
in which the Securities of a particular series are payable, for the payment of which its full faith and credit is pledged or (ii) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government
that issued the Foreign Currency in which the Securities of such series are payable, the timely payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable
or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian
with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held
by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced
by such depository receipt.
“Holder”
means the Person in whose name a Security is registered in the Security Register.
“Holder Direction”
has the meaning specified in Section 5.02.
“Indenture”
means this indenture as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established
as contemplated by Section 3.01; provided, however, that, if at any time more than one Person is acting as Trustee
under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person
is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular series
of Securities for which such Person is Trustee established as contemplated by Section 3.01, exclusive, however, of any provisions
or terms that relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions
were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered
after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.
“Indexed Security”
means a Security as to which all or certain interest payments and/or the principal amount payable at Maturity are determined by reference
to prices, changes in prices, or differences between prices, of securities, Currencies, intangibles, goods, articles or commodities or
by such other objective price, economic or other measures as are specified in Section 3.01 hereof.
“Initial Default”
has the meaning specified in Section 5.02.
“Interest,”
when used with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, means interest payable
after Maturity, and, when used with respect to a Security that provides for the payment of Additional Amounts pursuant to Section 10.04,
includes such Additional Amounts.
“Interest Payment
Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.
“Investment Company
Act” means the Investment Company Act of 1940, as amended, and any statute successor thereto, in each case as amended from time
to time and the rules and regulations of the Commission promulgated thereunder.
“Junior Subordinated
Indebtedness” means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including
indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or
guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it
is provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness and Senior Subordinated
Indebtedness and equally and pari passu in right of payment to any other Junior Subordinated Indebtedness, (ii) Junior Subordinated
Securities, and (iii) renewals, extensions, modifications and refinancings of any such indebtedness.
“Junior Subordinated
Security” or “Junior Subordinated Securities” means any Security or Securities designated pursuant to Section 3.01
as a Junior Subordinated Security.
“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or in the city in which the Corporate Trust
Office is located or in the city in which the Corporate Trust Office is located are authorized or required by law, regulation or executive
order to remain closed.
“Long Derivative
Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the payment or delivery obligations
under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases,
and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.
“Market Exchange
Rate” means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, (i) for any conversion
involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency
unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 3.01 for the Securities of the relevant
series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for cable transfers
quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of
one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance
with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign
Currency from which conversion is being made from major banks located in either New York City, London or any other principal market for
Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect
to any Securities pursuant to Section 3.01, in the event of the unavailability of any of the exchange rates provided for in the foregoing
clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation
of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City,
London or other principal market for such currency or currency unit in question, or such other quotations as the Exchange Rate Agent shall
deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency
or currency unit by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency
unit shall be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency
or currency unit in order to make payments in respect of such securities as determined by the Exchange Rate Agent, in its sole discretion.
“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption,
notice of option to elect repayment, notice of exchange or conversion or otherwise.
“Net Short”
means, with respect to a Holder or beneficial owner of Securities of any series, as of a date of determination, either (i) the value
of its Short Derivative Instruments exceeds the sum of the (x) value of its Securities of such series plus (y) value of its
Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the case
were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with
respect to the Company immediately prior to such date of determination.
“Notice of Default”
has the meaning provided in Section 5.01.
“Officer’s
Certificate” means a certificate signed by the Chairman (or a Co-Chairman, if applicable), the Chief Executive Officer, the
Chief Financial Officer, the Chief Operating Officer, if any, the President (or a Co-President, if applicable), any Vice President, the
Treasurer, the Secretary or an Assistant Secretary of the Company.
“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.
“Optional Reset Date”
has the meaning specified in Section 3.07(b).
“Original Issue Discount
Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.02.
“Original Stated
Maturity” has the meaning specified in Section 3.08.
“Outstanding,”
when used with respect to Securities or any series of Securities, means, as of the date of determination, all Securities or all Securities
of such series, as the case may be, theretofore authenticated and delivered under this Indenture, except:
(i) Securities,
or portions thereof, theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;
(ii) Securities,
or portions thereof, for whose payment or redemption or repayment at the option of the Holder, money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities, provided that, if such Securities
are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made;
(iii) Securities,
except to the extent provided in Sections 14.02 and 14.03, with respect to which the Company has effected defeasance and/or covenant defeasance
as provided in Article Fourteen; and
(iv) Securities
that have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of
the Company;
provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes,
and for the purpose of making the calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount
Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall
be equal to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination,
upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed Outstanding
for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally issued by the Company
as set forth in an Exchange Rate Officer’s Certificate delivered to the Trustee, of the principal amount (or, in the case of an
Original Issue Discount Security or Indexed Security, the Dollar equivalent as of such date of original issuance of the amount determined
as provided in clause (i) above or (iii) below, respectively) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be
equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security
pursuant to Section 3.01, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent
or waiver or upon any such determination as to the presence of a quorum, only Securities which a Responsible Officer of the Trustee actually
knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.
“Paying Agent”
means any Person authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any Securities on behalf
of the Company.
“Performance References”
has the meaning set forth in the definition of “Derivative Instrument.”
“Permitted Junior
Securities” has the meaning specified in Section 16.02.
“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated
organization or government or any agency or political subdivision thereof, or any other entity.
“Position Representation”
has the meaning specified in Section 5.02.
“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost
or stolen Security.
“Redemption Date,”
when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to
this Indenture or the terms of such Security, as applicable.
“Redemption Price,”
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture or the
terms of such Security, as applicable.
“Regular Record Date”
for the interest payable on any Interest Payment Date on the Securities of or within any series means the date specified for that purpose
as contemplated by Section 3.01, whether or not a Business Day.
“Repayment Date,”
when used with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment by or pursuant
to this Indenture.
“Repayment Price,”
when used with respect to any Security to be repaid at the option of the Holder, means the price at which it is to be repaid by or pursuant
to this Indenture.
“Reset Notice”
has the meaning specified in Section 3.07(b).
“Responsible Officer,”
when used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters
and who shall have direct responsibility for the administration of this Indenture.
“Screened Affiliate”
means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and any other Affiliate of such
Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any
other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the
Company or its subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder
that is acting in concert with such Holder in connection with its investment in the Securities of any series and (iv) whose investment
decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert
with such Holder in connection with its investment in the Securities of any series.
“Security”
or “Securities” has the meaning stated in the first recital of this Indenture and, more particularly, means any Security
or Securities authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than
one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee
shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered
under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.
“Security Register”
and “Security Registrar” have the respective meanings specified in Section 3.05.
“Senior Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness of others
guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed,
unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided that such indebtedness
is not senior or prior in right of payment to Subordinated Indebtedness, (ii) Senior Securities, and (iii) renewals, extensions,
modifications and refinancings of any such indebtedness.
“Senior Security”
or “Senior Securities” means any Security or Securities designated pursuant to Section 3.01 as a Senior Security.
“Senior Subordinated
Indebtedness” means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including
indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or
guaranteed, for money borrowed, that in the instrument creating or evidencing the same or pursuant to which the same is outstanding it
is provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness, equally and pari passu
in right of payment with all other Senior Subordinated Indebtedness and senior in right of payment to any Junior Subordinated Indebtedness,
(ii) Senior Subordinated Securities, and (iii) renewals, extensions, modifications and refinancings of any such indebtedness.
“Senior Subordinated
Security” or “Senior Subordinated Securities” means any Security or Securities designated pursuant to Section 3.01
as a Senior Subordinated Security.
“Short Derivative
Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations
under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases,
and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.
“Special Record Date”
for the payment of any Defaulted Interest on the Securities of or within any series means a date fixed by the Trustee pursuant to Section 3.07.
“Specified Amount”
has the meaning specified in Section 3.12(h).
“Stated Maturity,”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security
as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable, as such date
may be extended pursuant to the provisions of Section 3.08.
“Subordinated Indebtedness”
means any Senior Subordinated Indebtedness or Junior Subordinated Indebtedness.
“Subordinated Security”
or “Subordinated Securities” means any Senior Subordinated Security or Junior Subordinated Security.
“Subsequent Interest
Period” has the meaning specified in Section 3.07(b).
“Subsidiary”
means (i) any corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or
by one or more other Subsidiaries of the Company, (ii) any other Person (other than a corporation) in which such Person, one or more
Subsidiaries of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination
thereof has a majority ownership interest, or (iii) a partnership in which such Person or a Subsidiary of such Person is, at the
time, a general partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority ownership
interest. For the purposes of this definition, “voting stock” means stock having voting power for the election of directors,
whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. In addition, for
purposes of this definition, “Subsidiary” shall exclude any investments held by the Company in the ordinary course of business
which are not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries.
“Surviving Person”
has the meaning specified in Section 8.01.
“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this
Indenture was executed, except as provided in Section 9.05.
“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who
is then a Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee”
as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.
“United States”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, the United States of America (including
the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.
“United States Person”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, any individual who is a citizen or resident
of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state
thereof or the District of Columbia (other than a partnership that is not treated as a United States Person under any applicable Treasury
regulations), any estate the income of which is subject to United States federal income taxation regardless of its source, or any trust
if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the trust. Notwithstanding the preceding sentence, to the extent
provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and treated as United States persons prior
to such date that elect to continue to be treated as United States Persons, will also be United States persons.
“Valuation Date”
has the meaning specified in Section 3.12(c).
“Verification Covenant”
has the meaning specified in Section 5.02.
“Yield to Maturity”
means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation
principles.
Section 1.02 Compliance
Certificates.
Upon any application or request
by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied
with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.
Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 10.05) shall
include:
(a) a
statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating
thereto;
(b) a
brief statement as to the nature and scope of the examination or investigation upon which the statements contained in such certificate
or opinion are based;
(c) a
statement that such individual signing the certificate or opinion has made such examination or investigation as is necessary to enable
such individual to express an informed belief as to whether or not such condition or covenant has been complied with; and
(d) a
statement as to whether such individual believes such condition or covenant has been complied with.
Section 1.03 Form of
Documents Delivered to Trustee.
In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion as to some matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents.
Any certificate or opinion
of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations
by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations
with respect to the matters upon which the certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate
or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information as to such factual matters is in the possession of the Company, unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations as to such
matters are erroneous.
Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under
this Indenture, they may, but need not, be consolidated and form one instrument.
Section 1.04 Acts
of Holders.
(a) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders
of the Outstanding Securities of all series or one or more series, as the case may be, may, alternatively, be embodied in and evidenced
by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing,
at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article Fifteen,
or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the
Company.
Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or
of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture
and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in
this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 15.06.
(b) The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a
capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The
fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved
in any other manner that the Trustee deems reasonably sufficient.
(c) The
ownership of Securities shall be proved by the Security Register.
(d) If
the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do
so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution,
which shall be a date not earlier than the date 30 calendar days prior to the first solicitation of Holders generally in connection therewith
and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business
on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding
Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other
Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions
of this Indenture not later than eleven months after the record date.
(e) Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent,
any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.
Section 1.05 Notices,
Etc., to Trustee and Company.
Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with,
(i) the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if in writing and mailed, first-class postage
prepaid, or sent via overnight courier guaranteeing next day delivery or same day messenger service or sent by electronic mail in .pdf
format, to the Trustee at its Corporate Trust Office, Attention: Ares Capital Corporation [identify Securities], or
(ii) the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, or sent via overnight courier guaranteeing next day delivery or same day messenger
service or sent by electronic mail in .pdf format, to the Company, to the attention of its Chief Financial Officer at 245 Park Avenue,
44th Floor, New York, New York 10167.
The Company or the Trustee,
by notice to the other, may designate additional or different addresses for subsequent notices or communications.
All notices and communications
(other than those sent to Holders) shall be deemed to have been duly given: (i) as of the date so delivered, if personally delivered
or if delivered electronically; (ii) five calendar days after being deposited in the mail, postage prepaid, if mailed; and (iii) the
next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.
Section 1.06 Notice
to Holders; Waiver.
Where this Indenture provides
for notice of any event to Holders by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, or by overnight courier guaranteeing next day delivery or by electronic
mail to each such Holder affected by such event, at such Holder’s address or e-mail address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. Any notice or communication
shall also be so mailed or delivered to any Person described in TIA Section 313(c), to the extent required by the TIA. In any case
where notice to Holders of Securities is given as provided herein, neither the failure to send such notice, nor any defect in any notice
so sent, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice mailed or sent
to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder
actually receives such notice.
If by reason of the suspension
of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification to Holders as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders
for every purpose hereunder.
Any request, demand, authorization,
direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.
Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
Notwithstanding any other
provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice
of redemption or purchase) to a Holder of a Security in global form (whether by mail or otherwise), such notice shall be sufficiently
given if given to the Depositary (or its designee) pursuant to Applicable Procedures.
