<SEC-DOCUMENT>0001279569-18-000622.txt : 20180329
<SEC-HEADER>0001279569-18-000622.hdr.sgml : 20180329
<ACCEPTANCE-DATETIME>20180329160247
ACCESSION NUMBER:		0001279569-18-000622
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180328
FILED AS OF DATE:		20180329
DATE AS OF CHANGE:		20180329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		18722946

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>newgold6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>





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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Form
6-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For the month of March 2018.</P>

<P STYLE="margin: 0">Commission File Number 001-31722</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>New
Gold Inc.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 3510 &ndash; 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Toronto, Ontario M5J 2T3</P>

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



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">(Address of principal executive office)</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form 20-F
&#9744;&nbsp;Form 40-F &#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note</B>:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT>&#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note:
</B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules
of the home country exchange on which the registrant&rsquo;s securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the registrant&rsquo;s security holders, and, if discussing
a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOCUMENTS
FILED AS PART OF THIS FORM 6-K</B></FONT></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></td>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="ex991.htm">99.1</A></td>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">Indenture Dated as of May
    18, 2017</A></FONT></TD></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEW GOLD INC.</B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 6%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 37%; border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/
    Lisa Damiani</I></FONT></td>
    <td style="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;March 28,
     2018</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lisa Damiani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice President, General Counsel</P>

<P STYLE="margin: 0">and Corporate Secretary</P>



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

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex991.htm
<DESCRIPTION>INDENTURE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>



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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 100pt 0 12pt; text-align: center">INDENTURE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Dated as of May 18, 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Among</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NEW GOLD INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THE GUARANTORS NAMED ON THE SIGNATURE
PAGES HERETO</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">COMPUTERSHARE
TRUST COMPANY, N.A.,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">as Trustee</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 100pt; text-align: center">6.375% SENIOR NOTES DUE 2025</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-transform: uppercase; text-align: center">TABLE OF
CONTENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><U>Page</U></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 1 &nbsp;DEFINITIONS AND INCORPORATION BY REFERENCE</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 12pt; padding-bottom: 12pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 1.01&nbsp;&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 1.02&nbsp;&nbsp;&nbsp;Other Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 1.03&nbsp;&nbsp;&nbsp;Rules of Construction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 1.04&nbsp;&nbsp;&nbsp;Acts of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 2 &nbsp;THE NOTES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.01&nbsp;&nbsp;&nbsp;Form and Dating; Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.02&nbsp;&nbsp;&nbsp;Execution and Authentication</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.03&nbsp;&nbsp;&nbsp;Registrar and Paying Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.04&nbsp;&nbsp;&nbsp;Paying Agent to Hold Money in Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.05&nbsp;&nbsp;&nbsp;Holder Lists</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.06&nbsp;&nbsp;&nbsp;Transfer and Exchange</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.07&nbsp;&nbsp;&nbsp;Replacement Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.08&nbsp;&nbsp;&nbsp;Outstanding Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.09&nbsp;&nbsp;&nbsp;Treasury Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.10&nbsp;&nbsp;&nbsp;Temporary Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.11&nbsp;&nbsp;&nbsp;Cancellation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.12&nbsp;&nbsp;&nbsp;Defaulted Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.13&nbsp;&nbsp;&nbsp;Additional Amounts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.14&nbsp;&nbsp;&nbsp;CUSIP and ISIN Numbers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 2.15&nbsp;&nbsp;&nbsp;Computation of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 3 &nbsp;REDEMPTION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.01&nbsp;&nbsp;&nbsp;Notices to Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.02&nbsp;&nbsp;&nbsp;Selection of Notes to Be Redeemed or Purchased</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.03&nbsp;&nbsp;&nbsp;Notice of Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.04&nbsp;&nbsp;&nbsp;Effect of Notice of Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.05&nbsp;&nbsp;&nbsp;Deposit of Redemption or Purchase Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.06&nbsp;&nbsp;&nbsp;Notes Redeemed or Purchased in Part</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.07&nbsp;&nbsp;&nbsp;Optional Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.08&nbsp;&nbsp;&nbsp;Mandatory Redemption; Open Market Purchases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.09&nbsp;&nbsp;&nbsp;Tax Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 3.10&nbsp;&nbsp;&nbsp;Offers to Repurchase by Application of Excess Proceeds</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 4 &nbsp;COVENANTS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.01&nbsp;&nbsp;&nbsp;Payment of Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.02&nbsp;&nbsp;&nbsp;Maintenance of Office or Agency</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.03&nbsp;&nbsp;&nbsp;Reports and Other Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.04&nbsp;&nbsp;&nbsp;Compliance Certificate</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.05&nbsp;&nbsp;&nbsp;Taxes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.06&nbsp;&nbsp;&nbsp;Stay, Extension and Usury Laws</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.07&nbsp;&nbsp;&nbsp;Limitation on Restricted Payments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
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<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in; width: 90%">Section 4.08&nbsp;&nbsp;&nbsp;Limitation on Restrictions on Distribution From Restricted Subsidiaries</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.09&nbsp;&nbsp;&nbsp;Limitation on Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.10&nbsp;&nbsp;&nbsp;Asset Dispositions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">62</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.11&nbsp;&nbsp;&nbsp;Transactions with Affiliates</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.12&nbsp;&nbsp;&nbsp;Limitation on Liens</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">67</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.13&nbsp;&nbsp;&nbsp;Corporate Existence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">67</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.14&nbsp;&nbsp;&nbsp;Offer to Repurchase Upon Change of Control</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">67</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.15&nbsp;&nbsp;&nbsp;Additional Note Guarantees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">69</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 4.16&nbsp;&nbsp;&nbsp;Effectiveness of Covenants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 5 &nbsp;SUCCESSORS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">71</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 5.01&nbsp;&nbsp;&nbsp;Merger, Amalgamation, Arrangement, Consolidation or Sale of All or Substantially All Assets</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">71</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 5.02&nbsp;&nbsp;&nbsp;Successor Entity Substituted</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">73</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 6 &nbsp;DEFAULTS AND REMEDIES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">74</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.01&nbsp;&nbsp;&nbsp;Events of Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">74</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.02&nbsp;&nbsp;&nbsp;Acceleration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">76</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.03&nbsp;&nbsp;&nbsp;Other Remedies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">76</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.04&nbsp;&nbsp;&nbsp;Waiver of Past Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">76</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.05&nbsp;&nbsp;&nbsp;Control by Majority</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">77</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.06&nbsp;&nbsp;&nbsp;Limitation on Suits</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">77</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.07&nbsp;&nbsp;&nbsp;Rights of Holders to Receive Payment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">78</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.08&nbsp;&nbsp;&nbsp;Collection Suit by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">78</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.09&nbsp;&nbsp;&nbsp;Restoration of Rights and Remedies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">78</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.10&nbsp;&nbsp;&nbsp;Rights and Remedies Cumulative</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">78</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.11&nbsp;&nbsp;&nbsp;Delay or Omission Not Waiver</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">78</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.12&nbsp;&nbsp;&nbsp;Trustee May File Proofs of Claim</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">79</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.13&nbsp;&nbsp;&nbsp;Priorities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">79</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 6.14&nbsp;&nbsp;&nbsp;Undertaking for Costs</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">79</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 7 &nbsp;TRUSTEE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">80</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.01&nbsp;&nbsp;&nbsp;Duties of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">80</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.02&nbsp;&nbsp;&nbsp;Rights of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">81</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.03&nbsp;&nbsp;&nbsp;Individual Rights of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">82</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.04&nbsp;&nbsp;&nbsp;Trustee&rsquo;s Disclaimer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">82</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.05&nbsp;&nbsp;&nbsp;Notice of Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">82</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.06&nbsp;&nbsp;&nbsp;Reports by Trustee to Holders of the Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">83</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.07&nbsp;&nbsp;&nbsp;Compensation and Indemnity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">83</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.08&nbsp;&nbsp;&nbsp;Replacement of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">84</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.09&nbsp;&nbsp;&nbsp;Successor Trustee by Merger</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">84</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 7.10&nbsp;&nbsp;&nbsp;Eligibility; Disqualification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">85</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 8&nbsp; LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">85</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 8.01&nbsp;&nbsp;&nbsp;Option to Effect Legal Defeasance or Covenant Defeasance</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">85</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 8.02&nbsp;&nbsp;&nbsp;Legal Defeasance and Discharge</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">85</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 8.03&nbsp;&nbsp;&nbsp;Covenant Defeasance</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">86</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in; width: 90%">Section 8.04&nbsp;&nbsp;&nbsp;Conditions to Legal or Covenant Defeasance</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">86</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 8.05&nbsp;&nbsp;&nbsp;Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 8.06&nbsp;&nbsp;&nbsp;Repayment to the Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 8.07&nbsp;&nbsp;&nbsp;Reinstatement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 9 &nbsp;AMENDMENT, SUPPLEMENT AND WAIVER</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 9.01&nbsp;&nbsp;&nbsp;Without Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 9.02&nbsp;&nbsp;&nbsp;With Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 9.03&nbsp;&nbsp;&nbsp;[Reserved]</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 9.04&nbsp;&nbsp;&nbsp;Revocation and Effect of Consents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 9.05&nbsp;&nbsp;&nbsp;Notation on or Exchange of Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 9.06&nbsp;&nbsp;&nbsp;Trustee to Sign Amendments, etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 9.07&nbsp;&nbsp;&nbsp;Payment for Consent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 10&nbsp; GUARANTEES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 10.01&nbsp;&nbsp;&nbsp;Guarantee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 10.02&nbsp;&nbsp;&nbsp;Limitation on Guarantor Liability</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">94</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 10.03&nbsp;&nbsp;&nbsp;Execution and Delivery</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">94</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 10.04&nbsp;&nbsp;&nbsp;Subrogation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">94</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 10.05&nbsp;&nbsp;&nbsp;Benefits Acknowledged</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">95</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 10.06&nbsp;&nbsp;&nbsp;Release of Note Guarantees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">95</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 11 &nbsp;SATISFACTION AND DISCHARGE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 11.01&nbsp;&nbsp;&nbsp;Satisfaction and Discharge</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 11.02&nbsp;&nbsp;&nbsp;Application of Trust Money</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">97</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0.5in">ARTICLE 12&nbsp; MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 12pt">97</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.01&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">97</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.02&nbsp;&nbsp;&nbsp;Communication by Holders with Other Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.03&nbsp;&nbsp;&nbsp;Certificate and Opinion as to Conditions Precedent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.04&nbsp;&nbsp;&nbsp;Statements Required in Certificate or Opinion</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.05&nbsp;&nbsp;&nbsp;Rules by Trustee and Agents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.06&nbsp;&nbsp;&nbsp;No Personal Liability of Directors, Officers, Employees, Members, Partners and Shareholders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.07&nbsp;&nbsp;&nbsp;Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.08&nbsp;&nbsp;&nbsp;Waiver of Jury Trial</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.09&nbsp;&nbsp;&nbsp;No Adverse Interpretation of Other Agreements</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.10&nbsp;&nbsp;&nbsp;Successors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.11&nbsp;&nbsp;&nbsp;Severability</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.12&nbsp;&nbsp;&nbsp;Counterpart Originals</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.13&nbsp;&nbsp;&nbsp;Table of Contents, Headings, etc</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.14&nbsp;&nbsp;&nbsp;U.S.A. PATRIOT Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.15&nbsp;&nbsp;&nbsp;Payments Due on Non-Business Days</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.16&nbsp;&nbsp;&nbsp;Submission to Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Section 12.17&nbsp;&nbsp;&nbsp;Waiver of Immunity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">102</TD></TR>
</TABLE>
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    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in; width: 90%">Appendix
    A&nbsp;&nbsp;&nbsp;Provisions Relating to Initial Notes and Additional Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Exhibit
    A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Note</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Exhibit
    B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Institutional Accredited Investor Transferee Letter of Representation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.25in">Exhibit
    C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"></TD></TR></TABLE>


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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">INDENTURE, dated as of May 18, 2017, among
New Gold Inc., a corporation existing under the laws of British Columbia (the &ldquo;<U>Company</U>&rdquo;), the Guarantors (as
defined herein) listed on the signature pages hereto and Computershare Trust Company, N.A., a national association, as Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><U>W I T N E S S E T H</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">WHEREAS, the Company has duly authorized