Section 1.07 Effect
of Headings and Table of Contents.
The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.
Section 1.08 Successors
and Assigns.
All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.
Section 1.09 Separability
Clause.
In case any provision in
this Indenture or in any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.
Section 1.10 Benefits
of Indenture.
Nothing in this Indenture
or in the Securities, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying
Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or
claim under this Indenture.
Section 1.11 Governing
Law; Jury Trial Waiver.
This Indenture and the Securities
shall be governed by and construed in accordance with the law of the State of New York without regard to principles of conflicts of laws
that would cause the application of laws of another jurisdiction. EACH OF THE COMPANY, THE TRUSTEE, AND EACH HOLDER OF A SECURITY, BY
ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
This Indenture is subject
to the provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed
by such provisions. If any provision of this Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that
is required under the Trust Indenture Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control.
If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded,
the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so modified or only to the extent not so excluded,
as the case may be.
Section 1.12 Legal
Holidays.
In any case where any Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security is a Legal Holiday,
then (notwithstanding any other provision of this Indenture or any Security other than a provision in the Securities of any series which
specifically states that such provision shall apply in lieu of this Section), payment of principal (or premium, if any) or interest,
if any, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made
on the Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity; provided
that no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment
Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be.
Section 1.13 Submission
to Jurisdiction.
The Company hereby irrevocably
submits to the non-exclusive jurisdiction of any New York state or federal court sitting in The City of New York in any action or proceeding
arising out of or relating to the Indenture and the Securities of any series, and the Company hereby irrevocably agrees that all claims
in respect of such action or proceeding may be heard and determined in such New York state or federal court. The Company hereby irrevocably
waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.
Article Two
SECURITIES FORMS
Section 2.01 Forms
of Securities.
The Securities of each series,
the temporary global Securities of each series, if any, and the permanent global Securities of each series, if any, to be endorsed thereon
shall be in substantially the forms as shall be established in one or more indentures supplemental hereto or approved from time to time
by or pursuant to a Board Resolution in accordance with Section 3.01, shall have such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture or any indenture supplemental hereto, and may have such letters,
numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate
and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Securities may be listed, or
to conform to usage.
The definitive Securities
of each series shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods or may be produced
in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.
Unless otherwise provided
as contemplated by Section 3.01 with respect to any series of Securities, the Securities of each series shall be issuable in registered
form without coupons.
Section 2.02 Form of
Trustee’s Certificate of Authentication.
Subject to Section 6.12,
the Trustee’s certificate of authentication shall be in substantially the following form:
This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.
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U.S. Bank Trust Company, National Association, as Trustee |
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By: |
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Authorized Officer |
Section 2.03 Securities
Issuable in Global Form.
If Securities of or within
a series are issuable in global form, as contemplated by Section 3.01, then, notwithstanding clause (viii) of Section 3.01
and the provisions of Section 3.02, any such Security shall represent such of the Outstanding Securities of such series as shall
be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities of such series from time
to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to
time be increased or decreased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee or the Security Registrar in such
manner and upon instructions given by such Person or Persons as shall be specified therein or in the Company Order to be delivered to
the Trustee pursuant to Section 3.03 or 3.04. Subject to the provisions of Section 3.03 and, if applicable, Section 3.04,
the Trustee or the Security Registrar shall deliver and redeliver any Security in permanent global form in the manner and upon instructions
given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 3.03
or 3.04 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement, delivery or redelivery
of a Security in global form shall be in writing but need not comply with Section 1.02 and need not be accompanied by an Opinion
of Counsel.
The provisions of the last
sentence of Section 3.03 shall apply to any Security represented by a Security in global form if such Security was never issued
and sold by the Company and the Company delivers to the Trustee or the Security Registrar the Security in global form together with written
instructions (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 3.03.
Notwithstanding the provisions
of Section 3.07, unless otherwise specified as contemplated by Section 3.01, payment of principal of (and premium, if any)
and interest, if any, on any Security in permanent global form shall be made to the Person or Persons specified therein.
Notwithstanding the provisions
of Section 3.09 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the
Trustee shall treat the Holder of a permanent global Security as the Holder of such principal amount of Outstanding Securities represented
by such permanent global Security.
Section 2.04 Certificated
Notes.
Notwithstanding anything
to the contrary in this Indenture, a Security in physical, certificated form will be issued and delivered to each person that the Depositary
identifies as a beneficial owner of the related Security only if:
(a) the
Depositary notifies the Company at any time that it is unwilling or unable to continue as depositary for such Security in global form
and a successor depositary is not appointed within 90 days;
(b) the
Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90
days; or
(c) an
Event of Default with respect to such Security has occurred and is continuing and such beneficial owner requests that its Security be
issued in physical, certificated form.
Article Three
THE SECURITIES
Section 3.01 Amount
Unlimited; Issuable in Series.
The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued
in one or more series, each of which may consist of one or more tranches, and shall be designated as Senior Securities, Senior Subordinated
Securities or Junior Subordinated Securities. Senior Securities are unsubordinated, shall rank equally and pari passu with all
of the Company’s Senior Indebtedness and senior to all Subordinated Indebtedness. Senior Subordinated Securities shall rank junior
to the Company’s Senior Indebtedness, equally and pari passu with all other Senior Subordinated Indebtedness and senior
to any Junior Subordinated Indebtedness. Junior Subordinated Securities shall rank junior to the Company’s Senior Indebtedness
and any Senior Subordinated Indebtedness and equally and pari passu with all other Junior Subordinated Indebtedness. There shall
be established in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 3.03,
set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, any or all of the following, as applicable (each of which (except for the
matters set forth in clauses (i), (ii) and (xv) below), if so provided, may be determined from time to time by the Company
with respect to unissued Securities of the series when issued from time to time):
(i) the
title of the Securities of the series including CUSIP numbers (which shall distinguish the Securities of such series from all other series
of Securities);
(ii) any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05, and except for any Securities which, pursuant to Section 3.03,
are deemed never to have been authenticated and delivered hereunder);
(iii) the
date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the Securities of
the series shall be payable;
(iv) the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined,
the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment
Dates on which such interest will be payable and the Regular Record Date, if any, for the interest payable on any Security on any Interest
Payment Date, or the method by which such date shall be determined, and the basis upon which such interest shall be calculated if other
than that of a 360-day year of twelve 30-day months;
(v) the
place or places, if any, other than or in addition to the Corporate Trust Office, where the principal of (and premium, if any) and interest,
if any, on Securities of the series shall be payable, any Securities of the series may be surrendered for registration of transfer, Securities
of the series may be surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered
for conversion or exchange, as applicable, and where notices or demands to or upon the Company in respect of the Securities of the series
and this Indenture may be served;
(vi) the
period or periods within which, or the date or dates on which, the price or prices at which, the Currency or Currencies in which, and
other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if
the Company is to have the option;
(vii) the
obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous provision
or at the option of a Holder thereof, and the period or periods within which or the date or dates on which, the price or prices at which,
the Currency or Currencies in which, and other terms and conditions upon which Securities of the series shall be redeemed, repaid or
purchased, in whole or in part, pursuant to such obligation;
(viii) if
other than denominations of $1,000 and any integral multiple thereof, the denomination or denominations in which any Securities of the
series shall be issuable;
(ix) if
other than the Trustee, the identity of each Security Registrar and/or Paying Agent;
(x) if
other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.02, upon redemption of the Securities of the series which are redeemable
before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which the Trustee shall be entitled to claim
pursuant to Section 5.04 or the method by which such portion shall be determined;
(xi) if
other than Dollars, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest, if any, on the
Securities of the series shall be made or in which the Securities of the series shall be denominated and the particular provisions applicable
thereto in accordance with, in addition to or in lieu of any of the provisions of Section 3.12;
(xii) whether
the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies,
commodities, equity indices or other indices), and the manner in which such amounts shall be determined;
(xiii) whether
the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election of the
Company or a Holder thereof, in one or more Currencies other than that in which such Securities are denominated or stated to be payable,
the period or periods within which (including the Election Date), and the terms and conditions upon which, such election may be made,
and the time and manner of determining the exchange rate between the Currency or Currencies in which such Securities are denominated
or stated to be payable and the Currency or Currencies in which such Securities are to be paid, in each case in accordance with, in addition
to or in lieu of any of the provisions of Section 3.12;
(xiv) provisions,
if any, granting special rights to the Holders of Securities of the series, including with respect to any collateral securing such Securities;
(xv) any
deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications of or
additions to any of the provisions of Section 10.07) of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;
(xvi) whether
any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be
issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange
such interests for Securities of such series in certificated form and of like tenor of any authorized form and denomination and the circumstances
under which any such exchanges may occur, if other than in the manner provided in Section 3.05;
(xvii) the
date as of which any temporary global Security representing Outstanding Securities of the series shall be dated if other than the date
of original issuance of the first Security of the series to be issued;
(xviii) the
Person to whom any interest on any Security of the series shall be payable, if other than the Person in whose name such Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, and the extent
to which, or the manner in which, any interest payable on a global Security on an Interest Payment Date will be paid if other than in
the manner provided in Section 3.07;
(xix) the
applicability, if any, of Sections 14.02 and/or 14.03 to the Securities of the series and any provisions in modification of, in addition
to or in lieu of any of the provisions of Article Fourteen;
(xx) if
the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security
of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or
terms of such certificates, documents or conditions;
(xxi) whether,
under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by Section 10.04 on
the Securities of the series to any Holder who is not a United States Person (including any modification to the definition of such term)
in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities
rather than pay such Additional Amounts (and the terms of any such option);
(xxii) the
designation of the initial Exchange Rate Agent, if any;
(xxiii) if
the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be authenticated
and delivered;
(xxiv) if
the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the Company), the
terms and conditions upon which such Securities will be so convertible or exchangeable;
(xxv) if
the Securities of the series are to be listed on a securities exchange, the name of such exchange; and
(xxvi) any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture or the requirements of the Trust
Indenture Act), including, but not limited to, secured Securities and guarantees of Securities.
All Securities of any one
series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board
Resolution referred to above (subject to Section 3.03) and set forth in the Officer’s Certificate referred to above or in
any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided,
a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series.
If any of the terms of the
Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of
such action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officer’s Certificate setting forth the terms of the Securities of such series.
Section 3.02 Denominations.
The Securities of each series
shall be issuable in such denominations as shall be specified as contemplated by Section 3.01. With respect to Securities of any
series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Securities of
such series, other than Securities issued in global form (which may be of any denomination), shall be issuable in denominations of $1,000
and any integral multiple thereof.
Section 3.03 Execution,
Authentication, Delivery and Dating.
The Securities shall be executed
on behalf of the Company by the Chairman (or a Co-Chairman, if applicable), the Chief Executive Officer, the Chief Financial Officer,
the Chief Operating Officer, if any, the President (or a Co-President, if applicable), any Vice President, the Treasurer, the Secretary
or any Assistant Secretary of the Company. The signature of any of these officers on the Securities may be manual or by facsimile, .pdf
attachment or other electronically transmitted signature of the present or any future such authorized officer and may be imprinted or
otherwise reproduced on the Securities.
Securities bearing the signatures
of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices
at the date of such Securities.
At any time and from time
to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series, executed by the Company,
to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee
in accordance with the Company Order shall authenticate and deliver such Securities. If all the Securities of any series are not to be
issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order
may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities
of such series, such as interest rate, maturity date, date of issuance and date from which interest shall accrue. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon,
(a) an
Opinion of Counsel stating,
(i) that
the form or forms of such Securities have been established in conformity with the provisions of this Indenture;
(ii) that
the terms of such Securities have been established in conformity with the provisions of this Indenture; and
(iii) that
such Securities, when completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication
in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company
in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations
of the Company, enforceable in accordance with their terms, subject to (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer, fraudulent conveyance and other similar laws of general applicability relating to or affecting the enforcement of creditors’
rights, (b) general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law),
(c) other commonly recognized statutory and judicial constraints as to enforceability, including statutes of limitations, (d) public
policy considerations which may limit the rights of parties to obtain certain remedies and (e) such other qualifications as such
counsel shall conclude do not materially affect the rights of Holders of such Securities; and
(b) an
Officer’s Certificate stating, to the best of the knowledge of the signers of such certificate, that no Event of Default with respect
to any of the Securities shall have occurred and be continuing.
Notwithstanding the provisions
of Section 3.01 and of this Section 3.03, if all the Securities of any series are not to be issued at one time, it shall not
be necessary to deliver an Officer’s Certificate otherwise required pursuant to Section 3.01 or the Company Order, Opinion
of Counsel or Officer’s Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security
of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall be delivered
at or before the time of issuance of the first Security of such series.
If such form or terms have
been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties, obligations or immunities under the Securities and this Indenture or otherwise
in a manner that is not reasonably acceptable to the Trustee. Notwithstanding the generality of the foregoing, the Trustee will not be
required to authenticate Securities denominated in a Foreign Currency if the Trustee reasonably believes that it would be unable to perform
its duties with respect to such Securities.
Each Security shall be dated
the date of its authentication.
No Security shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of
authentication substantially in the form provided for herein duly executed by the Trustee or an Authenticating Agent by manual signature
of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing,
if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section 3.10 together with a written statement (which need
not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued
and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.
Section 3.04 Temporary
Securities.
(a) Pending
the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are typewritten, printed, lithographed or engraved or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form, and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced
by their execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form.
Except in the case of temporary
Securities in global form, if temporary Securities of any series are issued, the Company will cause definitive Securities of that series
to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series.
Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount and like tenor of definitive Securities of the same series of authorized
denominations. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under
this Indenture as definitive Securities of such series.
Section 3.05 Registration;
Registration of Transfer and Exchange.
The Company shall cause to
be kept for each series of Securities a register or registers herein sometimes referred to collectively as the “Security Register”
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and
of transfers of Securities. The Security Register shall be in written form or any other form capable of being converted into written
form within a reasonable time and kept at the office or agency of the Security Registrar. The Trustee, at its Corporate Trust Office,
is hereby initially appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities
on such Security Register as herein provided, and for facilitating exchanges of temporary global Securities for permanent global Securities
or definitive Securities, or both, or of permanent global Securities for definitive Securities, or both, as herein provided. In the event
that the Trustee shall cease to be Security Registrar, it shall have the right to examine the Security Register at all reasonable times.
Upon surrender for registration
of transfer of any Security of any series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of a like
aggregate principal amount, bearing a number not contemporaneously outstanding and containing identical terms and provisions.
At the option of the Holder,
Securities of any series may be exchanged for other Securities of the same series, of any authorized denomination or denominations and
of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Securities to be exchanged. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities
that the Holder making the exchange is entitled to receive.
Notwithstanding the foregoing,
except as otherwise specified as contemplated by Section 3.01, any permanent global Security shall be exchangeable only as provided
in this paragraph. If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 3.01
and provided that any applicable notice provided in the permanent global Security shall have been given, then without unnecessary delay
but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall deliver to the Trustee
definitive Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such permanent
global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global
Security shall be surrendered by the Depositary or such other depositary as shall be specified in the Company Order with respect thereto
to the Trustee, as the Company’s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or from time to
time in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange
for each portion of such permanent global Security, an equal aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged; provided, however,
that no such exchanges may occur during a period beginning at the opening of business 15 calendar days before any selection of Securities
to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those selected
for redemption. If a Security is issued in exchange for any portion of a permanent global Security after the close of business at the
office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or
agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office
or agency on the related proposed date for payment of Defaulted Interest or interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in respect of such Security, but will be payable on such Interest
Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such
permanent global Security is payable in accordance with the provisions of this Indenture.
All Securities issued upon
any registration of transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled
to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
Every Security presented
or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar or any transfer
agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar,
duly executed by the Holder thereof or its attorney or any transfer agent duly authorized in writing.
No service charge shall be
made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any transfer.
The Company shall not be
required to (i) issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption
during a period beginning at the opening of business 15 calendar days before selection of the Securities to be redeemed under Section 11.03
and ending at the close of business on the day of the mailing or delivering of the relevant notice of redemption, (ii) register
the transfer of or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed
in part, the portion thereof not to be redeemed, or (iii) issue, register the transfer of or exchange any Security that has been
surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid.
Each Holder agrees to indemnify
the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security
in violation of any provision of this Indenture and/or applicable U.S. federal or state securities laws.
None of the Trustee, any
Paying Agent, the Security Registrar or the Company shall have any responsibility for any actions taken or not taken by the Depositary.
Section 3.06 Mutilated,
Destroyed, Lost and Stolen Securities.
If any mutilated Security
is surrendered to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company
or the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions and
bearing a number not contemporaneously outstanding.
If there shall be delivered
to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then the Company shall,
subject to the following paragraph, execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same series and principal amount, containing identical terms and provisions and bearing
a number not contemporaneously outstanding.
Notwithstanding the provisions
of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.
Upon the issuance of any
new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any
series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series
duly issued hereunder.
The provisions of this Section are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.
Section 3.07 Payment
of Interest; Interest Rights Preserved; Optional Interest Reset.
(a) Except
as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 3.01, interest, if any,
on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 10.02; provided,
however, that each installment of interest, if any, on any Security may at the Company’s option be paid by (i) mailing
a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 3.09, to the
address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located in
the United States.
Except as otherwise specified
with respect to a series of Securities in accordance with the provisions of Section 3.01, any interest on any Security of any series
that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:
(i) The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Security of such series and the date of the proposed payment (which shall not be less than 20 calendar days after
such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the Currency
in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of
such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) equal to the aggregate amount proposed
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon, the Company shall fix a Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment and not less
than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee
of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series
at his address as it appears in the Security Register not less than 10 calendar 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 the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (ii).
(ii) The
Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (and certification by the Company
that the proposed manner of payment complies with the requirements of this clause (ii)), such manner of payment shall be deemed practicable
by the Trustee.
(b) The
provisions of this Section 3.07(b) may be made applicable to any series of Securities pursuant to Section 3.01 (with such
modifications, additions or substitutions as may be specified pursuant to such Section 3.01). The interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on
the date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company may exercise
such option with respect to such Security by notifying the Trustee of such exercise at least 45 but not more than 60 calendar days prior
to an Optional Reset Date for such Security. Not later than 40 calendar days prior to each Optional Reset Date, the Trustee shall transmit,
in the manner provided for in Section 1.06, to the Holder of any such Security a notice (the “Reset Notice”)
indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used to calculate such interest
rate, if applicable), and if so (i) such new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the
provisions, if any, for redemption during the period from such Optional Reset Date to the next Optional Reset Date or if there is no
such next Optional Reset Date, to the Stated Maturity of such Security (each such period a “Subsequent Interest Period”),
including the date or dates on which or the period or periods during which and the price or prices at which such redemption may occur
during the Subsequent Interest Period.
Notwithstanding the foregoing,
not later than 20 calendar days prior to the Optional Reset Date (or if 20 calendar days does not fall on a Business Day, the next succeeding
Business Day), the Company may, at its option, revoke the interest rate (or the spread or spread multiplier used to calculate such interest
rate, if applicable) provided for in the Reset Notice and establish a higher interest rate (or a spread or spread multiplier providing
for a higher interest rate, if applicable) for the Subsequent Interest Period by causing the Trustee to transmit, in the manner provided
for in Section 1.06, notice of such higher interest rate (or such higher spread or spread multiplier providing for a higher interest
rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the interest
rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on an Optional Reset Date, and
with respect to which the Holders of such Securities have not tendered such Securities for repayment (or have validly revoked any such
tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such higher spread or spread multiplier providing
for a higher interest rate, if applicable).
The Holder of any such Security
will have the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal
to the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset
Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of Holders except that the
period for delivery or notification to the Trustee shall be at least 25 but not more than 35 calendar days prior to such Optional Reset
Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written
notice to the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional Reset Date.
Subject to the foregoing
provisions of this Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried
by such other Security.
Section 3.08 Optional
Extension of Maturity.
The provisions of this Section 3.08
may be made applicable to any series of Securities pursuant to Section 3.01 (with such modifications, additions or substitutions
as may be specified pursuant to such Section 3.01). The Stated Maturity of any Security of such series may be extended at the option
of the Company for the period or periods specified on the face of such Security (each an “Extension Period”) up to
but not beyond the date (the “Final Maturity”) set forth on the face of such Security. The Company may exercise such
option with respect to any Security by notifying the Trustee of such exercise at least 45 but not more than 60 calendar days prior to
the Stated Maturity of such Security in effect prior to the exercise of such option (the “Original Stated Maturity”).
If the Company exercises such option, the Trustee shall transmit, in the manner provided for in Section 1.06, to the Holder of such
Security not later than 40 calendar days prior to the Original Stated Maturity a notice (the “Extension Notice”),
prepared by the Company, indicating (i) the election of the Company to extend the Stated Maturity, (ii) the new Stated Maturity,
(iii) the interest rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable), if any,
applicable to the Extension Period and (iv) the provisions, if any, for redemption during such Extension Period. Upon the Trustee’s
transmittal of the Extension Notice, the Stated Maturity of such Security shall be extended automatically and, except as modified by
the Extension Notice and as described in the next paragraph, such Security will have the same terms as prior to the transmittal of such
Extension Notice.
Notwithstanding the foregoing,
not later than 20 calendar days before the Original Stated Maturity (or if 20 calendar days does not fall on a Business Day, the next
succeeding Business Day) of such Security, the Company may, at its option, revoke the interest rate (or spread, spread multiplier or
other formula to calculate such interest rate, if applicable) provided for in the Extension Notice and establish a higher interest rate
(or spread, spread multiplier or other formula to calculate such higher interest rate, if applicable) for the Extension Period by causing
the Trustee to transmit, in the manner provided for in Section 1.06, notice of such higher interest rate (or spread, spread multiplier
or other formula to calculate such interest rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All
Securities with respect to which the Stated Maturity is extended will bear such higher interest rate.
If the Company extends the
Stated Maturity of any Security, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated
Maturity at a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Stated Maturity thereof, the Holder must follow the procedures set forth in Article Thirteen
for repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at least 25 but not
more than 35 calendar days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security for repayment
pursuant to an Extension Notice, the Holder may by written notice to the Trustee revoke such tender for repayment until the close of
business on the tenth day before the Original Stated Maturity.
Section 3.09 Persons
Deemed Owners.
Prior to due presentment
of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium,
if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.
None of the Company, the
Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.
Notwithstanding the foregoing,
with respect to any global temporary or permanent Security, nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as
a Holder, with respect to such global Security or impair, as between such depositary and owners of beneficial interests in such global
Security, the operation of customary practices governing the exercise of the rights of such depositary (or its nominee) as Holder of
such global Security.
Section 3.10 Cancellation.
All Securities surrendered
for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking
fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities surrendered
directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee
for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever,
and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the
Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated
in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture.
Cancelled Securities held by the Trustee shall be destroyed by the Trustee in accordance with its customary procedures, unless by a Company
Order the Company directs the Trustee to deliver a certificate of such destruction to the Company or to return them to the Company.
Section 3.11 Computation
of Interest.
Except as otherwise specified
as contemplated by Section 3.01 with respect to Securities of any series, interest, if any, on the Securities of each series shall
be computed on the basis of a 360-day year consisting of twelve 30-day months.
Section 3.12 Currency
and Manner of Payments in Respect of Securities.
(a) Unless
otherwise specified with respect to any Securities pursuant to Section 3.01, with respect to Securities of any series not permitting
the election provided for in paragraph (b) below or the Holders of which have not made the election provided for in paragraph (b) below,
payment of the principal of (and premium, if any) and interest, if any, on any Security of such series will be made in the Currency in
which such Security is payable. The provisions of this Section 3.12 may be modified or superseded with respect to any Securities
pursuant to Section 3.01.
(b) It
may be provided pursuant to Section 3.01 with respect to Securities of any series that Holders shall have the option, subject to
paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any) or interest, if any, on such Securities
in any of the Currencies which may be designated for such election by delivering to the Trustee for such series of Securities a written
election with signature guarantees and in the applicable form established pursuant to Section 3.01, not later than the close of
business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to receive such payments in any
such Currency, such election will remain in effect for such Holder or any transferee of such Holder until changed by such Holder or such
transferee by written notice to the Trustee for such series of Securities (but any such change must be made not later than the close
of business on the Election Date immediately preceding the next payment date to be effective for the payment to be made on such payment
date and no such change of election may be made with respect to payments to be made on any Security of such series with respect to which
an Event of Default has occurred or with respect to which the Company has deposited funds pursuant to Article Four or Fourteen or
with respect to which a notice of redemption has been given by the Company or a notice of option to elect repayment has been sent by
such Holder or such transferee). Any Holder of any such Security who shall not have delivered any such election to the Trustee of such
series of Securities not later than the close of business on the applicable Election Date will be paid the amount due on the applicable
payment date in the relevant Currency as provided in paragraph (a) above. The Trustee for each such series of Securities shall notify
the Exchange Rate Agent as soon as practicable after the Election Date of the aggregate principal amount of Securities for which Holders
have made such written election.