the creation of and issue of $300,000,000 aggregate principal amount of 6.375% Senior Notes due 2025 (the &ldquo;<U>Initial Notes</U>&rdquo;);
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">WHEREAS, the Company and each of the Guarantors
have duly authorized the execution and delivery of this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">NOW, THEREFORE, the Company, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 1<BR>
<BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>1.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>2020 Senior Notes</U>&rdquo;
means the Company&rsquo;s 7.00% senior notes due 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>2022 Senior Notes</U>&rdquo;
means the Company&rsquo;s 6.25% senior notes due 2022.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Acquired Indebtedness</U>&rdquo;
means, with respect to any specified Person, (1) Indebtedness of any Person or any of its Subsidiaries existing at the time such
Person becomes a Restricted Subsidiary of the Company or (2) assumed in connection with the acquisition of assets from such Person,
in each case whether or not Incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming
a Restricted Subsidiary of the Company or such acquisition, and Indebtedness secured by a Lien encumbering any asset acquired by
such specified Person. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of the preceding
sentence, on the date such Person becomes a Restricted Subsidiary of the Company and, with respect to clause (2) of the preceding
sentence, on the date of consummation of such acquisition of assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Additional Assets</U>&rdquo;
means:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
property, plant, equipment or other asset (excluding working capital or current assets for the avoidance of doubt) to be used by
the Company or any of its Restricted Subsidiaries in a Similar Business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Capital Stock of a Person that becomes a Restricted Subsidiary of the Company as a result of the acquisition of such Capital Stock
by the Company or its Restricted Subsidiary; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt"><U>provided</U>, <U>however</U>, that, in the case of clauses
(2) and (3), such Restricted Subsidiary is primarily engaged in a Similar Business.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Additional Notes</U>&rdquo; means
Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Section 2.01 and Section
4.09, as part of the same series as the Initial Notes whether or not they bear the same &ldquo;CUSIP&rdquo; number.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo; of any specified
Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control
with such specified Person. For the purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the
terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;) when used with respect
to any Person means possession, directly or indirectly, of 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 &ldquo;controlling&rdquo;
and &ldquo;controlled&rdquo; have meanings correlative to the foregoing; <U>provided</U> that exclusively for purposes of Section
4.10 and Section 4.11, beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Agent</U>&rdquo; means any Registrar
or Paying Agent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Applicable Premium</U>&rdquo;
means, with respect to a Note on any date of redemption, the greater of (as determined and calculated by the Company):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0%
of the principal amount of such Note, and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
excess, if any, of (a) the present value as of such date of redemption of (i) the redemption price of such Note on May 15, 2020
(such redemption price being set forth in Section 3.07), plus (ii) all required interest payments due on such Note through May
15, 2020 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury
Rate as of such date of redemption plus 50 basis points, over (b) the then-outstanding principal amount of such Note.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Asset Disposition</U>&rdquo;
means any direct or indirect sale, lease (other than an operating lease entered into in the ordinary course of business), transfer,
issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions that are part of a common
plan, of shares of Capital Stock of a Subsidiary (other than directors&rsquo; qualifying shares), property or other assets (each
referred to for the purposes of this definition as a &ldquo;<U>disposition</U>&rdquo;) by the Company or any of its Restricted
Subsidiaries, including any disposition by means of a merger, amalgamation, consolidation, arrangement or similar transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Notwithstanding the preceding, the following
items shall not be deemed to be Asset Dispositions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
disposition of assets by a Company&rsquo;s Restricted Subsidiary to the Company or by the Company or any of its Restricted Subsidiaries
to a Restricted Subsidiary of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
disposition of Cash Equivalents in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
disposition of inventory in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
disposition of obsolete, damaged or worn out property or equipment or property or equipment that are no longer used or useful in
the conduct of the business of the Company and its Restricted Subsidiaries and that is disposed of in each case in the ordinary
course of business;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01 or any disposition
that constitutes a Change of Control pursuant to this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
issuance of Capital Stock by a Company&rsquo;s Restricted Subsidiary to the Company or to a Wholly Owned Subsidiary;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Permitted Investment or Restricted Payment in compliance with Section 4.07;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dispositions
of assets in a single transaction or a series of related transactions with an aggregate Fair Market Value of less than $25.0 million;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
creation of a Permitted Lien and dispositions in connection with Permitted Liens;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance by a Restricted Subsidiary of the Company of Preferred Stock that is permitted by Section 4.09;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
licensing or sublicensing of intellectual property or other general intangibles and licenses, leases or subleases of other property
in the ordinary course of business which do not materially interfere with the business of the Company and its Restricted Subsidiaries;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreclosure
on assets;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
sale of Capital Stock in, or Indebtedness or other securities of, an Unrestricted Subsidiary;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
unwinding of any Hedging Obligations;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
surrender of contract rights or the settlement or surrender of contract, tort or other claims;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dispositions
in connection with royalty or precious metals stream or similar transactions that are customary in the mining business (as determined
in good faith by the Company);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dispositions
of any assets of or related to, or Investments in, any mineral property of the Company or any of its Restricted Subsidiaries that
has been placed on care and maintenance for more than 12 months or is subject to a mine closure plan;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
exchange of assets for assets (including a combination of assets (which assets may include Capital Stock or any securities convertible
into, or exercisable or exchangeable for, Capital Stock, but which assets may not include any Indebtedness) and Cash Equivalents)
related to a Similar Business of comparable or greater market value or usefulness to the business of the Company and its Restricted
Subsidiaries, taken as a whole, which in the event of an exchange of assets with a Fair Market Value in excess of (a) $10.0 million
shall be evidenced by an Officer&rsquo;s Certificate and (b) $30.0 million shall be set forth in a resolution approved by at least
a majority of the members of the Board of Directors of the Company; <U>provided</U> that the Company shall apply any cash or Cash
Equivalents received in any such exchange of assets as described in Section 4.10(a)(3);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dispositions
to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in
joint venture arrangements and similar binding agreements; and</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Average Life</U>&rdquo; means,
as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the
sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal
payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of
such payment by (2) the sum of all such payments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Bankruptcy Law</U>&rdquo; means
Title 11, U.S. Code, the Bankruptcy and Insolvency Act (Canada), the Companies&rsquo; Creditors Arrangement Act (Canada), in each
case, as amended, or any similar federal, Canadian, provincial, state or foreign law for the relief of debtors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>beneficial ownership</U>&rdquo;
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, and &ldquo;<U>beneficial owner</U>&rdquo;
has a corresponding meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Board of Directors</U>&rdquo;
means:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to a corporation, the Board of Directors of the corporation or (other than for purposes of determining Change of Control)
the executive committee of the Board of Directors;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to a partnership, the Board of Directors of the general partner of the partnership; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any other Person, the board or committee of such Person serving a similar function.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo; means
each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York, Vancouver, British Columbia,
or Toronto, Ontario are authorized or required by law to close.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Canadian Securities Legislation</U>&rdquo;
means all applicable securities laws in each of the provinces and territories of Canada, including, without limitation, the Province
of Ontario, and the respective regulations and rules under such laws together with applicable published rules, policy statements,
blanket orders, instruments, rulings and notices of the regulatory authorities in such provinces or territories.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Capital Stock</U>&rdquo; of any
Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) equity of such Person, including any Preferred Stock and limited liability or partnership interests (whether
general or limited), but excluding any debt securities convertible or exchangeable into such equity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Capitalized Lease Obligations</U>&rdquo;
means an obligation that would have been required to be classified and accounted for as a capitalized lease for financial reporting
purposes in accordance with IFRS as of the Issue Date. The amount of Indebtedness represented by such obligation will be the capitalized
amount of such obligation at the time any determination thereof is to be made as determined in accordance with IFRS, and the Stated
Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date
such lease may be terminated without penalty.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&ldquo;<U>Cash Equivalents</U>&rdquo; means:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian
dollars, U.S. dollars or, in the case of any foreign Subsidiary, such other local currencies held by it from time to time in the
ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities
issued or directly and fully Guaranteed or insured by the Canadian or U.S. government or any agency or instrumentality of Canada
or the United States (<U>provided</U> that the full faith and credit of Canada or the United States is pledged in support thereof),
having maturities of not more than one year from the date of acquisition;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;marketable
general obligations issued by any province of Canada or state of the United States or any political subdivision of any such province
or state or any public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition,
having a credit rating of &ldquo;A&rdquo; or better from either S&amp;P or Moody&rsquo;s, or carrying an equivalent rating by a
nationally recognized Rating Agency, if both of the two named Rating Agencies cease publishing ratings of investments;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;certificates
of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers&rsquo; acceptances having maturities of
not more than one year from the date of acquisition thereof issued by any commercial bank the long-term debt of which is rated
at the time of acquisition thereof at least &ldquo;A&rdquo; or the equivalent thereof by S&amp;P, or &ldquo;A&rdquo; or the equivalent
thereof by Moody&rsquo;s, or carrying an equivalent rating by a nationally recognized Rating Agency, if both of the two named Rating
Agencies cease publishing ratings of investments, and having combined capital and surplus in excess of $500.0 million;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3) and (4)
entered into with any bank meeting the qualifications specified in clause (4) above;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commercial
paper rated at the time of acquisition thereof at least &ldquo;A-2&rdquo; or the equivalent thereof by S&amp;P or &ldquo;P-2&rdquo;
or the equivalent thereof by Moody&rsquo;s, or carrying an equivalent rating by a nationally recognized Rating Agency, if both
of the two named Rating Agencies cease publishing ratings of investments, and in any case maturing within one year after the date
of acquisition thereof; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interests
in any investment company or money market fund which invests 95% or more of its assets in instruments of the type specified in
clauses (1) through (6) above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Cash Management Agreements</U>&rdquo;
means any agreement providing for treasury, depository, purchasing card or cash management services, including in connection with
any automated clearing house transfer of funds or any similar transaction entered into in the ordinary course of business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Change of Control</U>&rdquo;
means:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
&ldquo;person&rdquo; or &ldquo;group&rdquo; of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group
shall be deemed to have &ldquo;beneficial ownership&rdquo; of all shares that any such person or group has the right to acquire,
whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the
total voting power of the Voting Stock of the Company (or its successor by merger, consolidation, amalgamation, arrangement or
purchase of all or substantially all of its assets); or</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
merger, consolidation, amalgamation or arrangement of the Company with or into another Person or the merger, consolidation, amalgamation
or arrangement of another Person with or into the Company or the merger, consolidation, amalgamation or arrangement of any Person
with or into a Subsidiary of the Company, unless the holders of a majority of the aggregate voting power of the Voting Stock of
the Company, immediately prior to such transaction, hold securities of the surviving or transferee Person that represent, immediately
after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving or transferee Person;
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sale, assignment, conveyance, transfer, lease or other disposition (other than by way of merger, consolidation, amalgamation or
arrangement), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted
Subsidiaries taken as a whole to any &ldquo;person&rdquo; (as such term is used in Sections 13(d) and 14(d) of the Exchange Act);
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
adoption by the shareholders of the Company of a plan or proposal for the liquidation or dissolution of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Code</U>&rdquo; means the Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Commodity Agreement</U>&rdquo;
means any commodity futures contract, commodity swap, commodity option or other similar agreement or arrangement entered into by
the Company or any of its Restricted Subsidiaries designed to protect the Company or any of its Restricted Subsidiaries against
fluctuations in the price of commodities actually produced or used in the ordinary course of business of the Company and its Restricted
Subsidiaries.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Common Stock</U>&rdquo; means
with respect to any Person, any and all shares, interest or other participations in, and other equivalents (however designated
and whether voting or nonvoting) of such Person&rsquo;s common stock, whether or not outstanding on the Issue Date, and includes,
without limitation, all series and classes of such common stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Company</U>&rdquo; has the meaning
set forth in the recitals hereto or any successor obligor to its obligations under this Indenture and the Notes pursuant to Article
5.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Consolidated Coverage Ratio</U>&rdquo;
means as of any date of determination, with respect to any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA
of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination
for which financial statements are internally available to (y) Consolidated Interest Expense for such four fiscal quarters; <U>provided</U>,
<U>however</U>, that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Company or any of its Restricted Subsidiaries:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;has
Incurred any Indebtedness (other than Indebtedness that constitutes ordinary working capital borrowings) since the beginning of
such period that remains outstanding on such date of determination or if the transaction giving rise to the need to calculate the
Consolidated Coverage Ratio includes an Incurrence of Indebtedness (other than Indebtedness that constitutes ordinary working capital
borrowings), Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving effect on a
<U>pro forma</U> basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period (except that
in making such computation, the amount of Indebtedness under any revolving Debt Facility outstanding on the date of such calculation
will be deemed to be:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was
outstanding; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such facility was created after the end of such four fiscal quarters, the average daily balance of such Indebtedness during the
period from the date of creation of such facility to the date of such calculation),</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">and the discharge of any other Indebtedness repaid, repurchased,
redeemed, retired, defeased or otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred
on the first day of such period; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;has
repaid, repurchased, redeemed, retired, defeased or otherwise discharged any Indebtedness since the beginning of the period that
is no longer outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated
Coverage Ratio includes a discharge of Indebtedness (in each case, other than Indebtedness Incurred under any revolving Debt Facility
unless such Indebtedness has been permanently repaid and the related commitment terminated and not replaced), Consolidated EBITDA
and Consolidated Interest Expense for such period will be calculated after giving effect on a <U>pro forma</U> basis to such discharge
of such Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day
of such period;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
since the beginning of such period, the Company or any of its Restricted Subsidiaries will have made any Asset Disposition or disposed
of or discontinued (as defined under IFRS) any company, division, operating unit, segment, business, group of related assets or
line of business or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is such an Asset Disposition:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Consolidated EBITDA for such period will be reduced by an amount equal to the Consolidated EBITDA (if positive) directly attributable
to the assets that are the subject of such disposition or discontinuation for such period or increased by an amount equal to the
Consolidated EBITDA (if negative) directly attributable thereto for such period; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
Interest Expense for such period will be reduced by an amount equal to the Consolidated Interest Expense directly attributable
to any Indebtedness of the Company or any of its Restricted Subsidiaries repaid, repurchased, redeemed, retired, defeased or otherwise
discharged (to the extent the related commitment is permanently reduced) with respect to the Company and its continuing Restricted
Subsidiaries in connection with such transaction for such period (or, if the Capital Stock of any Restricted Subsidiary of the
Company is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted
Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after
such sale);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
since the beginning of such period the Company or any of its Restricted Subsidiaries (by merger, consolidation, amalgamation, arrangement
or otherwise) will have made an Investment in any Restricted Subsidiary of the Company (or any Person that becomes a Restricted
Subsidiary of the Company or is merged with or into the Company or any of its Restricted Subsidiaries) or an acquisition of assets,
including any acquisition of assets occurring in connection with a transaction causing a calculation to be made hereunder, which
constitutes all or substantially all of a company, division, operating unit, segment, business, group of related assets or line
of business, Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving <U>pro forma</U>
effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first day of
such period; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
since the beginning of such period any Person (that subsequently became a Restricted Subsidiary of the Company or was merged with
or into the Company or any of its Restricted Subsidiaries since the beginning of such period) will have Incurred any Indebtedness
or discharged any Indebtedness, made any disposition or any Investment or acquisition of assets that would have required an adjustment
pursuant to clause (1), (2) or (3) above if made by the Company or its Restricted Subsidiary during such period, Consolidated EBITDA
and Consolidated Interest Expense for such period will be calculated after giving <U>pro forma</U> effect thereto as if such transaction
occurred on the first day of such period.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">For purposes of this definition, whenever
<U>pro forma</U> effect is to be given to any calculation under this definition, the <U>pro forma</U> calculations will be determined
in good faith by a responsible financial or accounting officer of the Company. If any Indebtedness bears a floating rate of interest
and is being given <U>pro forma</U> effect, the interest expense on such Indebtedness will be calculated as if the rate in effect
on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement
applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months). If any Indebtedness
that is being given <U>pro forma</U> effect bears an interest rate at the option of the Company, the interest rate shall be calculated
by applying such optional rate chosen by the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Consolidated EBITDA</U>&rdquo;
for any period means, with respect to any Person, the Consolidated Net Income of such Person for such period:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increased
(without duplication) by the following items to the extent deducted in calculating such Consolidated Net Income:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
Interest Expense; <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
Income Taxes; <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consolidated
amortization, depletion and depreciation expense; <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consolidated
impairment charges; <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
non-cash charges reducing Consolidated Net Income (other than depreciation, amortization or depletion expense), including any write-offs
or write-downs (excluding any such non-cash charge to the extent it represents an accrual of or reserve for cash charges in any
future period or amortization of a prepaid cash expense that was capitalized at the time of payment) and non-cash compensation
expense recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights to officers,
directors or employees; <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
expenses or charges (other than depreciation, amortization or depletion expense) related to any Equity Offering, Permitted Investment,
merger, amalgamation, consolidation, arrangement, acquisition, disposition, recapitalization or the Incurrence of Indebtedness
permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) fees, expenses
or charges related to the offering of the Notes and (ii) any amendment or other modification of the Notes; <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
restructuring charges, integration costs or costs associated with establishing new facilities (which, for the avoidance of doubt,
shall include retention, severance, relocation, workforce reduction, contract termination, systems establishment costs and facilities
consolidation costs) certified by the chief financial officer of the Company and deducted (and not added back) in computing Consolidated
Net Income; <U>provided</U> that the aggregate amount of all charges, expenses and costs added back under this clause (g) shall
not to exceed $20.0 million in any consecutive four-quarter period; <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accretion
of asset retirement obligations, net of cash payments for such asset retirement obligations;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;decreased
(without duplication) by non-cash items increasing Consolidated Net Income of such Person for such period (excluding any items
which represent the reversal of any accrual of, or reserve for, anticipated cash charges that reduced Consolidated EBITDA in any
prior period); and</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increased
or decreased (without duplication) to eliminate the following items to the extent reflected in Consolidated Net Income:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
net gain or loss resulting in such period from currency translation gains or losses; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;effects
of adjustments (including the effects of such adjustments pushed down to the Company and its Restricted Subsidiaries) in any line
item in such Person&rsquo;s consolidated financial statements resulting from the application of purchase accounting in relation
to any completed acquisition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Notwithstanding the foregoing, clauses
(1)(b) through (h) above relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated Net Income to
compute Consolidated EBITDA of such Person only to the extent (and in the same proportion) that the net income (loss) of such Restricted
Subsidiary was included in calculating the Consolidated Net Income of such Person and, to the extent the amounts set forth in clauses
(1)(b) through (h) above are in excess of those necessary to offset a net loss of such Restricted Subsidiary or if such Restricted
Subsidiary has net income for such period included in Consolidated Net Income, only if a corresponding amount would be permitted
at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior approval (that has not
been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules
and governmental regulations applicable to that Restricted Subsidiary or its shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Consolidated Income Taxes</U>&rdquo;
means, with respect to any Person for any period, taxes imposed upon such Person, or other payments required to be made by such
Person, by any governmental authority which taxes or other payments are calculated by reference to the income or profits or capital
of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing
Consolidated Net Income for such period), including, without limitation, federal, provincial, state, franchise and similar taxes
and foreign withholding taxes regardless of whether such taxes or payments are required to be remitted to any governmental authority.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Consolidated Interest Expense</U>&rdquo;
means, with respect to any Person, for any period, the total interest expense of such Person and its consolidated Restricted Subsidiaries,
net of any interest income received by such Person and its consolidated Restricted Subsidiaries, whether paid or accrued, <U>plus</U>,
to the extent not included in such interest expense:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest
expense attributable to Capitalized Lease Obligations;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amortization
of debt discount (including the amortization of original issue discount resulting from the issuance of Indebtedness at less than
par) and debt issuance cost; <U>provided</U>, <U>however</U>, that any amortization of bond premium will be credited to reduce
Consolidated Interest Expense unless such amortization of bond premium has otherwise reduced Consolidated Interest Expense;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-cash
interest expense, but any non-cash interest income or expense attributable to the movement in the mark-to-market valuation of Hedging
Obligations or other derivative instruments shall be excluded from the calculation of Consolidated Interest Expense;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commissions,
discounts and other fees and charges owed with respect to letters of credit and bankers&rsquo; acceptance financing;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured
by a Lien on assets of such Person or one of its Restricted Subsidiaries;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs
associated with entering into Hedging Obligations (including amortization of fees) related to Indebtedness;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest
expense of such Person and its Restricted Subsidiaries that was capitalized during such period;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
product of (a) all dividends paid or payable, in cash, Cash Equivalents or Indebtedness or accrued during such period on any series
of Disqualified Stock of such Person or on Preferred Stock of its Non-Guarantors payable to a party other than the Company or a
Wholly Owned Subsidiary, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then
current combined Canadian and U.S. federal, state, provincial, municipal and local statutory tax rate of such Person, expressed
as a decimal, in each case on a consolidated basis and in accordance with IFRS;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables
Fees; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are intended to be used
by such plan or trust to pay interest or fees to any Person (other than the Company and its Restricted Subsidiaries) in connection
with Indebtedness Incurred by such plan or trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">For the purpose of calculating the Consolidated
Coverage Ratio, the calculation of Consolidated Interest Expense shall include all interest expense (including any amounts described
in clauses (1) through (10) above) relating to any Indebtedness of such Person or any of its Restricted Subsidiaries described
in the final paragraph of the definition of &ldquo;Indebtedness.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">For purposes of the foregoing, total interest
expense will be determined (i) after giving effect to any net payments made or received by such Person and its Subsidiaries with
respect to Interest Rate Agreements and (ii) exclusive of amounts classified as other comprehensive income in the balance sheet
of such Person. Notwithstanding anything to the contrary contained herein, without duplication of clause (9) above, commissions,
discounts, yield and other fees and charges Incurred in connection with any transaction pursuant to which such Person or its Restricted
Subsidiaries may sell, convey or otherwise transfer or grant a security interest in any accounts receivable or related assets shall
be included in Consolidated Interest Expense.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Consolidated Net Income</U>&rdquo;
means, for any period, the net income (loss) of the Company and its consolidated Restricted Subsidiaries determined on a consolidated
basis in accordance with IFRS; <U>provided</U>, <U>however</U>, that there will not be included in such Consolidated Net Income:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
net income (loss) of any Person if such Person is not a Restricted Subsidiary of the Company or that is accounted for by the equity
method of accounting, except that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to the limitations contained in clauses (3) through (8) below, the Company&rsquo;s equity in the net income of any such Person
for such period will be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such
Person during such period to the Company or any of its Restricted Subsidiaries as a dividend or other distribution (subject, in
the case of a dividend or other distribution to a Restricted Subsidiary of the Company, to the limitations contained in clause
(2) below); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s equity in a net loss of any such Person (other than an Unrestricted Subsidiary) for such period will be included
in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Company or its Restricted
Subsidiary;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solely
for the purpose of determining the amount available for Restricted Payments under clause (C)(i) of Section 4.07(a) any net income
(but not loss) of any Restricted Subsidiary of the Company (other than a Guarantor) if such Restricted Subsidiary is subject to
prior government approval or other restrictions due to the operation of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or government regulation (which have not been waived), directly or indirectly, on the payment of dividends
or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to the limitations contained in clauses (3) through (8) below, the Company&rsquo;s equity in the net income of any such Restricted
Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash that could have
been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary of the Company
as a dividend (subject, in the case of a dividend to another Restricted Subsidiary of the Company, to the limitation contained
in this clause); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s equity in a net loss of any such Restricted Subsidiary for such period will be included in determining such Consolidated
Net Income;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
gain or loss (less all fees and expenses relating thereto) realized upon sales or other dispositions of any assets of the Company
or such Restricted Subsidiary, other than in the ordinary course of business, as determined in good faith by Senior Management;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
income or loss from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
extraordinary or non-recurring gain or loss;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
unrealized net gain or loss resulting in such period from Hedging Obligations or other derivative instruments;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
net income or loss included in the consolidated statement of operations with respect to noncontrolling interests; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cumulative effect of a change in accounting principles.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Corporate Trust Office of the
Trustee</U>&rdquo; means the office of the Trustee at which the corporate trust business of the Trustee is principally administered,
which at the date of this Indenture is located at 8742 Lucent Boulevard, Suite 225, Highlands Ranch, Colorado 80129.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Currency Agreement</U>&rdquo;
means, in respect of a Person, any foreign exchange contract, currency swap agreement, futures contract, option contract or other
similar agreement as to which such Person is a party or a beneficiary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Custodian</U>&rdquo; means Computershare
Trust Company, N.A., a national association, as custodian with respect to the Notes in global form, or any successor entity thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Debt Facility</U>&rdquo; means
one or more debt facilities (including, without limitation, the Senior Credit Facility) or commercial paper facilities, indentures
or debt security issuances, in each case with banks, other institutional lenders or investors providing for revolving credit loans,
term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed
to borrow from such lenders against such receivables) or letters of credit or issuances of debt securities evidenced by notes,
debentures, bonds, indentures or similar instruments, in each case as amended, restated, modified, renewed, refunded, replaced
or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time
(and whether or not with the original administrative agent, lenders, investors or trustee or another administrative agent or agents,
other lenders, investors or trustee and whether provided under any credit or other agreement or indenture).</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Default</U>&rdquo; means any