(c) Unless
otherwise specified pursuant to Section 3.01, if the election referred to in paragraph (b) above has been provided for pursuant
to Section 3.01, then, unless otherwise specified pursuant to Section 3.01, not later than the fourth Business Day after the
Election Date for each payment date for Securities of any series, the Exchange Rate Agent will deliver to the Company a written notice
specifying the Currency in which Securities of such series are payable, the respective aggregate amounts of principal of (and premium,
if any) and interest, if any, on the Securities to be paid on such payment date, specifying the amounts in such Currency so payable in
respect of the Securities as to which the Holders of Securities denominated in any Currency shall have elected to be paid in another
Currency as provided in paragraph (b) above. If the election referred to in paragraph (b) above has been provided for pursuant
to Section 3.01 and if at least one Holder has made such election, then, unless otherwise specified pursuant to Section 3.01,
on the second Business Day preceding such payment date the Company will deliver to the Trustee for such series of Securities an Exchange
Rate Officer’s Certificate in respect of the Dollar or Foreign Currency or Currencies payments to be made on such payment date.
Unless otherwise specified pursuant to Section 3.01, the Dollar or Foreign Currency or Currencies amount receivable by Holders of
Securities who have elected payment in a Currency as provided in paragraph (b) above shall be determined by the Company on the basis
of the applicable Market Exchange Rate in effect on the second Business Day (the “Valuation Date”) immediately preceding
each payment date, and such determination shall be conclusive and binding for all purposes, absent manifest error.
(d) If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than pursuant
to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal of (and
premium, if any) and interest, if any on the applicable Securities denominated or payable in such Foreign Currency occurring after the
last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the currency of payment
for use on each such payment date. Unless otherwise specified pursuant to Section 3.01, the Dollar amount to be paid by the Company
to the Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of such Securities with respect
to such payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency
or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent
in the manner provided in paragraph (f) or (g) below.
(e) Unless
otherwise specified pursuant to Section 3.01, if the Holder of a Security denominated in any Currency shall have elected to be paid
in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such elected Currency, such
Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion
Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive
payment in Dollars as provided in paragraph (d) of this Section 3.12.
(f) The
“Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be obtained for
each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion
Date.
(g) The
“Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions
of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into
Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.
(h) For
purposes of this Section 3.12, the following terms shall have the following meanings:
A “Component Currency”
shall mean any currency which, on the Conversion Date, was a component currency of the relevant currency unit.
A “Specified Amount”
of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the
relevant currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered by
way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion.
If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts
of such Component Currencies shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts
of such consolidated Component Currencies expressed in such single currency, and such amount shall thereafter be a Specified Amount and
such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into
two or more currencies, the Specified Amount of such Component Currency shall be replaced by amounts of such two or more currencies,
having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent
of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately before such division, and such amounts
shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the Conversion Date of
the relevant currency unit, a Conversion Event (other than any event referred to above in this definition of “Specified Amount”)
occurs with respect to any Component Currency of such currency unit and is continuing on the applicable Valuation Date, the Specified
Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars
at the Market Exchange Rate in effect on the Conversion Date of such Component Currency.
An “Election Date”
shall mean the Regular Record Date for the applicable series of Securities or at least 16 calendar days prior to Maturity, as the case
may be, or such other prior date for any series of Securities as specified pursuant to clause (xiii) of Section 3.01 by which
the written election referred to in Section 3.12(b) may be made.
All decisions and determinations
of the Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market
Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest
error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series of Securities
and all Holders of such Securities denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written
notice to the Company and the Trustee for the appropriate series of Securities of any such decision or determination.
In the event that the Company
determines in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written
notice thereof and of the applicable Conversion Date to the Trustee of the appropriate series of Securities and to the Exchange Rate
Agent (and such Trustee will promptly thereafter give notice in the manner provided in Section 1.06 to the affected Holders) specifying
the Conversion Date. In the event the Company so determines that a Conversion Event has occurred with respect to the Euro or any other
currency unit in which Securities are denominated or payable, the Company will immediately give written notice thereof to the Trustee
of the appropriate series of Securities and to the Exchange Rate Agent (and such Trustee will promptly thereafter give notice in the
manner provided in Section 1.06 to the affected Holders) specifying the Conversion Date and the Specified Amount of each Component
Currency on the Conversion Date. In the event the Company determines in good faith that any subsequent change in any Component Currency
as set forth in the definition of Specified Amount above has occurred, the Company will similarly give written notice to the Trustee
of the appropriate series of Securities and to the Exchange Rate Agent.
The Trustee of the appropriate
series of Securities shall be fully justified and protected in relying and acting upon information received by it from the Company and
the Exchange Rate Agent and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent.
Section 3.13 Appointment
and Resignation of Successor Exchange Rate Agent.
(a) Unless
otherwise specified pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a Foreign
Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture,
then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. The
Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the manner specified
pursuant to Section 3.01 for the purpose of determining the applicable rate of exchange and, if applicable, for the purpose of converting
the issued Foreign Currency into the applicable payment Currency for the payment of principal (and premium, if any) and interest, if
any, pursuant to Section 3.12.
(b) No
resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall become
effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to
the Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the successor Exchange Rate
Agent.
(c) If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agent for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being
understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such
series and that, unless otherwise specified pursuant to Section 3.01, at any time there shall only be one Exchange Rate Agent with
respect to the Securities of any particular series that are originally issued by the Company on the same date and that are initially
denominated and/or payable in the same Currency).
Section 3.14 CUSIP
Numbers, ISINs and Common Code Numbers.
The Company in issuing the
Securities may use “CUSIP” numbers, “ISINs” and/or “Common Code” numbers (if then generally in use),
and, if so, the Trustee shall indicate the respective “CUSIP” numbers, “ISINs” and/or “Common Code”
numbers of the Securities in notices as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that
reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Company shall advise the Trustee as promptly as practicable in writing of any change
in the “CUSIP” numbers, “ISINs” and/or “Common Code” numbers of any Securities.
Article Four
SATISFACTION AND DISCHARGE
Section 4.01 Satisfaction
and Discharge of Indenture.
Except as set forth below,
this Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company
Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for
herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders and any right to receive Additional
Amounts, as provided in Section 10.04), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when
(a) either
(i) all
Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series that have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06 and (ii) Securities of such series for whose
payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee
for cancellation; or
(ii) all
Securities of such series not theretofore delivered to the Trustee for cancellation
(1) have
become due and payable, or
(2) will
become due and payable at their Stated Maturity within one year, or
(3) if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,
and the Company, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, solely
for the benefit of the Holders, an amount in the Currency in which the Securities of such series are payable, sufficient to pay and discharge
the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if
any) and interest, if any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated
Maturity or Redemption Date, as the case may be;
(b) the
Company has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the Company; and
(c) the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.
Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under Section 6.06, the obligations
of the Company to any Authenticating Agent under Section 6.12 and, if money shall have been deposited with the Trustee pursuant
to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph
of Section 10.03 shall survive any termination of this Indenture.
Section 4.02 Application
of Trust Funds.
Subject to the provisions
of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust
and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with or received by the
Trustee, but such money need not be segregated from other funds except to the extent required by law.
Article Five
REMEDIES
Section 5.01 Events
of Default.
“Event of Default,”
wherever used herein with respect to any particular series of Securities, means any one of the following events, unless it is either
inapplicable to a particular series or is specifically deleted or modified in or pursuant to the supplemental indenture or a Board Resolution
establishing such series of Securities or is in the form of Security for such series:
(i) default
in the payment of any interest upon any Security of that series, when such interest becomes due and payable, and continuance of such
default for a period of 30 calendar days; or
(ii) default
in the payment of the principal of (or premium, if any, on) any Security of that series when it becomes due and payable at its Maturity,
and continuance of such default for a period of 5 Business Days; or
(iii) default
in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series, and continuance of such default
for a period of 5 Business Days; or
(iv) default
in the performance, or breach, of any covenant or agreement of the Company in this Indenture with respect to any Security of that series
(other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt
with or that has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series),
and continuance of such default or breach for a period of 60 consecutive calendar days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder;
(v) the
Company, pursuant to or within the meaning of any Bankruptcy Law:
(1) commences
a voluntary case or proceeding under any Bankruptcy Law,
(2) consents
to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking reorganization
or relief against it,
(3) consents
to the entry of a decree or order for relief against it in an involuntary case or proceeding,
(4) consents
to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for all or substantially
all of its property, or
(5) makes
an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they become due or takes
any corporate action in furtherance of any such action;
(vi) a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(1) is
for relief against the Company in an involuntary case or proceeding, or
(2) adjudges
the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Company, or
(3) appoints
a Custodian of the Company or for all or substantially all of its property, or
(4) orders
the winding up or liquidation of the Company, and the continuance of any such decree or order for relief or any such other decree or
order remains unstayed and in effect for a period of 60 consecutive calendar days;
(vii) if,
pursuant to Sections 18(a)(1)(c)(ii) and 61 of the Investment Company Act, on the last business day of each of 24 consecutive calendar
months any class of Securities shall have an asset coverage (as such term is used in the Investment Company Act) of less than 100%; or
(viii) any
other Event of Default provided with respect to Securities of that series.
The term “Bankruptcy
Law” means Title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization or other similar law.
The term “Custodian” means any custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official
under any Bankruptcy Law.
Notwithstanding anything
to the contrary in this Indenture, with respect to any Default or Event of Default, the words “exists,” “is continuing”
or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or
waived; provided that it is understood and agreed that any court of competent jurisdiction may (x) extend or stay any grace
period prior to when any actual or alleged Default becomes an actual or alleged Event of Default or (y) stay the exercise of remedies
by the Trustee upon the occurrence of an actual or alleged Event of Default, in each case, in accordance with the requirements of applicable
law. If any Default or Event of Default occurs due to (i) the failure by the Company to take any action by a specified time, such
Default or Event of Default shall be deemed to have been cured at the time, if any, that the Company takes such action or (ii) the
taking of any action by the Company that is not then permitted by the terms of this Indenture, such Default or Event of Default shall
be deemed to be cured on the earlier to occur of (x) the date on which such action would be permitted at such time to be taken under
this Indenture, including pursuant to an applicable amendment or waiver permitting such action, or otherwise and (y) the date on
which such action is unwound or otherwise modified to the extent necessary for such revised action to be permitted at such time by this
Indenture (including after giving effect to any amendments or waivers).
Section 5.02 Acceleration
of Maturity; Rescission and Annulment.
If an Event of Default with
respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal (or, if any Securities
are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof)
of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable.
At any time after such a
declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of not less than a majority in principal
amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if:
(i) the
Company has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided
in Sections 3.12(b), 3.12(d) and 3.12(e)):
(1) all
overdue installments of interest, if any, on all Outstanding Securities of that series,
(2) the
principal of (and premium, if any) all Outstanding Securities of that series that have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,
(3) to
the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided
for in such Securities, and
(4) all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and
(ii) all
Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium, if any) or interest
on Securities of that series that have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 5.13.
No such rescission shall affect any subsequent
default or impair any right consequent thereon.
A Notice of Default may not
be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such Notice of Default.
Any Notice of Default, notice of acceleration or instruction to the Trustee to provide a Notice of Default, notice of acceleration or
to take any other action (a “Holder Direction”) provided by any one or more Holders of the Securities of any series
(each a “Directing Holder”) must be accompanied by a written representation from each such Holder, delivered to the
Company and the Trustee, that such Holder is not (or, in the case such Holder is the Depositary or its nominee, that such Holder is being
instructed solely by beneficial owners that are not) Net Short (a “Position Representation”), which representation,
in the case of a Holder Direction relating to the delivery of a Notice of Default, shall be deemed a continuing representation until
the resulting Event of Default is cured or otherwise ceases to exist or the Securities of the applicable series are accelerated. In addition,
each Directing Holder is deemed, at the time of providing a Holder Direction, to covenant to provide the Company with such other information
as the Company may reasonably request from time to time in order to verify the accuracy of such Directing Holder’s Position Representation
within five Business Days of request therefor (a “Verification Covenant”). In any case in which the Directing Holder
is the Depositary or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial
owner of the Securities of the applicable series in lieu of the Depositary or its nominee.If, following the delivery of a Holder Direction
with respect to the Securities of any series, but prior to acceleration of the Securities of such series, the Company determines in good
faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation
and provides to the Trustee an Officer’s Certificate stating that the Company has initiated litigation in a court of competent
jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking
to invalidate any Default, Event of Default or acceleration (or notice thereof) that resulted from the applicable Holder Direction, the
cure period with respect to such Default shall be automatically stayed and the cure period with respect to such Default or Event of Default
shall be automatically reinstituted and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction
on such matter. If, following the delivery of a Holder Direction with respect to the Securities of any series, but prior to acceleration
of the Securities of such series, the Company provides to the Trustee an Officer’s Certificate stating that a Directing Holder
failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the cure
period with respect to any Default or Event of Default with respect to the Securities of such series that resulted from the applicable
Holder Direction shall be automatically reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach
of the Position Representation shall result in such Holder’s participation in such Holder Direction being disregarded, and, if,
without the participation of such Holder, the percentage of Securities of the applicable series held by the remaining Holders of the
Securities of such series that provided such Holder Direction would have been insufficient to validly provide such Holder Direction,
such Holder Direction shall be void ab initio (except for any indemnity or security offered or provided to the Trustee), with the effect
that such Default or Event of Default shall be deemed never to have occurred, acceleration shall be voided and the Trustee shall be deemed
not to have received such Holder Direction or any notice of such Default or Event of Default.