event that is, or after notice or passage of time or both would be, an Event of Default.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Definitive Note</U>&rdquo; means
a certificated Initial Note or Additional Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted
by applicable law) that does not include the Global Notes Legend.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Depositary</U>&rdquo; means,
with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as the Depositary
with respect to the Notes and any and all successors thereto appointed as Depositary hereunder and having become such pursuant
to the applicable provision of this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Designated Non-cash Consideration</U>&rdquo;
means the Fair Market Value of non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection
with an Asset Disposition that is designated as &ldquo;Designated Non-cash Consideration&rdquo; pursuant to an Officer&rsquo;s
Certificate, setting forth the basis of such valuation, <U>less</U> the amount of cash or Cash Equivalents received in connection
with a subsequent sale, redemption or payment of, on or with respect to such Designated Non-cash Consideration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Disqualified Stock</U>&rdquo;
means, with respect to any Person, any Capital Stock of such Person that by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable) or upon the happening of any event:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
convertible into or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable
solely at the option of the Company or its Restricted Subsidiaries (it being understood that upon such conversion or exchange it
shall be an Incurrence of such Indebtedness or Disqualified Stock)); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
redeemable at the option of the holder of the Capital Stock in whole or in part,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">in each case on or prior to the date 91 days after the earlier
of the final maturity date of the Notes or the date the Notes are no longer outstanding; <U>provided</U>, <U>however</U>, that
only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable
at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; <U>provided</U>, <U>further</U>,
that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the
Company or its Restricted Subsidiaries to repurchase such Capital Stock upon the occurrence of a Change of Control or Asset Disposition
(each defined in a substantially identical manner to the corresponding definitions in this Indenture) shall not constitute Disqualified
Stock if the terms of such Capital Stock (and all such securities into which it is convertible or exchangeable or for which it
is redeemable) provide that the Company or its Restricted Subsidiaries, as applicable, are not required to repurchase or redeem
any such Capital Stock (and all such securities into which it is convertible or exchangeable or for which it is redeemable) pursuant
to such provision prior to compliance by the Company with Section 4.10 and Section 4.14 and such repurchase or redemption complies
with Section 4.07.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>DTC</U>&rdquo; means The Depository
Trust Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Equity Offering</U>&rdquo; means
a public offering or private placement for cash by the Company of its Common Stock, or options, warrants or rights with respect
to its Common Stock, other than (1) any issuances pursuant to employee benefit plans or otherwise in compensation to officers,
directors or employees, (2) an issuance to any Subsidiary or (3) any offering of Common Stock issued in connection with a transaction
that constitutes a Change of Control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Exchange Act</U>&rdquo; means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Fair Market Value</U>&rdquo;
means, with respect to any asset or liability, the fair market value of such asset or liability as determined by Senior Management
of the Company in good faith; <U>provided</U> that if the fair market value exceeds $30.0 million, such determination shall be
made by the Board of Directors of the Company or an authorized committee thereof in good faith (including as to the value of all
non-cash assets and liabilities).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Government Securities</U>&rdquo;
means securities that are (1) direct obligations of Canada or the United States for the timely payment of which its full faith
and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
Canada or the United States the timely payment of which is unconditionally Guaranteed as a full faith and credit obligation of
Canada or the United States, as the case may be, which, in either case, are not callable or redeemable at the option of the issuer
thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as
custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government
Securities held by such custodian for the account of the holder of such depositary receipt; <U>provided</U> that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt
from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest
on the Government Securities evidenced by such depositary receipt.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Guarantee</U>&rdquo; means any
obligation, contingent or otherwise, of any Person directly or indirectly Guaranteeing any Indebtedness of any other Person and
any obligation, direct or indirect, contingent or otherwise, of such Person:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;entered
into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part); <U>provided</U>, <U>however</U>, that the term &ldquo;Guarantee&rdquo; will
not include endorsements for collection or deposit in the ordinary course of business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Guarantor</U>&rdquo; means each
Restricted Subsidiary of the Company in existence on the Issue Date that provides a Note Guarantee on the Issue Date and any other
Restricted Subsidiary of the Company that provides a Note Guarantee after the Issue Date in accordance with this Indenture; <U>provided</U>
that upon release or discharge of any Restricted Subsidiary of the Company from its Note Guarantee in accordance with this Indenture,
such Restricted Subsidiary shall cease to be a Guarantor.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Guarantor Subordinated Obligation</U>&rdquo;
means, with respect to a Guarantor, any Indebtedness of such Guarantor (whether outstanding on the Issue Date or thereafter Incurred)
that is expressly subordinated in right of payment to the obligations of such Guarantor under its Note Guarantee pursuant to a
written agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Hedging Obligations</U>&rdquo;
of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Holder</U>&rdquo; means a Person
in whose name a Note is registered on the Registrar&rsquo;s books.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>IFRS</U>&rdquo; means the international
financial reporting standards as issued by the International Accounting Standards Board as in effect from time to time. All ratios
and computations based on IFRS contained in this Indenture shall be computed in conformity with IFRS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Incur</U>&rdquo; means issue,
create, assume, Guarantee, incur or otherwise become liable for; <U>provided</U>, <U>however</U>, that any Indebtedness or Capital
Stock of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company (whether by merger, consolidation,
amalgamation or arrangement, acquisition or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at the time
it becomes a Restricted Subsidiary of the Company; and the terms &ldquo;<U>Incurred</U>&rdquo; and &ldquo;<U>Incurrence</U>&rdquo;
have meanings correlative to the foregoing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Indebtedness</U>&rdquo; means,
with respect to any Person on any date of determination (without duplication):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal of and premium (if any) in respect of indebtedness of such Person for borrowed money;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal component of all obligations of such Person in respect of letters of credit, bankers&rsquo; acceptances or other similar
instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates
to a payable and such obligation is satisfied within 30 days of Incurrence);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (including earn-out
obligations) that are recorded as liabilities under IFRS, and which purchase price is due after the date of placing such property
in service or taking delivery and title thereto, except (i) any such balance that constitutes a trade payable or similar obligation
to a trade creditor, in each case accrued in the ordinary course of business and (ii) any earn-out obligation until the amount
of such obligation becomes a liability on the balance sheet of such Person in accordance with IFRS;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
Lease Obligations of such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other
repurchase of any Disqualified Stock or, with respect to any Non-Guarantor, any Preferred Stock (but excluding, in each case, any
accrued dividends);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person; <U>provided</U>, <U>however</U>, that the amount of such Indebtedness will be the lesser of (a) the
Fair Market Value of such asset at such date of determination and (b) the amount of such Indebtedness of such other Persons;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal component of Indebtedness of other Persons to the extent Guaranteed by such Person (whether or not such items would appear
on the balance sheet of the guarantor or obligor);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent not otherwise included in this definition, net obligations of such Person under Hedging Obligations (the amount of any
such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such Obligation
that would be payable by such Person at such time); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent not otherwise included in this definition, the amount of obligations outstanding under the legal documents entered into
as part of a securitization transaction or series of securitization transactions that would be characterized as principal if such
transaction were structured as a secured lending transaction rather than as a purchase outstanding relating to a securitization
transaction or series of securitization transactions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Notwithstanding the foregoing: (i) money
borrowed and set aside at the time of the Incurrence of any Indebtedness in order to pre-fund the payment of interest on such Indebtedness
shall not be deemed to be &ldquo;Indebtedness&rdquo;; <U>provided</U> that such money is held to secure the payment of such interest;
(ii) obligations in respect of royalty or precious metals stream or similar transactions shall not be deemed to be &ldquo;Indebtedness&rdquo;;
(iii) in connection with the purchase by the Company or any of its Restricted Subsidiaries of any business, the term &ldquo;Indebtedness&rdquo;
will exclude post-closing payment adjustments or earn-out or similar obligations to which the seller may become entitled to the
extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business
after the closing; <U>provided</U>, <U>however</U>, that at the time of closing, the amount of any such payment is not determinable
and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter; and (iv)
&ldquo;Indebtedness&rdquo; shall be calculated without giving effect to any increase or decrease in Indebtedness for any purpose
under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness. For the
avoidance of doubt, Reclamation Obligations are not and will not be deemed to be Indebtedness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">In addition, &ldquo;Indebtedness&rdquo;
of the Company and its Restricted Subsidiaries shall include (without duplication) Indebtedness described in the preceding paragraph
that would not appear as a liability on the balance sheet of the Company and its Restricted Subsidiaries if:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Indebtedness is the obligation of a partnership or joint venture that is not a Subsidiary of the Company (a &ldquo;<U>Joint Venture</U>&rdquo;);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or any of its Restricted Subsidiaries is a general partner of the Joint Venture (a &ldquo;<U>General Partner</U>&rdquo;);
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
is recourse, by contract or operation of law, with respect to the payment of such Indebtedness to property or assets of the Company
or any of its Restricted Subsidiaries; and then such Indebtedness shall be included in an amount not to exceed:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
lesser of (i) the net assets of the General Partner and (ii) the amount of such obligations to the extent that there is recourse,
by contract or operation of law, to the property or assets of the Company or any of its Restricted Subsidiaries; or</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
less than the amount determined pursuant to clause (a) immediately above, the actual amount of such Indebtedness that is recourse
to the Company or any of its Restricted Subsidiaries, if the Indebtedness is evidenced by a writing and is for a determinable amount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Indenture</U>&rdquo; means this
Indenture, as amended or supplemented from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Independent Financial Advisor</U>&rdquo;
means an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of nationally recognized
standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Initial Notes</U>&rdquo; has
the meaning set forth in the recitals hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Initial Purchasers</U>&rdquo;
means J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, RBC Capital Markets, LLC, Scotia Capital
(USA) Inc., BMO Capital Markets Corp., CIBC World Markets Corp. and TD Securities (USA) LLC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>interest</U>&rdquo; with respect
to the Notes means interest with respect thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Interest Payment Date</U>&rdquo;
means May 15 and November 15 of each year to stated maturity of the Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Interest Rate Agreement</U>&rdquo;
means, with respect to any Person, any interest rate protection agreement, interest rate future agreement, interest rate option
agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement
or other similar agreement or arrangement as to which such Person is party or a beneficiary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Investment</U>&rdquo; means,
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct or
indirect advance, loan (other than advances or extensions of credit to customers, suppliers or vendors in the ordinary course of
business) or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension
of credit represented by a bank deposit (other than a time deposit)) or capital contribution to (by means of any transfer of cash
or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition
of Capital Stock, Indebtedness or other similar instruments issued by, such Person and all other items that are or would be classified
as investments on a balance sheet prepared in accordance with IFRS; <U>provided</U> that none of the following will be deemed to
be an Investment:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging
Obligations entered into in the ordinary course of business and in compliance with this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;endorsements
of negotiable instruments and documents in the ordinary course of business; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
acquisition of assets, Capital Stock or other securities by the Company or a Subsidiary for consideration to the extent such consideration
consists of Common Stock of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">For purposes of Section 4.07,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Investment</U>&rdquo;
will include the portion (proportionate to the Company&rsquo;s equity interest in a Restricted Subsidiary of the Company that is
to be designated an Unrestricted Subsidiary) of the Fair Market Value of the net assets of such Restricted Subsidiary at the time
that such Restricted Subsidiary is designated an Unrestricted Subsidiary; <U>provided</U>, <U>however</U>, that upon a redesignation
of such Subsidiary as a Restricted Subsidiary of the Company, the Company will be deemed to continue to have a permanent &ldquo;Investment&rdquo;
in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Company&rsquo;s aggregate &ldquo;Investment&rdquo; in
such Subsidiary as of the time of such redesignation less (b) the portion (proportionate to the Company&rsquo;s equity interest
in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time that such Subsidiary is so redesignated
a Restricted Subsidiary of the Company;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer;
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Company or any of its Restricted Subsidiaries sells or otherwise disposes of any Voting Stock of any Restricted Subsidiary
of the Company such that, after giving effect to any such sale or disposition, such entity is no longer a Subsidiary of the Company,
the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value
of the Capital Stock of such Subsidiary not sold or disposed of.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Investment Grade Rating</U>&rdquo;
means a rating equal to or higher than Baa3 (or the equivalent) by Moody&rsquo;s and BBB- (or the equivalent) by S&amp;P, or any
equivalent rating by any Rating Agency, in each case, with a stable or better outlook.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Issue Date</U>&rdquo; means May
18, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Leverage Ratio</U>&rdquo; means,
as of any date of determination with respect to any Person, the ratio of (1) Indebtedness of such Person and its Restricted Subsidiaries
as of such date of calculation (determined on a consolidated basis in accordance with IFRS) to (2) Consolidated EBITDA of such
Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which
financial statements prepared on a consolidated basis in accordance with IFRS are available. In the event that the Company or any
of its Restricted Subsidiaries Incurs or redeems any Indebtedness subsequent to the commencement of the period for which the Leverage
Ratio is being calculated but prior to the event for which the calculation of the Leverage Ratio is made, then the Leverage Ratio
shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness as if the same had occurred at the
beginning of the applicable four fiscal quarter period. The Leverage Ratio shall be calculated in a manner consistent with the
definition of &ldquo;Consolidated Coverage Ratio,&rdquo; including any pro forma adjustments to Consolidated EBITDA as set forth
therein (including for acquisitions).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Lien</U>&rdquo; means, with respect
to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, deed of trust, deemed trust, charge, security
interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof,
any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement
under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <U>provided</U> that in no event shall an operating
lease be deemed to constitute a Lien.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Limited Guarantee</U>&rdquo;
means a Guarantee by a Person organized other than in the United States and Canada, the amount of which is limited in order to
comply with applicable requirements of law in the jurisdiction of organization of the applicable Person with respect to the enforceability
of such Guarantee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Moody&rsquo;s</U>&rdquo; means
Moody&rsquo;s Investors Service, Inc. and any successor to its rating agency business.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Net Available Cash</U>&rdquo;
from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities
or other assets received as consideration, but only as and when received, but excluding any other consideration received in the
form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the
subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses Incurred, and
all Canadian and U.S. federal, state, provincial, municipal and local taxes, and all foreign taxes, required to be paid or accrued
as a liability under IFRS (after taking into account any available tax credits or deductions and any tax sharing agreements), as
a consequence of such Asset Disposition;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
payments made on any Indebtedness that is secured by any assets subject to such Asset Disposition, in accordance with the terms
of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition,
or by applicable law be repaid out of the proceeds from such Asset Disposition;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result
of such Asset Disposition; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with IFRS, against any liabilities associated
with the assets disposed of in such Asset Disposition and retained by the Company or any of its Restricted Subsidiaries after such
Asset Disposition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Net Cash Proceeds</U>,&rdquo;
with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale, net of attorneys&rsquo;
fees, accountants&rsquo; fees, underwriters&rsquo; or placement agents&rsquo; fees, listing fees, discounts or commissions and
brokerage, consultant and other fees and charges actually incurred in connection with such issuance or sale and net of taxes paid
or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing
arrangements).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Non-Guarantor</U>&rdquo; means
any Restricted Subsidiary of the Company that is not a Guarantor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Non-Recourse Debt</U>&rdquo;
means Indebtedness of a Person:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to which neither the Company nor any of its Restricted Subsidiaries (a) provides any Guarantee or credit support of any kind (including
any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness, but excluding any off-take agreement),
other than Indebtedness secured by Liens permitted by clause (25) of the definition of Permitted Liens, or (b) is directly or indirectly
liable (as a guarantor or otherwise), other than as a result of Indebtedness secured by Liens permitted by clause (25) of the definition
of Permitted Liens;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
default with respect to which would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company
or any of its Restricted Subsidiaries, other than Indebtedness secured by Liens permitted by clause (25) of the definition of Permitted
Liens, to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its
Stated Maturity; and</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
explicit terms of which provide there is no recourse against any of the assets of the Company or its Restricted Subsidiaries, other
than in respect of Liens permitted by clause (25) of the definition of Permitted Liens.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Note Guarantee</U>&rdquo; means,
individually, any Guarantee of payment of the Notes and the Company&rsquo;s other Obligations under this Indenture by a Guarantor
pursuant to the terms of this Indenture and any supplemental indenture hereto, and, collectively, all such Guarantees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Notes</U>&rdquo; means the Initial
Notes and any note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term &ldquo;Notes&rdquo;
shall also include any Additional Notes that may be issued under a supplemental indenture and notes to be issued or authenticated
upon transfer, replacement or exchange of Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Obligations</U>&rdquo; means
any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or
similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed
claim under applicable Canadian or U.S. federal or state law or under any foreign law), other monetary obligations, penalties,
fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker&rsquo;s
acceptances), damages and other liabilities, and Guarantees of payment of such principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Offering Memorandum</U>&rdquo;
means the offering memorandum, dated May 4, 2017, relating to the sale of the Initial Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Offer to Purchase</U>&rdquo;
means an Asset Disposition Offer or a Change of Control Offer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Officer</U>&rdquo; means the
Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer
or the Secretary of the Company or, in the event that the Company is a partnership or a limited liability company that has no such
officers, a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf
of the Company. Officer of any Guarantor has a correlative meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Officer&rsquo;s Certificate</U>&rdquo;
means a certificate signed by an Officer of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Opinion of Counsel</U>&rdquo;
means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of, or counsel to,
the Company or the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Parent</U>&rdquo; means, with
respect to any Person, any other Person of which such Person is a direct or indirect Subsidiary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Pari Passu Indebtedness</U>&rdquo;
means Indebtedness that ranks equally in right of payment to the Notes, in the case of the Company, or the Note Guarantees, in
the case of any Guarantor (without giving effect to collateral arrangements).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Permitted Investment</U>&rdquo;
means an Investment by the Company or any of its Restricted Subsidiaries in:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Restricted Subsidiary of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Investment by the Company or any of its Restricted Subsidiaries in a Person that is engaged in a Similar Business if as a result
of such Investment:</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Person becomes a Restricted Subsidiary of the Company; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Person, in one transaction or a series of related transactions, is merged, amalgamated, arranged or consolidated with or into,
or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or any of its Restricted Subsidiaries,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">and, in each case, any Investment held
by such Person; <U>provided</U>, that such Investment was not acquired by such Person in contemplation of such acquisition, merger,
consolidation, amalgamation, arrangement or transfer;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cash
and Cash Equivalents;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
endorsements for collection or deposit in the ordinary course of business and (b) receivables owing to the Company or any of its
Restricted Subsidiaries created or acquired in the ordinary course of business and payable or dischargeable in accordance with
customary trade terms; <U>provided</U>, <U>however</U>, that such trade terms may include such concessionary trade terms as the
Company or any such Restricted Subsidiary deems reasonable under the circumstances;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payroll,
travel, commission, entertainment, relocation and similar advances to cover matters that are expected at the time of such advances
ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loans
or advances to employees, Officers or directors of the Company or any of its Restricted Subsidiaries in the ordinary course of
business in an aggregate amount not in excess of $2.0 million with respect to all loans or advances made since the Issue Date (giving
effect to the repayment of any such loan, but without giving effect to the forgiveness of any such loan);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Investment acquired by the Company or any of any of its Restricted Subsidiaries:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with
or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts
receivable or in satisfaction of judgments or otherwise in resolution or compromise of litigation, arbitration or disputes; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other
transfer of title with respect to any secured Investment in default;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
made as a result of the receipt of non-cash consideration from an Asset Disposition that was made pursuant to and in compliance
with Section 4.10 or any other disposition of assets not constituting an Asset Disposition;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in existence on the Issue Date, or an Investment consisting of any extension, modification or renewal of any such Investment existing
on the Issue Date; <U>provided</U> that the amount of any such Investment may be increased in such extension, modification or renewal
only (a) as required by the terms of such Investment or (b) as otherwise permitted under this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency
Agreements, Interest Rate Agreements, Commodity Agreements and related Hedging Obligations, which transactions or obligations are
Incurred in compliance with Section 4.09;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees
issued in accordance with Section 4.09;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
made in connection with the funding of contributions under any non-qualified retirement plan or similar employee compensation plan
in an amount not to exceed the amount of compensation expense recognized by the Company and its Restricted Subsidiaries in connection
with such plans;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similar
Business Investments;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
purchases of Notes; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
by the Company or any of its Restricted Subsidiaries, together with all other Investments pursuant to this clause (16), in an aggregate
amount at the time of such Investment not to exceed the greater of (x) $70.0 million and (y) 1.75% of Total Assets, at any one
time outstanding (in each case, with the Fair Market Value of such Investment being measured at the time made and without giving
effect to subsequent changes in value).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Permitted Liens</U>&rdquo; means,
with respect to any Person:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Indebtedness and other obligations permitted to be Incurred under clause (1) of Section 4.09(b) including interest, fees
and other obligations relating thereto or for related banking services or cash management obligations and Liens on assets of Restricted
Subsidiaries of the Company securing Guarantees of such Indebtedness and such other obligations of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pledges
or deposits by such Person under workers&rsquo; compensation laws, unemployment insurance laws, pension laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which
such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States
government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes
or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
imposed by law, including carriers&rsquo;, warehousemen&rsquo;s, mechanics&rsquo;, materialmen&rsquo;s and repairmen&rsquo;s Liens,
Incurred in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or that are being contested in
good faith by appropriate proceedings provided appropriate reserves required pursuant to IFRS have been made in respect thereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
in favor of issuers of surety or performance bonds or letters of credit or bankers&rsquo; acceptances or similar obligations issued
pursuant to the request of and for the account of such Person in the ordinary course of its business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;minor
survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way,
sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions
(including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties
or Liens incidental to the conduct of the business of such Person or to the ownership of its properties that do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of such
Person;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Hedging Obligations that are Incurred in the ordinary course of business (and not for speculative purposes) (including
the existing Hedging Obligations to the lenders and their respective Affiliates under the Senior Credit Facility);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;leases,
licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) that
do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;judgment
Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which
may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings
may be initiated has not expired;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, mortgage financings,
purchase money obligations or other payments Incurred to finance assets or property (other than Capital Stock or other Investments)
acquired, constructed, improved or leased in the ordinary course of business; <U>provided</U> that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this Indenture and
does not exceed the cost of the assets or property so acquired, constructed or improved; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
such Liens are created within 365 days of construction, acquisition or improvement of such assets or property and do not encumber
any other assets or property of the Company or any of its Restricted Subsidiaries other than such assets or property and assets
affixed or appurtenant thereto;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
arising solely by virtue of any statutory or common law provisions relating to Liens in favor of trustee and escrow agents, banker&rsquo;s
Liens, margin Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository
institution; <U>provided</U> that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in
excess of those set forth by regulations promulgated by the U.S. Federal Reserve Board; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
deposit account is not intended by the Company or any of its Restricted Subsidiaries to provide collateral to the depository institution;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
arising from Uniform Commercial Code or the Personal Property Security Act (British Columbia) (or similar statutes in other jurisdictions)
financing statement filings regarding operating leases entered into by the Company and any of its Restricted Subsidiaries in the
ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
existing on the Issue Date (other than Liens permitted under clause (1) of this definition);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
on property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary of the Company; <U>provided</U>,
<U>however</U>, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such other Person
becoming a Restricted Subsidiary of the Company; <U>provided</U>, <U>further</U>, <U>however</U>, that any such Lien may not extend
to any other property owned by the Company or any of its Restricted Subsidiaries;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
on property at the time the Company or a Restricted Subsidiary of the Company acquired the property, including any acquisition
by means of a merger, amalgamation, arrangement or consolidation with or into the Company or any of its Restricted Subsidiaries;
<U>provided</U>, <U>however</U>, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of,
such acquisition; <U>provided further</U>, <U>however</U>, that such Liens may not extend to any other property owned by the Company
or any of its Restricted Subsidiaries;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Indebtedness or other obligations of a Restricted Subsidiary of the Company owing to the Company or another Restricted
Subsidiary of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing the Notes and the Note Guarantees;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Refinancing Indebtedness Incurred to refinance, refund, replace, amend, extend or modify, as a whole or in part, Indebtedness
that was previously so secured pursuant to clauses (10), (13), (14), (15), (17) and this clause (18) of this definition; <U>provided</U>
that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends
or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could
secure) the Indebtedness being refinanced or is in respect of property that is the security for a Permitted Lien hereunder;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
interest or title of a lessor under any Capitalized Lease Obligation or operating lease;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
in favor of the Company or any of its Restricted Subsidiaries;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
under industrial revenue, municipal or similar bonds;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Liens incurred in the ordinary course of business not securing Indebtedness and not in the aggregate materially detracting from
the value of the properties of the Company and its Restricted Subsidiaries or the use of such properties in the operation of their
business and (b) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person&rsquo;s obligations in respect of
bankers&rsquo; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or other goods;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deposits
made in the ordinary course of business to secure liability to insurance carriers;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
on the Capital Stock or Indebtedness of an Unrestricted Subsidiary (or any other right, title or interest relating thereto, including
any right to receive interest on such Indebtedness or dividends or other distributions on Capital Stock, or any right, title or
interest in or to any agreements or instruments relating thereto, including under any related shareholder, limited partnership,