Notwithstanding anything
in the preceding two paragraphs to the contrary, any Holder Direction delivered to the Trustee during the pendency of an Event of Default
as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing paragraphs.
For the avoidance of doubt,
the Trustee shall be entitled to conclusively rely on any Holder Direction, Officer’s Certificate or other document delivered to
it in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation,
enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or otherwise
make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments,
Short Derivative Instruments or otherwise. The Trustee shall have no liability to the Company, any Holder or any other Person in acting
in good faith on a Holder Direction or to determine whether any Holder has delivered a Position Representation or that such Position
Representation conforms with this Indenture or any other agreement.
If a Default for a failure
to deliver a required notice or certificate in connection with another Default (the “Initial Default”) occurs, then
at the time such Initial Default is cured, such Default for a failure to deliver a required notice or certificate in connection with
another Default that resulted solely because of that Initial Default will also be cured without any further action and any Default or
Event of Default for the failure to deliver any notice or certificate pursuant to any other provision of this Indenture shall be deemed
to be cured upon the delivery of any such notice or certificate required by such covenant or such notice or certificate, as applicable,
even though such delivery is not within the prescribed period specified in this Indenture. Any time period in this Indenture to cure
any actual or alleged Default or Event of Default may be extended or stayed by a court of competent jurisdiction.
The Company and the Trustee
may, to the extent provided in Section 9.01, enter into one or more supplemental indentures with respect to any series of the Securities
that may provide for additional, different or fewer Events of Default with respect to such series of Securities. Additional, different
or fewer Events of Default with respect to such series of Securities may also be set forth pursuant to Section 3.01.
Section 5.03 Collection
of Indebtedness and Suits for Enforcement by Trustee.
The Company covenants that
if:
(i) default
is made in the payment of any installment of interest on any Security of any series when such interest becomes due and payable and such
default continues for a period of 30 calendar days, or
(ii) default
is made in the payment of the principal of (or premium, if any) any Security of any series at its Maturity,
then the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of Securities of such series, the whole amount then due and payable on such Securities
for principal (and premium, if any) and interest, if any, with interest upon any overdue principal (and premium, if any) and, to the
extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest, if any, at the rate or
rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.
If the Company fails to pay
such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the
same against the Company or any other obligor upon Securities of such series and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such series, wherever situated.
If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein, or to enforce any other proper remedy.
Section 5.04 Trustee
May File Proofs of Claim.
In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any
overdue principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:
(i) to
file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed Securities,
such portion of the principal as may be provided for in the terms thereof) (and premium, if any) and interest, if any, owing and unpaid
in respect of the Securities and to file such other papers or documents (and take such other actions, including voting for the election
of a trustee in bankruptcy or similar official and serving on a committee of creditors) as may be necessary or advisable in order to
have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and of the Holders allowed in such judicial proceeding, and
(ii) to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee,
liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities
of such series to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under
Section 6.06.
Subject to Article Eight
and Section 9.02 and unless otherwise provided as contemplated by Section 3.01, nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote
in respect of the claim of any Holder of a Security in any such proceeding.
Section 5.05 Trustee
May Enforce Claims Without Possession of Securities.
All rights of action and
claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought
in its own name and as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities in respect of which such judgment has been recovered.
Section 5.06 Application
of Money Collected.
Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case
of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
FIRST: To the payment of
all amounts due the Trustee and any predecessor Trustee under Section 6.06;
SECOND: To the payment of
the amounts then due and unpaid upon any Senior Securities for principal (and premium, if any) and interest, if any, in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate
amounts due and payable on such Senior Securities for principal (and premium, if any) and interest, if any, respectively;
THIRD: To the payment of
the amounts then due and unpaid upon any Senior Subordinated Securities for principal (and premium, if any) and interest, if any, in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on such Senior Subordinated Securities for principal (and premium, if any) and interest, if
any, respectively;
FOURTH: To the payment of
the amounts then due and unpaid upon any Junior Subordinated Securities for principal (and premium, if any) and interest, if any, in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on such Junior Subordinated Securities for principal (and premium, if any) and interest, if
any, respectively;
FIFTH: To the payment of
the amounts then due and unpaid upon any other Securities for principal (and premium, if any) and interest, if any, in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate
amounts due and payable on such Securities for principal (and premium, if any) and interest, if any, respectively; and
SIXTH: To the payment of
the remainder, if any, to the Company or any other Person or Persons entitled thereto.
Section 5.07 Limitation
on Suits.
No Holder of any Security
of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless:
(i) such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;
(ii) the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(iii) such
Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance
with such request;
(iv) the
Trustee for 60 calendar days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and
(v) no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series,
it being understood and intended that no one
or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over
any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.
Section 5.08 Unconditional
Right of Holders to Receive Principal, Premium and Interest.
Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Security on the Stated Maturity
or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option
of the Holders on the Repayment Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.
Section 5.09 Restoration
of Rights and Remedies.
If the Trustee or any Holder
of a Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company,
the Trustee and the Holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted.
Section 5.10 Rights
and Remedies Cumulative.
Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 5.11 Delay
or Omission Not Waiver.
No delay or omission of the
Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or
by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or
by the Holders of Securities, as the case may be.
Section 5.12 Control
by Holders of Securities.
Subject to Section 6.02(v),
the Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series, provided that
(i) such
direction shall not be in conflict with any rule of law or with this Indenture,
(ii) the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction, and
(iii) the
Trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to
the Holders of Securities of such series not consenting.
Section 5.13 Waiver
of Past Defaults.
Subject to Section 5.02,
the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series waive any past default hereunder with respect to Securities of such series and its consequences,
except a default
(i) in
the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or
(ii) in
respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.
Upon any such waiver, such
default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.
Section 5.14 Waiver
of Stay or Extension Laws.
The Company covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit
or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
Section 5.15 Undertaking
for Costs.
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 a Trustee, a
court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the
suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 5.15 does
not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 5.08 hereof, or a suit by Holders of more than
10% in principal amount of the then Outstanding Securities of any series.
Article Six
THE TRUSTEE
Section 6.01 Notice
of Defaults.
(a) Within
90 calendar days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit
in the manner and to the extent provided in TIA Section 313(c), notice of such Default hereunder known to the Trustee, unless such
Default shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the
principal of (or premium, if any) or interest, if any, on any Security of such series, or in the payment of any sinking or purchase fund
installment with respect to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as
the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interest of the Holders of the Securities of such series; and provided
further that in the case of any Default or breach of the character specified in Section 5.01(iv) with respect to the Securities
of such series, no such notice to Holders shall be given until at least 90 calendar days after the occurrence thereof.
(b) Prior
to the time when the occurrence of an Event of Default becomes known to a Responsible Officer of the Trustee and after the curing or
waiving of all such Events of Default with respect to a series of Securities that may have occurred:
(i) the
duties and obligations of the Trustee shall with respect to the Securities of any series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities 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
(ii) in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions 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 on their face to the requirements
of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein).
(c) If
an Event of Default has occurred and is continuing with respect to the Securities of any series of which a Responsible Officer of the
Trustee has actual notice, the Trustee shall exercise such of the rights and powers vested in it by this Indenture with respect to the
Securities of such series, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs.
(d) The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that: (i) this paragraph does not limit the effect of paragraph (b) of this Section 6.01; (ii) the Trustee
shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless it shall be
proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee shall not be liable with respect
to any action it takes or omits to take 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 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, with respect to the Securities of any
series under this Indenture.
(e) Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), (c) and (d) of this Section 6.01.
Section 6.02 Certain
Rights of Trustee.
Subject to the provisions
of TIA Section 315(a) through 315(d):
(i) The
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties. The Trustee need not investigate any fact or matter stated in any
document.
(ii) Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than
delivery of any Security to the Trustee for authentication and delivery pursuant to Section 3.03 which shall be sufficiently evidenced
as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.
(iii) Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officer’s Certificate.
(iv) The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(v) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities (including the reasonable fees and expenses of its agents and counsel)
which might be incurred by it in compliance with such request or direction.
(vi) The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled upon reasonable notice and at reasonable times during normal business
hours to examine the books, records and premises of the Company, personally or by agent or attorney.
(vii) 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.
(viii) The
Trustee shall not deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities and this Indenture.
(ix) The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder.
(x) The
permissive rights of the Trustee enumerated herein shall not be construed as duties.
(xi) 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 Outstanding Securities of a series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee
under this Indenture with respect to such Securities.
(xii) Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate (unless other evidence is specifically prescribed
herein). The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate.
(xiii) The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(xiv) 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.
(xv) The
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any
person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded.
(xvi) Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage
of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such
loss or damage and regardless of the form of action.
(xvii) The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including acts of God; earthquakes; fire; flood;
terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer
(hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.
The Trustee shall not be
required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it.
Section 6.03 Not
Responsible for Recitals or Issuance of Securities.
The recitals contained herein
and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and
neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made
by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set
forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof.
Section 6.04 May Hold
Securities.
The Trustee, any Paying Agent,
Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner
or pledgee of Securities and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it
would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.
Section 6.05 Money
Held in Trust.
Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed with the Company.
Section 6.06 Compensation
and Reimbursement and Indemnification of Trustee.
The Company agrees:
(i) to
pay to the Trustee or any predecessor Trustee from time to time such reasonable compensation for all services rendered by it hereunder
as has been agreed upon from time to time in writing (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);
(ii) except
as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith; and
(iii) to
indemnify each of the Trustee or any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on its own part, arising out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses (including the reasonable fees and expenses of its agents and counsel) of defending
itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.
As security for the performance
of the obligations of the Company under this Section, the Trustee shall have a claim prior to the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest,
if any, on particular Securities.
When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 5.01 occurs, the expenses and compensation for such services
are intended to constitute expenses of administration under Title 11, U.S. Code, or any similar Federal, State or analogous foreign law
for the relief of debtors.
The provisions of this Section 6.06
shall survive the resignation or removal of the Trustee and the satisfaction, termination or discharge of this Indenture.
Section 6.07 Corporate
Trustee Required; Eligibility.
There shall at all times
be a Trustee hereunder that shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital
and surplus of at least $50,000,000. If such Trustee publishes reports of condition at least annually, pursuant to law or to the requirements
of federal, state, territorial or the District of Columbia supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
Section 6.08 Disqualification;
Conflicting Interests.
If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.
Section 6.09 Resignation
and Removal; Appointment of Successor.
(a) No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.10.
(b) The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
(c) The
Trustee may be removed at any time with respect to the Securities of any series by (i) the Company, by an Officer’s Certificate
delivered to the Trustee, provided that contemporaneously therewith (x) the Company immediately appoints a successor Trustee
with respect to the Securities of such series meeting the requirements of Section 6.07 hereof and (y) the terms of Section 6.10
hereof are complied with in respect of such appointment (the Trustee being removed hereby agreeing to execute the instrument contemplated
by Section 6.10(b) hereof, if applicable, under such circumstances) and provided further that no Default with respect
to such Securities shall have occurred and then be continuing at such time, or (ii) Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee and to the Company.
(d) If
at any time:
(i) the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by
any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or
(ii) the
Trustee shall cease to be eligible under Section 6.07 and shall fail to resign after written request therefor by the Company or
by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or
(iii) the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,
then, in any such case, (i) the Company
by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject
to TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities and the appointment of a successor Trustee or Trustees.
(e) If
an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 calendar days after the giving
of a notice of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition any court of competent
jurisdiction for the appointment of a successor Trustee.
(f) If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause
with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series). If, within one year after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority
in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner
hereinafter provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to Securities of such series.
(g) The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities in
Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the
address of its Corporate Trust Office.
Section 6.10 Acceptance
of Appointment by Successor.
(a) In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.06.
(b) In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and that (i) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture
the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of
such successor Trustee relates. Whenever there is a successor Trustee with respect to one or more (but less than all) series of securities
issued pursuant to this Indenture, the terms “Indenture” and “Securities” shall have the meanings specified in
the provisos to the respective definition of those terms in Section 1.01 which contemplate such situation.
(c) Upon
request of any such successor Trustee, the Company shall execute any and all instruments reasonably necessary to 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.
(d) No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.
Section 6.11 Merger,
Conversion, Consolidation or Succession to Business.
Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities 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. In case any Securities shall not have been authenticated by such predecessor Trustee,
any such successor Trustee may authenticate and deliver such Securities, in either its own name or that of its predecessor Trustee, with
the full force and effect which this Indenture provides for the certificate of authentication of the Trustee; provided, however,
that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any
predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.
Section 6.12 Appointment
of Authenticating Agent.