loan or security agreements) or on any assets of an Unrestricted Subsidiary; Liens on the Capital Stock or Indebtedness of a joint
venture securing Indebtedness of such joint venture;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
on assets pursuant to merger, amalgamation or arrangement agreements, stock or asset purchase agreements and similar agreements
in respect of the disposition of such assets;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(27)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Indebtedness (other than Subordinated Obligations and Guarantor Subordinated Obligations) in an aggregate principal amount
outstanding at any one time not to exceed the greater of (x) $70.0 million and (y) 1.75% of Total Assets;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(28)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Indebtedness (other than Subordinated Obligations and Guarantor Subordinated Obligations); <U>provided</U> that at the
time of Incurrence and after giving effect to the Incurrence of such Indebtedness and the application of the proceeds therefrom
on such date, the Secured Leverage Ratio of the Company would not exceed 2.0 to 1.0;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(29)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
granted in connection with royalty or precious metals stream or similar transactions that are customary in the mining business
(as determined in the good faith by the Company); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(30)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens
securing Obligations in respect of Cash Management Agreements in the ordinary course of business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Person</U>&rdquo; means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization,
government or any agency or political subdivision thereof or any other entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Preferred Stock</U>,&rdquo; as
applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is preferred
as to the payment of dividends upon liquidation, dissolution or winding up.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Rating Agency</U>&rdquo; means
each of S&amp;P and Moody&rsquo;s or, if S&amp;P or Moody&rsquo;s or both shall not make a rating on the Notes publicly available,
a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution
of the Board of Directors) which shall be substituted for S&amp;P or Moody&rsquo;s or both, as the case may be.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Receivable</U>&rdquo; means a
right to receive payment arising from a sale or lease of goods or the performance of services by a Person pursuant to an arrangement
with another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase
of such goods and services on credit and shall include, in any event, any items of property that would be classified as an &ldquo;account,&rdquo;
&ldquo;chattel paper,&rdquo; &ldquo;payment intangible&rdquo; or &ldquo;instrument&rdquo; under the Uniform Commercial Code as
in effect in the State of New York and any &ldquo;supporting obligations&rdquo; as so defined.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Receivables Fees</U>&rdquo; means
any fees or interest paid to purchasers or lenders providing the financing in connection with a securitization transaction, factoring
agreement or other similar agreement, including any such amounts paid by discounting the face amount of Receivables or participations
therein transferred in connection with a securitization transaction, factoring agreement or other similar arrangement, regardless
of whether any such transaction is structured as on-balance sheet or off-balance sheet or through a Restricted Subsidiary of the
Company or an Unrestricted Subsidiary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Reclamation Obligations</U>&rdquo;
means statutory, contractual, constructive or legal obligations, including the principal component of any obligations in respect
of letters of credit, bank guarantees, performance or surety bonds or other similar instruments, associated with decommissioning
of mining operations and reclamation and rehabilitation costs, including the cost of complying with applicable environmental regulation.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Record Date</U>&rdquo; for the
interest payable on any applicable Interest Payment Date means May 1 or November 1 (whether or not a Business Day) preceding such
Interest Payment Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Refinancing Indebtedness</U>&rdquo;
means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any
defeasance or discharge mechanism) (collectively, &ldquo;<U>refinance</U>,&rdquo; &ldquo;<U>refinances</U>&rdquo; and &ldquo;<U>refinanced</U>&rdquo;
shall each have a correlative meaning) any Indebtedness existing on the Issue Date or Incurred in compliance with this Indenture
(including Indebtedness of the Company that refinances Indebtedness of any of its Restricted Subsidiaries and Indebtedness of any
of its Restricted Subsidiaries that refinances Indebtedness of another Restricted Subsidiary of the Company) including Indebtedness
that refinances Refinancing Indebtedness; <U>provided</U>, <U>however</U>, that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
if the Stated Maturity of the Indebtedness being refinanced is earlier than the Stated Maturity of the Notes, the Refinancing Indebtedness
has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being refinanced or (b) if the Stated Maturity of
the Indebtedness being refinanced is later than the Stated Maturity of the Notes, the Refinancing Indebtedness has a Stated Maturity
at least 91 days later than the Stated Maturity of the Notes;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater
than the Average Life of the Indebtedness being refinanced;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount,
the aggregate accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any additional
Indebtedness Incurred to pay interest or premiums required by the instruments governing such existing Indebtedness and fees and
expenses (including any costs of defeasance) Incurred in connection therewith);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Indebtedness being refinanced is subordinated in right of payment to the Notes or the Note Guarantees, such Refinancing Indebtedness
is subordinated in right of payment to the Notes or the Note Guarantees on terms at least as favorable to the Holders as those
contained in the documentation governing the Indebtedness being refinanced; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refinancing
Indebtedness shall not include Indebtedness of a Non-Guarantor that refinances Indebtedness of the Company or a Guarantor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Responsible Officer</U>&rdquo;
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president, trust officer or any other officer of the Trustee who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such Person&rsquo;s knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Restricted Investment</U>&rdquo;
means any Investment other than a Permitted Investment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Restricted Subsidiary</U>&rdquo;
of a Person means any Subsidiary of the referent Person (or if no such Person is specified, the Company) that is not an Unrestricted
Subsidiary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>S&amp;P</U>&rdquo; means Standard
&amp; Poor&rsquo;s Rating Services and any successor to its rating agency business.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>SEC</U>&rdquo; means the U.S.
Securities and Exchange Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Secured Indebtedness</U>&rdquo;
means any Indebtedness of the Company or any of its Restricted Subsidiaries secured by a Lien on assets of the Company or such
Restricted Subsidiary, excluding Capital Stock or Indebtedness of an Unrestricted Subsidiary or any right, title or interests relating
thereto, including any rights under any relevant shareholder, voting trust, joint venture or other agreement or instrument.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Secured Leverage Ratio</U>&rdquo;
means, as of any date of determination with respect to any Person, the ratio of (1) Secured Indebtedness of such Person and its
Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with IFRS) to (2) Consolidated
EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination
for which financial statements prepared on a consolidated basis in accordance with IFRS are available. In the event that the Company
or any of its Restricted Subsidiaries Incurs or redeems any Secured Indebtedness subsequent to the commencement of the period for
which the Secured Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Leverage Ratio
is made, then the Secured Leverage Ratio shall be calculated giving <U>pro forma</U> effect to such Incurrence or redemption of
Indebtedness as if the same had occurred at the beginning of the applicable four fiscal quarter period. The Secured Leverage Ratio
shall be calculated in a manner consistent with the definition of &ldquo;Consolidated Coverage Ratio,&rdquo; including any <U>pro
forma</U> adjustments to Consolidated EBITDA as set forth therein (including for acquisitions).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Securities Act</U>&rdquo; means
the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Senior Credit Facility</U>&rdquo;
means the Credit Agreement, dated as of August&nbsp;14, 2014, among the Company, as borrower, The Bank of Nova Scotia and Royal
Bank of Canada, as Co-Lead Arrangers and Joint Book Runners, The Bank of Nova Scotia, as Administrative Agent, Royal Bank of Canada,
as Syndication Agent, JPMorgan Chase Bank, N.A., The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal,
Export Development Canada and Bank of America, N.A., Canadian Branch as Lenders, as the same may be amended, restated, modified,
renewed, refunded, replaced or refinanced in whole or in part from time to time (including replacing the borrower or increasing
the amount loaned thereunder; <U>provided</U> that such additional Indebtedness is Incurred in accordance with the covenant described
under Section 4.09).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Senior Management</U>&rdquo;
means the chief executive officer and the chief financial officer of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Significant Subsidiary</U>&rdquo;
means any Restricted Subsidiary of the Company that would be a &ldquo;Significant Subsidiary&rdquo; of the Company within the meaning
of Rule 1-02 under Regulation S-X promulgated by the SEC, determined as of the date of the latest audited consolidated financial
statements of the Company and its Restricted Subsidiaries.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Similar Business</U>&rdquo; means
any business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on the Issue Date or any other
business that is similar, reasonably related, incidental or ancillary thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Similar Business Investments</U>&rdquo;
means Investments made in (1) the ordinary course of, or of a nature that are customary in, the mining business as a means of exploiting,
exploring for, acquiring, developing, processing, gathering, producing, transporting or marketing gold, copper or other precious
or base metals used, useful or created in the mining business, including through agreements, acquisitions, transactions, interests
or arrangements which permit one to share (or have the effect of sharing) risks or costs, comply with regulatory requirements regarding
ownership or satisfy other customary objectives in the mining business, and in any event including, without limitation, Investments
made in connection with or in the form of (i) direct or indirect ownership interests in mining properties, gathering or upgrading
systems or facilities and (ii) operating agreements, development agreements, area of mutual interest agreements, pooling agreements,
service contracts, joint venture agreements, partnership or limited liability company agreements (whether general or limited),
or other similar or customary agreements, transactions, properties, interests or arrangements, and Investments and expenditures
in connection therewith or pursuant thereto; and (2) Persons engaged in a Similar Business.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Stated Maturity</U>&rdquo; means,
with respect to any security, the date specified in the agreement governing or certificate relating to such Indebtedness as the
fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption
provision, but not including any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Subordinated Obligation</U>&rdquo;
means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter Incurred) that is subordinated or junior
in right of payment to the Notes pursuant to a written agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Subsidiary</U>&rdquo; of any
Person means (1) any corporation, association or other business entity (other than a partnership, joint venture, limited liability
company or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof (or Persons performing
similar functions) or (2) any partnership, joint venture limited liability company or similar entity of which more than 50% of
the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable,
is, in the case of clauses (1) and (2), at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person
and one or more Subsidiaries of such Person or (c) one or more Subsidiaries of such Person. Unless otherwise specified herein,
each reference to a Subsidiary will refer to a Subsidiary of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Tax Act</U>&rdquo; means the
Income Tax Act (Canada), as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Total Assets</U>&rdquo; means
the total consolidated assets of the Company and its Restricted Subsidiaries on a consolidated basis determined in accordance with
IFRS, as shown on the most recent consolidated balance sheet of the Company; <U>provided</U> that, for purposes of calculating
&ldquo;Total Assets&rdquo; for purposes of testing the covenants under this Indenture in connection with any transaction, the total
consolidated assets of the Company and its Restricted Subsidiaries shall be adjusted to reflect any acquisitions and dispositions
of assets that have occurred during the period from the date of the applicable balance sheet through the applicable date of determination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Transfer Restricted Notes</U>&rdquo;
means Definitive Notes and any other Notes that bear or are required to bear the Restricted Notes Legend.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Treasury Rate</U>&rdquo; means
as of any date of redemption of Notes the yield to maturity at the time of computation of United States Treasury securities with
a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published,
any publicly available source or similar market data)) most nearly equal to the period from the redemption date to May 15, 2020;
<U>provided</U>, <U>however</U>, that if the period from the redemption date to May 15, 2020 is not equal to the constant maturity
of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which
such yields are given, except that if the period from the redemption date to May 15, 2020 is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Trust Indenture Act</U>&rdquo;
means the Trust Indenture Act of 1939, as amended (15 U.S.C. &sect;&sect; 77aaa-777bbbb).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Trustee</U>&rdquo; means Computershare
Trust Company, N.A., a national association, as trustee, until a successor replaces it in accordance with the applicable provisions
of this Indenture and thereafter means the successor serving hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Unrestricted Subsidiary</U>&rdquo;
means:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Subsidiary of the Company which at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors
of the Company in the manner provided below; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Subsidiary of an Unrestricted Subsidiary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Board of Directors of the Company may
designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary
through merger, consolidation, amalgamation, arrangement or Investment therein) to be an Unrestricted Subsidiary only if:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold
any Lien on any property of, any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated
or otherwise an Unrestricted Subsidiary;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Subsidiary has no Indebtedness other than Non-Recourse Debt;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
designation and the Investment of the Company in such Subsidiary complies with Section 4.07;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate, directly or indirectly,
all or substantially all of the business of the Company and its Subsidiaries;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect
obligation:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
subscribe for additional Capital Stock of such Person; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
maintain or preserve such Person&rsquo;s financial condition or to cause such Person to achieve any specified levels of operating
results; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement
or understanding with the Company or any of its Restricted Subsidiaries with terms substantially less favorable to the Company
than those that might have been obtained from Persons who are not Affiliates of the Company.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Any such designation by the Board of Directors
of the Company shall be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors of the Company
giving effect to such designation and an Officer&rsquo;s Certificate certifying that such designation complies with the foregoing
conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary,
it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture, and any Indebtedness of such Subsidiary
shall be deemed to be Incurred as of such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Board of Directors of the Company may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; <U>provided</U> that immediately after giving
effect to such designation, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence
thereof and the Company could Incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a) on a <U>pro forma</U>
basis taking into account such designation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Voting Stock</U>&rdquo; of a
Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors,
managers or trustees, as applicable, of such Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Wholly Owned Subsidiary</U>&rdquo;
means a Restricted Subsidiary of the Company, all of the Capital Stock of which (other than directors&rsquo; qualifying shares)
is owned by the Company or another Wholly Owned Subsidiary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>1.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Definitions</U>.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><U>Term</U></TD>
    <TD STYLE="width: 28%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; border-bottom: Black 0.5pt solid">Defined