At any time when any of the
Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents (which may be an Affiliate or Affiliates of
the Company) with respect to one or more series of Securities that shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue or upon exchange, registration of transfer or partial redemption thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the
Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf
of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and, except as may otherwise
be provided pursuant to Section 3.01, shall at all times be a bank or trust company or corporation organized and doing business
and in good standing under the laws of the United States of America or of any State or the District of Columbia, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or
examination by Federal or State authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.
Any Person into which an
Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust
business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise eligible under
this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent for
any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company.
The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee
for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall promptly give written
notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the
manner set forth in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent
herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.
The Company agrees to pay
to each Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services
under this Section.
If an appointment with respect
to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in
lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following
form:
This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.
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U.S. Bank Trust Company, National Association,
as Trustee |
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By: |
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as Authenticating Agent |
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By: |
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Authorizing Officer |
If all of the Securities
of a series may not be originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon
original issuance, the Trustee, if so requested by the Company in writing (which writing need not comply with Section 1.02 and need
not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent (which, if so
requested by the Company, shall be an Affiliate of the Company), provided that the terms and conditions of such appointment are
reasonably acceptable to the Trustee.
Section 6.13 Preferential
Collection of Claims Against Company.
The Trustee is subject to
TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed
shall be subject to TIA Section 311(a) to the extent indicated therein.
Article Seven
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
Section 7.01 Disclosure
of Names and Addresses of Holders.
Every Holder of Securities,
by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Authenticating
Agent nor any Paying Agent nor any Security Registrar nor any agent of any of them shall be held accountable by reason of the disclosure
of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section 312, regardless of
the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under TIA Section 312(b).
Section 7.02 Preservation
of Information; Communications to Holders.
(a) The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders received by the Trustee in its
capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new
list so furnished.
(b) The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.
(c) Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders
made pursuant to the Trust Indenture Act.
Section 7.03 Reports
by Trustee.
Within 60 calendar days after
May 15 of each year commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the
Trustee shall transmit by mail to all Holders of Securities as provided in TIA Section 313(c) a brief report dated as of such
May 15 which meets the requirements of TIA Section 313(a).
A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities
are listed, with the Commission and with the Company. The Company will promptly notify the Trustee of the listing of the Securities on
any stock exchange. In the event that, on any such reporting date, no events have occurred under the applicable sections of the TIA within
the 12 months preceding such reporting date, the Trustee shall be under no duty or obligation to provide such reports.
Section 7.04 Reports
by Company.
The Company will file with
the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as
may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act; provided,
that any such information, documents or reports filed electronically with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act shall be deemed filed with and delivered to the Trustee and the Holders at the same time as filed with the Commission.
Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officer’s
Certificates).
Section 7.05 Calculation
of Original Issue Discount.
Upon request of the Trustee,
the Company shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original
issue discount (including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year.
Article Eight
CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
Section 8.01 Company
May Consolidate, Etc., Only on Certain Terms.
Unless otherwise provided
in the terms of such Securities, the Company shall not merge or consolidate with or into any other Person (other than a merger of a wholly
owned Subsidiary of the Company into the Company) or sell, transfer, lease, convey or otherwise dispose of all or substantially all of
its property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company
or its Controlled Subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance or disposition) in one transaction
or series of related transactions unless:
(i) the
Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation
or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof;
(ii) the
Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee,
executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any,
and interest on, all the Securities Outstanding, and the due and punctual performance and observance of all the covenants and conditions
of this Indenture to be performed by the Company;
(iii) immediately
after giving effect to such transaction or series of related transactions, no Default or Event of Default shall have occurred and be
continuing; and
(iv) the
Company shall deliver, or cause to be delivered, to the Trustee, an Officer’s Certificate and an Opinion of Counsel, each stating
that such transaction and the supplemental indenture, if any, in respect thereto comply with this Section 8.01 and that all conditions
precedent herein provided relating to such transaction have been complied with.
For the purposes of this
Section 8.01, the sale, transfer, lease, conveyance or other disposition of all the property of one or more Subsidiaries of the
Company, which property, if held by the Company instead of such Subsidiaries, would constitute all or substantially all the property
of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all the property of the Company.
Section 8.02 Successor
Person Substituted.
Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01,
the Surviving Person formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance
or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor had been named as the Company herein; and in the event of any such conveyance or transfer,
the Company shall be discharged from all obligations and covenants under this Indenture and the Securities and may be dissolved and liquidated.
Article Nine
SUPPLEMENTAL INDENTURES
Section 9.01 Supplemental
Indentures Without Consent of Holders.
Without the consent of any
Holders of Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes:
(i) to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein
and in the Securities contained; or
(ii) to
add to or modify the covenants and agreements of the Company for the benefit of the Holders of all or any series of Securities or to
surrender any right or power herein conferred upon the Company; or
(iii) to
add or modify any Events of Default for the benefit of the Holders of all or any series of Securities; provided, however,
that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement
upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority
in aggregate principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default;
or
(iv) to
permit or facilitate the issuance of Securities in uncertificated form; or
(v) to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture that is entitled
to the benefit of such provision; or
(vi) to
secure the Securities pursuant to the requirements of Section 8.01 or 10.06, or otherwise; or
(vii) to
establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01, including the provisions and procedures
relating to Securities convertible into or exchangeable for any securities of any Person (including the Company), or to authorize the
issuance of additional Securities of a series previously authorized or to add to the conditions, limitations or restrictions on the authorized
amount, terms or purposes of issue, authentication or delivery of the Securities of any series, as herein set forth, or other conditions,
limitations or restrictions thereafter to be observed; or
(viii) to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or
(ix) to
cure any ambiguity, omission, mistake, defect or inconsistency, to correct or supplement any provision herein that may be inconsistent
with any other provision herein; or
(x) to
make any other provisions with respect to matters or questions arising under this Indenture, provided that such provision shall not adversely
affect the interests of the Holders of Securities of any series in any material respect; or
(xi) to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge
of any series of Securities pursuant to Sections 4.01, 14.02 and 14.03; provided that any such action shall not adversely affect
the interests of the Holders of Securities of such series or any other series of Securities in any material respect; or
(xii) to
add guarantors for the benefit of the Securities of all or any series; or
(xiii) to
comply with the Applicable Procedures of the Depositary; or
(xiv) to
comply with the Trust Indenture Act or maintain the qualification of this Indenture under the Trust Indenture Act; or
(xv) to
conform the provisions of this Indenture and the Securities to the description thereof contained in the applicable prospectus and any
related prospectus supplement.
Section 9.02 Supplemental
Indentures with Consent of Holders.
With the consent of the Holders
of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company and the Trustee may enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture that
affects such series of Securities or of modifying in any manner the rights of the Holders of such series of Securities under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby:
(i) change
the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Security, subject
to the provisions of Section 3.08, or the terms of any sinking fund with respect to any Security, or reduce the principal amount
thereof or the rate of interest or change the manner of calculating the rate of interest thereon, or any premium payable upon the redemption
thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 10.04 (except as contemplated by
Section 8.01(i) and permitted by Section 9.01(i)), or reduce the portion of the principal of an Original Issue Discount
Security or Indexed Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02,
or upon the redemption thereof, or adversely affect the right to receive payment of the principal of and interest on any Security, or
change the Currency in which any Security or any premium or interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof, or adversely affect any right to convert or exchange any Security
as may be provided pursuant to Section 3.01 herein, or modify the subordination provisions set forth in Article Sixteen in
a manner that is adverse to the Holder of any Security; or
(ii) reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section 15.04 for quorum or voting; or
(iii) modify
any of the provisions of this Section, Section 5.13 or Section 10.07, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder of a Security
with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this
proviso, in accordance with the requirements of Sections 6.10(b) and 9.01(viii).
It shall not be necessary
for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.
A supplemental indenture
that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit
of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any
other series.
The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto.
If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided, that unless
such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date that is eleven
months after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled
and of no further effect.
Section 9.03 Execution
of Supplemental Indentures.
In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, in addition to the
documents required by Section 1.02 of this Indenture, an Officer’s Certificate and an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to such supplemental
indenture have been complied with, subject to customary assumptions, qualifications and exceptions. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.
Section 9.04 Effect
of Supplemental Indentures.
Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.
Section 9.05 Conformity
with Trust Indenture Act.
Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.
Section 9.06 Reference
in Securities to Supplemental Indentures.
Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall, if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to
any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Securities of such series.
Article Ten
COVENANTS
Section 10.01 Payment
of Principal, Premium, if any, and Interest.
The Company covenants and
agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium,
if any) and interest, if any, on the Securities of that series in accordance with the terms of such series of Securities and this Indenture.
Section 10.02 Maintenance
of Office or Agency.
The Company shall maintain
an office or agency where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration
of transfer or exchange, where Securities that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable,
and where notices and demands to or upon the Company in respect of any Securities and this Indenture may be served. The Company will
give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency. If at any time
the Company shall fail to maintain any such required office or agency in respect of any series of Securities or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee at its Corporate Trust Office its agent to receive all such presentations,
surrenders, notices and demands.
The Company may also from
time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered
for any or all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency.
Unless otherwise specified
with respect to any Securities pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated
in a currency other than Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any
other provision of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at
least one Exchange Rate Agent. The Company will notify the Trustee of the name and address of any Exchange Rate Agent retained by it.
Section 10.03 Money
for Securities Payments to Be Held in Trust.
If the Company shall at any
time act as its own Paying Agent with respect to any series of any Securities, it will, on or before each due date of the principal of
(or premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant
to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e))
sufficient to pay the principal (and premium, if any) and interest, if any, on Securities of such series so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure
so to act.
Whenever the Company shall
have one or more Paying Agents for any series of Securities, it will, on or before each due date of the principal of (or premium, if
any) or interest, if any, on any Securities of that series, deposit with a Paying Agent a sum (in the Currency or Currencies described
in the preceding paragraph) sufficient to pay the principal (or premium, if any) or interest, if any, so becoming due, such sum of money
to be held in trust for the benefit of the Persons entitled to such principal, premium or interest and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure so to act.
The Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct
any Paying Agent to pay, to the Trustee all sums of money held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment
by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.
Except as otherwise provided
in the Securities of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series and remaining unclaimed for two
years after such principal, premium or interest has become due and payable shall be paid to the Company upon Company Request, or (if
then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money
held in trust, and all liability of the Company as trustee thereof, shall thereupon cease.
Section 10.04 Additional
Amounts.
If the Securities of a series
provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series such Additional Amounts
as may be specified as contemplated by Section 3.01. Whenever in this Indenture there is mentioned, in any context, the payment
of the principal of (or premium, if any) or interest, if any, on any Security of any series or the net proceeds received on the sale
or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided
for by the terms of such series established pursuant to Section 3.01 to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof pursuant to such terms and express mention of the payment of Additional Amounts (if applicable)
in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention
is not made.
Except as otherwise specified
as contemplated by Section 3.01, if the Securities of a series provide for the payment of Additional Amounts, at least 10 calendar
days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not
bear interest prior to Maturity, the first day on which a payment of principal premium is made), and at least 10 calendar days prior
to each date of payment of principal, premium or interest if there has been any change with respect to the matters set forth in the below-mentioned
Officer’s Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if
other than the Trustee, with an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such
payment of principal, premium or interest on the Securities of that series shall be made to Holders of Securities of that series who
are not United States persons without withholding for or on account of any tax, assessment or other governmental charge described in
the Securities of that series. If any such withholding shall be required, then such Officer’s Certificate shall specify by country
the amount, if any, required to be withheld on such payments to such Holders of Securities of that series and the Company will pay to
the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. In the event that the Trustee or any
Paying Agent, as the case may be, shall not so receive the above-mentioned certificate, then the Trustee or such Paying Agent shall be
entitled (i) to assume that no such withholding or deduction is required with respect to any payment of principal or interest with
respect to any Securities of a series until it shall have received a certificate advising otherwise and (ii) to make all payments
of principal and interest with respect to the Securities of a series without withholding or deductions until otherwise advised. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably
incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in
reliance on any Officer’s Certificate furnished pursuant to this Section or in reliance on the Company’s not furnishing
such an Officer’s Certificate.
Section 10.05 Statement
as to Compliance.
The Company will deliver
to the Trustee, within 120 calendar days after the end of each fiscal year ending after the date hereof so long as any Security is Outstanding
hereunder, an Officer’s Certificate stating to the knowledge of the signers thereof whether any Default or Event of Default occurred
during the previous fiscal year that is continuing.
Section 10.06 Waiver
of Certain Covenants.
The Company may omit in any
particular instance to comply with any covenant or condition set forth in Section 10.06, and, as specified pursuant to Section 3.01(xv) for
Securities of any series, in any covenants of the Company added to Article Ten pursuant to Section 3.01(xiv) or Section 3.01(xv) in
connection with the Securities of a series, if before or after the time for such compliance the Holders of at least a majority in aggregate
principal amount of all Outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties
of the Trustee in respect of any such covenant or condition shall remain in full force and effect.