        in Section</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Acceptable Commitment&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.10(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Additional Amounts&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.13(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Agent Members&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.1(c) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Affiliate Transaction&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.11(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Applicable Procedures&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Asset Disposition Offer&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.10(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Asset Disposition Offer Amount&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3.10(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Asset Disposition Offer Period&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3.10(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Asset Disposition Purchase Date&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">3.10(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Authentication Order&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.02(c)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Canadian Restricted Legend&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.3(e) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Change of Control Offer&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.14(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Change of Control Payment&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.14(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Change of Control Payment Date&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.14(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Clearstream&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Covenant Defeasance&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">8.03</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Covenant Suspension Event&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.16(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Definitive Notes Legend&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.3(e) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Dissolving Entity&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.15(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Distribution Compliance Period&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Euroclear&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Event of Default&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">6.01(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Excess Proceeds&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.10(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Expiration Date&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.04(j)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Global Note&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.1(b) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Global Notes Legend&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.3(e) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;IAI&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;IAI Global Note&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.1(b) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Indemnified Tax&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.13(b)</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; width: 72%"><U>Term</U></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; width: 28%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; border-bottom: Black 0.5pt solid">Defined
        in Section</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Initial Default&rdquo;&#9;</TD>
    <TD STYLE="width: 28%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">6.04</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Legal Defeasance&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">8.02(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;MD&amp;A&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.03(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Note Register&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.03(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Paying Agent&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.03(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;payment default&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">6.01(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Payor&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.13(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;QIB&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Registrar&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.03(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Regulation S&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Regulation S Global Note&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.1(b) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Regulation S Notes&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Reinstatement Date&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.16(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Relevant Taxing Jurisdiction&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.13(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Restricted Payment&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.07(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Restricted Notes Legend&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.3(e) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Rule 144&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Rule 144A&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Rule 144A Global Note&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.1(b) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Rule 144A Notes&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Second Commitment&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.10(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Successor Company&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">5.01(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Successor Guarantor&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">5.01(c)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Suspended Covenants&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.16(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Suspension Date&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.16(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Suspension Period&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">4.16(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Taxes&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.13(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;Unrestricted Global Note&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&ldquo;U.S. person&rdquo;&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>1.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rules of Construction</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">Unless the context otherwise requires:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
term defined in Section 1.01 or 1.02 has the meaning assigned to it therein, and a term used herein that is defined in the Trust
Indenture Act, either directly or by reference therein, shall have the meaning assigned to it therein;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;or&rdquo;
is not exclusive;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;words
in the singular include the plural, and words in the plural include the singular;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions
apply to successive events and transactions;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless
the context otherwise requires, any reference to an &ldquo;Appendix,&rdquo; &ldquo;Article,&rdquo; &ldquo;Section,&rdquo; &ldquo;clause,&rdquo;
&ldquo;Schedule&rdquo; or &ldquo;Exhibit&rdquo; refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case
may be, of this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and other words of similar import refer to this Indenture as a whole and not any
particular Article, Section, clause or other subdivision;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
words &ldquo;including,&rdquo; &ldquo;includes&rdquo; and other words of similar import shall be deemed to be followed by &ldquo;without
limitation&rdquo;;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;references
to sections of, or rules under, the Securities Act, the Exchange Act or the Trust Indenture Act shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unless
otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications
to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms
of this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions, the Company
may classify such transaction as it, in its sole discretion, determines; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;references
to &ldquo;$&rdquo; are to U.S. dollars unless otherwise expressly provided.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>1.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acts of Holders</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing. 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 and the Guarantors. Proof of execution of any such instrument or of a writing appointing any such agent,
or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive
in favor of the Trustee, the Company and the Guarantors, if made in the manner provided in this Section 1.04.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The fact and date of the execution by any Person of any such instrument or writing may be proved (1) by the affidavit of
a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments
of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof or (2) in
any other manner deemed reasonably sufficient by the Trustee. Where such execution is by or on behalf of any legal entity other
than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same.
The authority of the Person executing the same may also be proved in any other manner deemed reasonably sufficient by the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The ownership of Notes shall be proved by the Note Register.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind
every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Company or the Guarantors
in reliance thereon, whether or not notation of such action is made upon such Note.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may set a record date for purposes of determining the identity of Holders entitled to make, give or take any
request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to
vote on any action authorized or permitted to be taken by Holders; <U>provided</U> that the Company may not set a record date for,
and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request
or direction referred to in clause (f) below. Unless otherwise specified, if not set by the Company prior to the first solicitation
of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record
date shall be the later of 30 days prior to the first solicitation of such consent or vote or the date of the most recent list
of Holders furnished to the Trustee prior to such solicitation or vote. If any record date is set pursuant to this clause (e),
the Holders on such record date, and only such Holders, shall be entitled to make, give or take such request, demand, authorization,
direction, notice, consent, waiver or other action (including revocation of any action), whether or not such Holders remain Holders
after such record date; <U>provided</U> that no such action shall be effective hereunder unless made, given or taken on or prior
to the applicable Expiration Date by Holders of the requisite principal amount of Notes, or each affected Holder, as applicable,
on such record date. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing
and to each Holder in the manner set forth in Section 12.01.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may set any day as a record date for the purpose of determining the Holders entitled to join in the giving or
making of (1) any notice of default under Section 6.01(a), (2) any declaration of acceleration referred to in Section 6.02, (3)
any direction referred to in Section 6.05 or (4) any request to pursue a remedy referred to in Section 6.06(2). If any record date
is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders after such record date; <U>provided</U> that no such
action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record date
is set pursuant to this paragraph, the Trustee, at the Company&rsquo;s expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to the Company and to each Holder in the manner set forth in Section
12.01.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do
so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may
do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by
a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect
as if given or taken by separate Holders of each such different part.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note,
may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is the
Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through
such Depositary&rsquo;s standing instructions and customary practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or
proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided
in this Indenture to be made, given or taken by Holders; <U>provided</U> that if such a record date is fixed, only the beneficial
owners of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make,
give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial
owners remain beneficial owners of interests in such Global Note after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the
applicable Expiration Date.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any record date set pursuant to this Section 1.04, the party hereto that sets such record date may designate
any day as the &ldquo;<U>Expiration Date</U>&rdquo; and from time to time may change the Expiration Date to any earlier or later
day; <U>provided</U> that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other
party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.01, on or prior to both the existing
and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section
1.04, the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record date
as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this clause (j).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 2<BR>
<BR>
THE NOTES</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form and Dating; Terms</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Provisions relating to the Initial Notes, Additional Notes and any other Notes issued under this Indenture are set forth
in Appendix A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes and the Trustee&rsquo;s
certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and
expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, rules or agreements
with national securities exchanges to which the Company or any Guarantor is subject, if any, or usage (<U>provided</U> that any
such notation, legend or endorsement is in a form acceptable to the Company but which notation, legend or endorsement does not
affect the rights, duties or obligations of the Trustee). Each Note shall be dated the date of its authentication. The Notes shall
be in denominations of $2,000 and integral multiples of $1,000 in excess thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company, the Guarantors and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However,
to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Notes shall be subject to repurchase
by the Company pursuant to an Asset Disposition Offer as provided in Section 4.10 or a Change of Control Offer as provided in Section
4.14, and otherwise as not prohibited by this Indenture. The Notes shall not be redeemable other than as provided in Article 3.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Additional Notes ranking <U>pari passu</U>
with the Initial Notes may be created and issued from time to time by the Company without notice to or consent of the Holders and
shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption
or otherwise (other than issue date, issue price and, if applicable, the first interest payment date and the initial interest accrual
date) as the Initial Notes; <U>provided</U> that the Company&rsquo;s ability to issue Additional Notes shall be subject to the
Company&rsquo;s compliance with Section 4.09. Any Additional Notes shall be issued with the benefit of an indenture supplemental
to this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">In authenticating and delivering the Initial
Notes, Additional Notes and any other Notes issued pursuant to this Indenture, the Trustee shall receive and shall be fully protected
in conclusively relying upon, in addition to the Opinion of Counsel and Officer&rsquo;s Certificate required by Section 12.03,
an Opinion of Counsel (i) as to the due authorization, execution, delivery, validity and enforceability of such Notes, (ii) stating
that the form and terms of such Notes have been established by a supplemental indenture and pursuant to a resolution of the Board
of Directors of the Company in conformity with the provisions of this Indenture and (iii) stating that all laws and requirements
in respect of the execution and delivery by the Company of such Notes have been complied with.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution and Authentication</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At least one Officer shall execute the Notes on behalf of the Company by manual or facsimile signature. If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A attached hereto by the manual signature of an authorized signatory of the Trustee. The signature
shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Issue Date, the Trustee shall, upon receipt of a written order of the Company signed by an Officer (an &ldquo;<U>Authentication
Order</U>&rdquo;) and together with an Opinion of Counsel and Officer&rsquo;s Certificate reasonably acceptable to the Trustee,
authenticate and deliver the Initial Notes. The Trustee shall be fully protected and shall incur no liability for failing to take
any action with respect to the delivery of any Notes unless and until it has received such Authentication Order, Opinion of Counsel
and Officer&rsquo;s Certificate. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication
Order, authenticate and deliver any Definitive Notes to be issued in exchange for interests in Global Notes, any Additional Notes,
any replacement Notes to be issued pursuant to Section 2.07 or any Notes issuable following a redemption or repurchase by the Company
pursuant to the terms of this Indenture in an aggregate principal amount specified in such Authentication Order for such Notes
issued hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent
may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registrar and Paying Agent</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(&ldquo;<U>Registrar</U>&rdquo;) and at least one office or agency where Notes may be presented for payment (&ldquo;<U>Paying Agent</U>&rdquo;).