Section 10.07 Section 18(a)(1)(A) of
the Investment Company Act.
The Company hereby agrees
that for the period of time during which Securities of any series are Outstanding, the Company will not violate, whether or not it is
subject to, Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act or any successor provisions
thereto of the Investment Company Act, as such obligation may be amended or superseded but giving effect to any exemptive relief granted
to the Company by the Commission.
Section 10.08 Commission
Reports and Reports to Holders.
If, at any time, the Company
is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission,
the Company agrees to furnish to the Holders of Securities of any series and the Trustee for the period of time during which the Securities
of such series are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated
financial statements of the Company; and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the
Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial statements
shall be prepared, in all material respects, in accordance with GAAP, as applicable.
Article Eleven
REDEMPTION OF SECURITIES
Section 11.01 Applicability
of Article.
Securities of any series
that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified
as contemplated by Section 3.01 for Securities of any series) in accordance with this Article.
Section 11.02 Notice
to Trustee.
In case of any redemption
at the election of the Company, the Company shall, at least 15 calendar days prior to the Redemption Date fixed by the Company (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount
of Securities of such series to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed, and, if applicable, shall
deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to
Section 11.03. In the case of any redemption of Securities of any series prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s
Certificate evidencing compliance with such restriction.
Section 11.03 Selection
by Trustee of Securities to Be Redeemed.
If less than all of the Securities
of a series are to be redeemed at any time, and the Securities of such series are global Securities, they will be selected for redemption
in accordance with Applicable Procedures. If the Securities of such series are not global Securities, the particular Securities to be
redeemed shall be selected not more than 60 calendar days prior to the Redemption Date by the Trustee, from the Outstanding Securities
of such series issued on such date with the same terms not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate; provided that such method complies with the rules of any national securities exchange or quotation
system on which the Securities are listed (which rules shall be certificated to the Trustee by the Company or such national securities
exchange at the Trustee’s request), and may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of
a denomination larger than the minimum authorized denomination for Securities of that series; provided, however, that no
such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such series.
The Trustee shall promptly
notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the
case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.
For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of
any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to
be redeemed.
Section 11.04 Notice
of Redemption.
Notice of redemption shall
be given in the manner provided in Section 1.06, not less than 10 calendar days nor more than 60 calendar days prior to the Redemption
Date, unless a shorter period is specified by the terms of such series established pursuant to Section 3.01, to each Holder of Securities
to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption
as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption
of any other such Security or portion thereof.
Any notice that is mailed
or delivered to the Holders in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
Holder receives the notice.
Any notice of redemption
may, in the Company’s discretion, be given subject to the satisfaction of one or more conditions precedent. In that case, such
notice of redemption shall describe each such condition, and, if applicable, shall state that, in the Company’s discretion, (i) the
Redemption Date may be delayed until such time (including by more than 60 calendar days after the date the notice of redemption was mailed
or delivered, including by electronic transmission) as any or all such conditions shall be satisfied, or (ii) such redemption may
not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the
Company by the relevant Redemption Date, or by the Redemption Date as so delayed. In addition, the Company may provide in such notice
that payment of the Redemption Price and performance of the Company’s obligations with respect to such redemption may be performed
by another Person.
In addition, all notices
of redemption shall state:
(i) the
Redemption Date,
(ii) the
Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06,
(iii) if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the
principal amount) of the particular Security or Securities to be redeemed,
(iv) in
case any Security is to be redeemed in part only, the notice that relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder will receive, without a charge, a new Security or Securities of authorized denominations
for the principal amount thereof remaining unredeemed,
(v) that
on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06
will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon
shall cease to accrue on and after said date,
(vi) that
the redemption is for a sinking fund, if such is the case, and
(vii) the
“CUSIP” number, “ISIN” and/or “Common Code” number of such Security, if any.
A notice of redemption mailed
or delivered as contemplated by Section 1.06 need not identify particular Securities to be redeemed. Notice of redemption of Securities
to be redeemed shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the
Company.
Section 11.05 Deposit
of Redemption Price.
On or prior to 11:00 a.m.,
New York City time, on the Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, in accordance with the terms of this Indenture, segregate and hold in trust as provided in Section 10.03)
an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to
pay on the Redemption Date the Redemption Price of, and (unless otherwise specified pursuant to Section 3.01) accrued interest on,
all the Securities or portions thereof which are to be redeemed on that date.
Section 11.06 Securities
Payable on Redemption Date.
Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) (together with
accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest, if any) such Securities shall if the same were interest-bearing cease to bear interest. Upon surrender
of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price,
together with accrued interest, if any, to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 3.01, installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business
on the relevant record dates according to their terms and the provisions of Section 3.07.
If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from the
Redemption Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield
to Maturity of such Security.
Section 11.07 Securities
Redeemed in Part.
Any Security that is to be
redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company shall execute
and the Trustee shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities of
the same series and of like tenor, of any authorized denomination as requested by such Holder in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a temporary global Security or permanent
global Security is so surrendered, such new Security so issued shall be a new temporary global Security or permanent global Security,
respectively. However, if less than all the Securities of any series with differing issue dates, interest rates and Stated Maturities
are to be redeemed, the Company in its sole discretion shall select the particular Securities to be redeemed and shall notify the Trustee
in writing thereof at least 15 calendar days prior to the relevant Redemption Date.
Article Twelve
SINKING FUNDS
Section 12.01 Applicability
of Article.
The provisions of this Article shall
be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.01
for Securities of such series.
The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of any Securities of any series, the cash amount of any
mandatory sinking fund payment may be subject to reduction as provided in Section 12.02. 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.
Section 12.02 Satisfaction
of Sinking Fund Payments with Securities.
The Company may, in satisfaction
of all or any part of any mandatory sinking fund payment with respect to the Securities of a series, (i) deliver Outstanding Securities
of such series (other than any previously called for redemption) and (ii) apply as a credit Securities of such series which have
been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities; provided
that such Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received
and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.
Section 12.03 Redemption
of Securities for Sinking Fund.
Not less than 60 calendar
days prior to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series,
the portion thereof, if any, which is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided
in Sections 3.12(b), 3.12(d) and 3.12(e)) and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 12.02, and the optional amount, if any, to be added in cash to the next ensuing mandatory
sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officer’s Certificate
shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon
be obligated to pay the amount therein specified. Not less than 30 calendar days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause
notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.04.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
11.06 and 11.07.
Article Thirteen
REPAYMENT AT THE OPTION OF HOLDERS
Section 13.01 Applicability
of Article.
Repayment of Securities of
any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities
and (except as otherwise specified by the terms of such series established pursuant to Section 3.01) in accordance with this Article.
Section 13.02 Repayment
of Securities.
Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities,
be repaid at the Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant
to the terms of such Securities. The Company covenants that on or before 12:00 p.m., New York City time, on the Repayment Date it will
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.03) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b),
3.12(d) and 3.12(e)) sufficient to pay the Repayment Price of, and (unless otherwise specified pursuant to Section 3.01) accrued
interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.
Section 13.03 Exercise
of Option.
Securities of any series
subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse
of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to
Elect Repayment” form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney duly authorized
in writing), must be received by the Company not earlier than 45 calendar days nor later than 30 calendar days prior to the Repayment
Date. If less than the entire Repayment Price of such Security is to be repaid in accordance with the terms of such Security, the portion
of the Repayment Price of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the
denomination or denominations of the Security or Securities to be issued to the Holder for the portion of such Security surrendered that
is not to be repaid, must be specified. Any Security providing for repayment at the option of the Holder thereof may not be repaid in
part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination
of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security
providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless
waived by the Company.
Section 13.04 When
Securities Presented for Repayment Become Due and Payable.
If Securities of any series
providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided
by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become
due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless
the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing,
cease to bear interest. Upon surrender of any such Security for repayment in accordance with such provisions, the Repayment Price of
such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided,
however, that installments of interest on Securities, whose Stated Maturity is prior to (or, if specified pursuant to Section 3.01,
on) the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the
Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant record
dates according to their terms and the provisions of Section 3.07.
If any Security surrendered
for repayment shall not be so repaid upon surrender thereof, the Repayment Price shall, until paid, bear interest from the Repayment
Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity
of such Security.
Section 13.05 Securities
Repaid in Part.
Upon surrender of any Security
that is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security,
without service charge and at the expense of the Company, a new Security or Securities of the same series, and of like tenor, of any
authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal
of such Security so surrendered that is not to be repaid. If a temporary global Security or permanent global Security is so surrendered,
such new Security so issued shall be a new temporary global Security or a new permanent global Security, respectively.
Article Fourteen
DEFEASANCE AND COVENANT DEFEASANCE
Section 14.01 Applicability
of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.
If pursuant to Section 3.01
provision is made for either or both of (a) defeasance of the Securities of or within a series under Section 14.02 or (b) covenant
defeasance of the Securities of or within a series under Section 14.03, then the provisions of such Section or Sections, as
the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant
to Section 3.01 with respect to any Securities), shall be applicable to such Securities, and the Company may at its option by Board
Resolution, at any time, with respect to such Securities, elect to have either Section 14.02 (if applicable) or Section 14.03
(if applicable) be applied to such Outstanding Securities upon compliance with the conditions set forth below in this Article.
Section 14.02 Defeasance
and Discharge.
Upon the Company’s
exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall
be deemed to have been discharged from its obligations with respect to such Outstanding Securities on and after the date the conditions
set forth in Section 14.04 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means
that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities, which
shall thereafter be deemed to be “Outstanding” only for the purposes of Section 14.05 and the other Sections of this
Indenture referred to in clauses (A) and (B) of this Section, and to have satisfied all its other obligations under such Securities
and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in Section 14.04 and as more fully
set forth in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities when
such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and
10.03 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.04, (C) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen,
the Company may exercise its option under this Section notwithstanding the prior exercise of its option under Section 14.03
with respect to such Securities. Following a defeasance, payment of such Securities may not be accelerated because of an Event of Default.
Section 14.03 Covenant
Defeasance.
Upon the Company’s
exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall
be released from its obligations under Section 10.06, and, if specified pursuant to Section 3.01, its obligations under any
other covenant with respect to such Outstanding Securities on and after the date the conditions set forth in Section 14.04 are satisfied
(hereinafter, “covenant defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding”
for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection
with Section 10.06, or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder.
For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason
of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission
to comply shall not constitute a Default or an Event of Default under Section 5.01(iv) or 5.01(vii) or otherwise, as the
case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. Following
a covenant defeasance, payment of such Securities may not be accelerated because of an Event of Default solely by reference to such Sections
specified above in this Section 14.03.
Section 14.04 Conditions
to Defeasance or Covenant Defeasance.
The following shall be the
conditions to application of either Section 14.02 or Section 14.03 to any Outstanding Securities of or within a series:
(i) The
Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying the requirements
of Section 6.07 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as security for the benefit of, and dedicated solely to,
the Holders of such Securities, (A) an amount (in such Currency in which such Securities are then specified as payable at Stated
Maturity), or (B) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities
are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, without reinvestment thereof, not later than one day before the due date of any payment of
principal of (and premium, if any) and interest, if any, on such Securities, money in an amount, or (C) a combination thereof in
an amount, sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee
(or other qualifying trustee) to pay and discharge, (1) the principal of (and premium, if any) and interest, if any, on such Outstanding
Securities on the Stated Maturity of such principal or installment of principal or interest and (2) any mandatory sinking fund payments
or analogous payments applicable to such Outstanding Securities on the day on which such payments are due and payable in accordance with
the terms of this Indenture and of such Securities.
(ii) Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any
other material agreement or instrument to which the Company is a party or by which it is bound.
(iii) No
Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit or, insofar
as Sections 5.01(v) and 5.01(vi) are concerned, at any time during the period ending on the 91st day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period).
(iv) In
the case of an election under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel, subject to customary
limitations and exclusions, stating that (i) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income
tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities
will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred.
(v) In
the case of an election under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel, subject to customary
limitations and exclusions, to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for
Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such covenant defeasance had not occurred.
(vi) The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to either the defeasance under Section 14.02 or the covenant defeasance under Section 14.03 (as the case may be)
have been complied with.
(vii) Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute
terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01.
Section 14.05 Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.
Subject to the provisions
of the last paragraph of Section 10.03, all money and Government Obligations (or other property as may be provided pursuant to Section 3.01)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 14.05,
the “Trustee”) pursuant to Section 14.04 in respect of any Outstanding Securities of any series shall be held
in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders
of such Securities of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but
such money need not be segregated from other funds except to the extent required by law.
Unless otherwise specified
with respect to any Security pursuant to Section 3.01, if, after a deposit referred to in Section 14.04(i) has been made,
(a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.12(b) or
the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 14.04(a) has
been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 3.12(d) or 3.12(e) or
by the terms of any Security in respect of which the deposit pursuant to Section 14.04(a) has been made, the indebtedness represented
by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and
premium, if any) and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time
to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into
the Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable Market Exchange
Rate for such Currency in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for
such Currency in effect (as nearly as feasible) at the time of the Conversion Event.
The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the money or Government Obligations deposited
pursuant to Section 14.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of such Outstanding Securities.
Anything in this Article to
the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in Section 14.04 which, in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance,
as applicable, in accordance with this Article.
If, after the Company has
made a deposit with the Trustee pursuant to Section 14.04, the Trustee is unable to apply any money in accordance with Section 14.05
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the applicable Securities shall
be revived and reinstated as though no deposit had occurred pursuant to Section 14.04 until such time as the Trustee is permitted
to apply all such money in accordance with this Article Fourteen; provided, however, that if the Company has made any payment of
the principal of or interest on any series of Securities because of the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive any such payment from the money held by the Trustee.
Money deposited with the
Trustee in trust pursuant to this Section 14.05 shall not be subject to the subordination provisions of Article Sixteen.
Article Fifteen
MEETINGS OF HOLDERS OF SECURITIES
Section 15.01 Purposes
for Which Meetings May Be Called.
A meeting of Holders of any
series of Securities of such series may be called at any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or
taken by Holders of Securities of such series.
Section 15.02 Call,
Notice and Place of Meetings.
(a) The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 15.01, to be
held at such time and at such place in the Borough of Manhattan, the City of New York as the Trustee shall determine. Notice of every
meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.06, not less than 21 nor more than 180
calendar days prior to the date fixed for the meeting.
(b) In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities
of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified
in Section 15.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication or mailing of the notice of such meeting within 21 calendar days after receipt of such
request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities
of such series in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, the
City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of
this Section.
Section 15.03 Persons
Entitled to Vote at Meetings.
To be entitled to vote at
any meeting of Holders of Securities of any series, a Person shall be (i) a Holder of one or more Outstanding Securities of such
series, or (ii) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities
of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders
of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee
and its counsel and any representatives of the Company and its counsel.
Section 15.04 Quorum;
Action.
The Persons entitled to vote
a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities
of such series; provided, however, that if any action is to be taken at such meeting with respect to a consent, waiver,
request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken
by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled
to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the
absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders
of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 calendar
days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned
meeting, such adjourned meeting may be further adjourned for a period of not less than 10 calendar days as determined by the chairman
of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given
as provided in Section 15.02(a), except that such notice need be given only once not less than five calendar days prior to the date
on which the meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage,
as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute a quorum.
Except as limited by the
proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of
that series; provided, however, that, except as limited by the proviso to Section 9.02, any resolution with respect
to any consent, waiver, request, demand, notice, authorization, direction or other action which this Indenture expressly provides may
be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding
Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.
Any resolution passed or
decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding
on all the Holders of Securities of such series, whether or not present or represented at the meeting.
Notwithstanding the foregoing
provisions of this Section 15.04, if any action is to be taken at a meeting of Holders of Securities of any series with respect
to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may
be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby,
or of the Holders of such series and one or more additional series:
(i) there
shall be no minimum quorum requirement for such meeting; and
(ii) the
principal amount of the Outstanding Securities of such series that vote in favor of such consent, waiver, request, demand, notice, authorization,
direction or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice,
consent, waiver or other action has been made, given or taken under this Indenture.
Section 15.05 Determination
of Voting Rights; Conduct and Adjournment of Meetings.
(a) Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and
in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence
of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.04
and the appointment of any proxy shall be proved in the manner specified in Section 1.04. Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.04
or other proof.
(b) The
Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 15.02(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting.
(c) At
any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount
of the Outstanding Securities of such series held or represented by such Holder; provided, however, that no vote shall
be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to
be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.
(d) Any
meeting of Holders of Securities of any series duly called pursuant to Section 15.02 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting, and the meeting may be held as so adjourned without further notice.
Section 15.06 Counting
Votes and Recording Action of Meetings.
The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them. The chairman of the meeting shall appoint at least one inspector of
votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting a verified written report of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting
of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge
of the fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 15.02
and, if applicable, Section 15.04. Each copy shall be signed and verified by the affidavits of the chairman and secretary of the
meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to
have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters
therein stated.
Article Sixteen
SUBORDINATION OF SECURITIES
Section 16.01 Agreement
to Subordinate.
The Company, for itself,
its successors and assigns, covenants and agrees, and each Holder of Senior Subordinated Securities by his acceptance thereof, likewise
covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Senior
Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment
to the prior payment in full of all Senior Indebtedness.
The Company, for itself,
its successors and assigns, covenants and agrees, and each Holder of Junior Subordinated Securities by his acceptance thereof, likewise
covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Junior
Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment
to the prior payment in full of all Senior Indebtedness and Senior Subordinated Indebtedness.
Section 16.02 Distribution
on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities.
Upon any distribution of
assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency,
reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets
and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision
reflecting the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the Securities
and the holders thereof by a lawful plan of reorganization under applicable bankruptcy law):
(i) the
holders of all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if any) and interest
due thereon before the Holders of the Subordinated Securities (except that, anything in this Indenture to the contrary notwithstanding,
Holders of Subordinated Securities may receive and retain Permitted Junior Securities) are entitled to receive any payment upon the principal
(or premium, if any) or interest, if any, on indebtedness evidenced by the Subordinated Securities (except that, anything in this Indenture
to the contrary notwithstanding, Holders of Subordinated Securities may receive and retain Permitted Junior Securities);
(ii) the
holders of all Senior Subordinated Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if
any) and interest due thereon before the Holders of the Junior Subordinated Securities are entitled to receive any payment upon the principal
(or premium, if any) or interest, if any, on indebtedness evidenced by the Junior Subordinated Securities;
(iii) any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders
of the Securities or the Trustee would be entitled except for the provisions of this Article Sixteen shall be paid by the liquidating
trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees
under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to
the aggregate amounts remaining unpaid on account of the principal of (and premium, if any) and interest on the Senior Indebtedness held
or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect
to any concurrent payment or distribution to the holders of such Senior Indebtedness; and
(iv) in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, shall be received by the Trustee or the Holders of the Subordinated Securities before all Senior Indebtedness
is paid in full, such payment or distribution shall be paid over, upon written notice to the Trustee, to the holder of such Senior Indebtedness
or their representative or representatives or to the trustee or trustees under any indenture under which any instrument evidencing any
of such Senior Indebtedness may have been issued, ratably as aforesaid, for application to payment of all Senior Indebtedness remaining
unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness.
“Permitted Junior
Securities” means:
(i) Equity
interests in the Company; or
(ii) debt
securities that are subordinated to all Senior Indebtedness and any debt securities issued in exchange for Senior Indebtedness to substantially
the same extent as, or to a greater extent than, the Subordinated Securities and the Junior Subordinated Securities are subordinated
to Senior Indebtedness under this Indenture.
Subject to the payment in
full of all Senior Indebtedness, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of Senior
Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until
the principal of (and premium, if any) and interest, if any, on the Subordinated Securities shall be paid in full and no such payments
or distributions to the Holders of the Subordinated Securities of cash, property or securities otherwise distributable to the holders
of Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of
the Subordinated Securities be deemed to be a payment by the Company to or on account of the Subordinated Securities. It is understood
that the provisions of this Article Sixteen are and are intended solely for the purpose of defining the relative rights of the Holders
of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand. Nothing contained in
this Article Sixteen or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as between
the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities, the obligation
of the Company, which is unconditional and absolute, to pay to the Holders of the Subordinated Securities the principal of (and premium,
if any) and interest, if any, on the Subordinated Securities as and when the same shall become due and payable in accordance with their
terms, or to affect the relative rights of the Holders of the Subordinated Securities and creditors of the Company other than the holders
of Senior Indebtedness, nor shall anything herein or in the Subordinated Securities prevent the Trustee or the Holder of any Subordinated
Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights,
if any, under this Article Sixteen of the holders of Senior Indebtedness in respect of cash, property or securities of the Company
received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article Sixteen,
the Trustee, subject to the provisions of Section 6.01, shall be entitled to rely upon a certificate of the liquidating trustee
or agent or other person making any distribution to the Trustee for the purpose of ascertaining the Persons entitled to participate in
such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Sixteen.
If the Trustee or any Holder
of Subordinated Securities does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior
to 30 calendar days before the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness
is hereby authorized, and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Subordinated Securities.
With respect to the holders
of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically
set forth in this Article and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into
this Indenture against the Trustee. The Trustee does not owe any fiduciary duties to the holders of Senior Indebtedness, including any
holder of Securities other than Securities issued under this Indenture.
Section 16.03 No
Payment on Subordinated Securities in Event of Default on Senior Indebtedness.
No payment by the Company
on account of principal (or premium, if any), sinking funds or interest, if any, on the Subordinated Securities shall be made unless
full payment of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or
duly provided for in money or money’s worth.
Section 16.04 Payments
on Subordinated Securities Permitted.
Nothing contained in this
Indenture or in any of the Subordinated Securities shall (a) affect the obligation of the Company to make, or prevent the Company
from making, at any time except as provided in Sections 16.02 and 16.03, payments of principal of (or premium, if any) or interest, if
any, on the Subordinated Securities or (b) prevent the application by the Trustee of any moneys deposited with it hereunder to the
payment of or on account of the principal of (or premium, if any) or interest, if any, on the Subordinated Securities, unless the Trustee
shall have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment more than three
Business Days prior to the date fixed for such payment.
Section 16.05 Authorization
of Holders to Trustee to Effect Subordination.
Each Holder of Subordinated
Securities by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article Sixteen and appoints the Trustee his attorney-in-fact for any and all
such purposes.
Section 16.06 Notices
to Trustee.
Notwithstanding the provisions
of this Article or any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall
be charged with knowledge of the existence of any Senior Indebtedness or of any event which would prohibit the making of any payment
of moneys to or by the Trustee or such Paying Agent, unless and until the Trustee or such Paying Agent shall have received (in the case
of the Trustee, at its Corporate Trust Office) written notice thereof from the Company or from the holder of any Senior Indebtedness
or from the trustee for any such holder, together with proof reasonably satisfactory to the Trustee of such holding of Senior Indebtedness
or of the authority of such trustee; provided, however, that if at least three Business Days prior to the date upon which
by the terms hereof any such moneys may become payable for any purpose (including the payment of either the principal (or premium, if
any) or interest, if any, on any Subordinated Security) the Trustee shall not have received with respect to such moneys the notice provided
for in this Section 16.06, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such moneys and to apply the same to the purpose for which they were received, and shall not be affected by any
notice to the contrary, which may be received by it within three Business Days prior to such date. The Trustee shall be entitled to rely
on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf
of such holder) to establish that such a notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such
holder. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person
as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article Sixteen, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by
such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Article Sixteen and, if such evidence is not furnished, the Trustee may defer any payment
to such Person pending judicial determination as to the right of such Person to receive such payment.
Section 16.07 Trustee
as Holder of Senior Indebtedness.
The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article Sixteen in respect of any Senior Indebtedness at any time
held by it to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall be construed to deprive
the Trustee of any of its rights as such holder.
Nothing in this Article Sixteen
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06.
Section 16.08 Modifications
of Terms of Senior Indebtedness.
Any renewal or extension
of the time of payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under
any instrument creating or evidencing Senior Indebtedness, including the waiver of default thereunder, may be made or done all without
notice to or assent from the Holders of the Subordinated Securities or the Trustee.
No compromise, alteration,
amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation
under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness
is outstanding or of such Senior Indebtedness, whether or not such release is in accordance with the provisions of any applicable document,
shall in any way alter or affect any of the provisions of this Article Sixteen or of the Subordinated Securities relating to the
subordination thereof.
Section 16.09 Reliance
on Judicial Order or Certificate of Liquidating Agent.
Upon any payment or distribution
of assets of the Company referred to in this Article Sixteen, the Trustee and the Holders of the Securities shall be entitled to
rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating
trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered
to the Trustee or to the Holders of Subordinated Securities, for the purpose of ascertaining the persons entitled to participate in such
payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Sixteen.
* * * * *
This Indenture may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Indenture. The exchange of copies of this Indenture and of signature pages by facsimile, .pdf transmission,
email or other electronic means shall constitute effective execution and delivery of this Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures
for all purposes.
IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed, as of the day and year first above written.
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ARES CAPITAL CORPORATION |
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By: |
/s/ Scott C. Lem |
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Name: |
Scott C. Lem |
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Title: |
Chief Financial Officer and Treasurer |
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U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, |
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as Trustee |
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By: |
/s/ Brandon Bonfig |
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Name: |
Brandon Bonfig |
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Title: |
Vice President |