The Registrar shall keep a register of the Notes and of their transfer and exchange (&ldquo;<U>Note Register</U>&rdquo;). The Company
may appoint one or more co-registrars and one or more additional paying agents. The term &ldquo;Registrar&rdquo; includes any co-registrar,
and the term &ldquo;Paying Agent&rdquo; includes any additional paying agent. The Company may change any Paying Agent or Registrar
without prior notice to any Holder; <U>provided</U>, <U>however</U>, that no such removal shall become effective until (i) acceptance
of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor Registrar
or Paying Agent, as the case may be, and delivered to the Trustee and the passage of any waiting or notice periods required by
the Depositary&rsquo;s procedures or (ii) written notification to the Trustee that the Trustee shall serve as Registrar or Paying
Agent until the appointment of a successor in accordance with clause (i) above. The Company shall enter into an appropriate agency
agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this
Indenture that relate to such Agent. The Company shall notify the Trustee in writing of the name and address of any Agent not a
party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall
act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any Wholly Owned
Subsidiary incorporated or organized within the United States of America may act as Paying Agent (except for purposes of Section
8) or Registrar.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company initially appoints DTC to act as Depositary with respect to the Global Notes. The Company initially appoints
the Trustee to act as Paying Agent and Registrar for the Notes, for which Computershare Trust Company, N.A., a national association,
shall be Custodian.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Paying Agent to Hold Money in Trust</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company shall, by no later than 11:00
a.m. (New York City time) on each due date for the payment of principal, premium, if any, and interest on any of the Notes, deposit
with a Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders entitled to the same, and
(unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee in writing of its action or failure so
to act. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold
in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal, premium, if
any, and interest on the Notes and shall notify the Trustee in writing of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company
at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the
Paying Agent. Upon payment over to the Trustee, a Paying Agent shall have no further liability for the money. If the Company or
a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money
held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve
as Paying Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holder Lists</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee
is not the Registrar, the Company shall furnish to the Trustee in writing at least five Business Days before each Interest Payment
Date and at such other times as the Trustee may reasonably request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of the Holders<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer and Exchange</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration
of transfer and in compliance with Appendix A.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar&rsquo;s
request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange (other than pursuant to Section 2.07), but the Holders shall be required to pay any
transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.10, 4.10, 4.14 and 9.05).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. Any Holder of a beneficial
interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such
Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or
(b) any Holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall
be required to be reflected in a book entry.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor the Registrar shall be required (1) to issue, to register the transfer of or to exchange any Note
during a period beginning at the opening of business 15 days before the mailing of a notice of redemption pursuant to Section 3.03
and ending at the mailing of such notice of redemption, (2) to register the transfer of or to exchange any Note so selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (3) to register the transfer
of or to exchange any Note between a Record Date and the next succeeding Interest Payment Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent or the Company may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal, premium, if any, and (subject to the Record Date provisions of the Notes) interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to Section
4.02, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount so long as the
requirements of this Indenture are met.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a
like aggregate principal amount upon surrender of the Notes to be exchanged at the office or agency of the Company designated pursuant
to Section 4.02 so long as the requirements of this Indenture are met. Whenever any Global Notes or Definitive Notes are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the replacement Global Notes or Definitive
Notes, as applicable, to which the Holder making the exchange is entitled in accordance with the provisions of Appendix A so long
as the requirements of this Indenture are met.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section
2.06 to effect a registration of transfer or exchange may be submitted by mail or by facsimile or electronic transmission.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Replacement Notes</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a mutilated Note is surrendered to the Registrar or if a Holder claims that its Note has been lost, destroyed or wrongfully
taken and the Registrar receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the
Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee&rsquo;s
reasonable requirements are otherwise met. An indemnity bond must be provided by the Holder that is sufficient in the judgment
of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any
of them may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company (including reasonable
fees and expenses of counsel) and the Trustee in replacing a Note. Every replacement Note is a contractual obligation of the Company
and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.
Notwithstanding the foregoing provisions of this Section 2.07, in case any mutilated, lost, destroyed or wrongfully taken Note
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note.
Upon the issuance of any replacement Note under this Section 2.07, 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 reasonable fees
and expenses of counsel and the Trustee) connected therewith.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The provisions of this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Outstanding Notes</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance
with the provisions hereof, those paid pursuant to Section 2.07, those described in this Section 2.08 as not outstanding and, solely
to the extent provided for in Article 8, Notes that are subject to Legal Defeasance or Covenant Defeasance as provided in Article
8. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Company or an Affiliate of the Company
holds the Note; <U>provided</U> that Notes held by the Company or a Subsidiary will not be deemed to be outstanding for purposes
of Section 3.07(b).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Note is replaced or paid pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory
to it that the replaced Note is held by a protected purchaser, as such term is defined in Section 8-303 of the Uniform Commercial
Code in effect in the State of New York.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it
ceases to accrue from and after the date of such payment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Paying Agent (other than the Company, a Subsidiary or any Affiliate thereof) holds, on the maturity date, any redemption
date or any date of purchase pursuant to an Offer to Purchase, money sufficient to pay Notes payable or to be redeemed or purchased
on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Treasury Notes</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">In determining whether the Holders of the
requisite principal amount of Notes have concurred in any direction, waiver or consent, Notes beneficially owned by the Company,
or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer
of the Trustee actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith shall not
be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right to deliver any such direction,
waiver or consent with respect to the Notes and that the pledgee is not the Company or any obligor under the Notes or any Affiliate
of the Company or of such other obligor.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Temporary Notes</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Until definitive Notes are ready for delivery,
the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary
Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for
temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and
the Trustee shall authenticate definitive Notes in exchange for temporary Notes upon surrender of such temporary Notes at the office
or agency of the Company, without charge to the Holder. Until so exchanged, the Holders and beneficial holders, as the case may
be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes
under this Indenture.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company at any time may deliver Notes
to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent
and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation
and shall dispose of canceled Notes in accordance with its customary procedures (subject to the record retention requirement of
the Exchange Act). Certification of the disposal of all canceled Notes shall, upon the written request of the Company, be delivered
to the Company. The Trustee shall retain all canceled Notes in accordance with its standard procedures (subject to the record retention
requirements of the Exchange Act), and copies of the canceled Notes shall be provided to the Company upon the Company&rsquo;s written
request. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.
If the Company acquires any of the Notes, such acquisition shall not operate as a redemption or satisfaction of Indebtedness represented
by such Notes unless or until the same are delivered to the Trustee for cancellation. The Trustee shall not authenticate Notes
in place of canceled Notes other than pursuant to the terms of this Indenture.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Defaulted Interest</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner
plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special
record date, in each case at the rate provided in the Notes and in Section 4.01. The Company shall notify the Trustee in writing
of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time
the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such
defaulted interest or shall make arrangements reasonably satisfactory to the Trustee for such deposit prior to the date of the
proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest
as provided in this Section 2.12. The Company shall fix or cause to be fixed each such special record date and payment date; <U>provided</U>
that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least
15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at
the expense of the Company) shall send, or cause to be sent, to each Holder a notice that states the special record date, the related
payment date and the amount of such interest to be paid.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and
unpaid, and to accrue interest, which were carried by such other Note.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional <FONT STYLE="font-family: Times New Roman, Times, Serif">Amounts</FONT></U><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All payments made by or on behalf of the Company under or with respect to the Notes, or by or on behalf of any Guarantor
that is resident for tax purposes or organized other than in the United States under or with respect to any Note Guarantee, shall
be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost,
assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter referred
to as &ldquo;<U>Taxes</U>&rdquo;) imposed or levied by or on behalf of the government of Canada, any province or territory of Canada
or any political subdivision or any authority or agency therein or thereof having power to tax, or within any other jurisdiction
in which the Company or any such Guarantor is organized, or is otherwise carrying on business in, or is otherwise resident for
tax purposes or any jurisdiction from or through which payment is made (each, a &ldquo;<U>Relevant Taxing Jurisdiction</U>&rdquo;),
unless such Person is required to withhold or deduct Taxes by law or by the interpretation or administration thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company or any Guarantor that is organized, or is otherwise carrying on business in, or is otherwise resident for
tax purposes other than in the United States (each such person, a &ldquo;<U>Payor</U>&rdquo;) is so required to withhold or deduct
any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment made under or with respect to
the Notes or a Note Guarantee, such Payor shall pay such additional amounts (&ldquo;<U>Additional Amounts</U>&rdquo;) as may be
necessary so that the net amount received by a Holder or beneficial owner of Notes (including Additional Amounts) after such withholding
or deduction will not be less than the amount such Holder or beneficial owner of Notes would have received if such Taxes (including
Taxes on any Additional Amounts) had not been withheld or deducted; <U>provided</U>, <U>however</U>, that the foregoing obligations
to pay Additional Amounts shall not apply to (1) any Holder or beneficial owner of Notes with which the applicable Payor does not
deal at arm&rsquo;s length (within the meaning of the Tax Act) at the time of the payment; (2)&nbsp;any Taxes to the extent such
Taxes are assessed or imposed by reason of the Holder or beneficial owner of the Note being a &ldquo;specified shareholder&rdquo;
as defined in subsection&nbsp;18(5) of the Tax&nbsp;Act of the Payor of such payment or not dealing at arm&rsquo;s length (for&nbsp;purposes
of the Tax&nbsp;Act) with a &ldquo;specified shareholder&rdquo; of the Payor of such payment; (3)&nbsp;any withholding on account
of Taxes imposed pursuant to the U.S.&nbsp;<I>Foreign Account Tax Compliance Act</I> (FATCA) under Sections&nbsp;1471 through&nbsp;1474
of the Code, as of the Issue Date (or&nbsp;any amended or successor version of such Sections that is substantively comparable and
not materially more onerous to comply with) and any regulations or official interpretations thereof; or (4)&nbsp;any Taxes that
would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial
owner of Notes and the Relevant Taxing Jurisdiction including, for greater certainty and without limitation, being organized or
having its principal office therein, being or having been a citizen, resident or national thereof, or being or having been present
or engaged in a trade or business therein or maintaining a permanent establishment or other physical presence in or otherwise having
some connection with the Relevant Taxing Jurisdiction (other than a connection from the mere acquisition, ownership or holding
of such Note or a beneficial interest therein or the enforcement of rights thereunder or the receipt of any payment in respect
thereof); nor shall Additional Amounts be paid (a) if the payment could have been made without such deduction or withholding if
the beneficiary of the payment had presented the Note for payment within 30 days after the date on which such payment or such Note
became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that
the Holder or beneficial owner would have been entitled to Additional Amounts had the Note been presented on the last day of such
30-day period); (b) to the extent relating to Taxes imposed by reason of the Holder&rsquo;s or beneficial owner&rsquo;s failure
to comply with any certification, documentation, information or other evidentiary requirement concerning such Holder&rsquo;s or
beneficial owner&rsquo;s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction if compliance is
required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction
in the rate of deduction or withholding of, such Taxes to which such Holder or beneficial owner is entitled; (c) to the extent
relating to any tax assessment or other governmental charge which would have been avoided by such Holder by presenting the relevant
Note (if presentation is required); or (d) to the extent relating to any combination of any of the above clauses (any such Tax
in respect of which Additional Amounts are payable, an &ldquo;<U>Indemnified Tax</U>&rdquo;).</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The applicable Payor shall make any required withholding or deduction and remit the full amount deducted or withheld to
the Relevant Taxing Jurisdiction in accordance with applicable law. Upon request, the Company shall provide the Trustee with official
receipts or other documentation evidencing the payment of the Taxes with respect to which Additional Amounts are paid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Payor is or will become obligated to pay Additional Amounts under or with respect to any payment made on the Notes
or a Note Guarantee, at least 30 days prior to the date of such payment (unless such obligation to pay Additional Amounts arises
shortly before or after the 30<SUP>th</SUP> day prior to such date, in which case it shall be promptly thereafter), such Payor
shall deliver to the Trustee and the Paying Agent (if different) an Officer&rsquo;s Certificate stating the fact that Additional
Amounts will be payable and the amount so payable and such other information necessary to enable the Paying Agent to pay Additional
Amounts to Holders on the relevant payment date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever in this Indenture there is mentioned in any context: (1) the payment of principal; (2) redemption prices or purchase
prices in connection with a redemption or purchase of Notes; (3) interest; or (4) any other amount payable on or with respect to
any of the Notes or any Note Guarantee, such reference shall be deemed to include payment of Additional Amounts as described under
this Section 2.13 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantors shall indemnify and hold harmless a Holder of the Notes for the amount of any Indemnified
Taxes (including, for greater certainty, taxes payable pursuant to Regulation 803 of the Income Tax Regulations (Canada)) levied
or imposed and paid by such Holder as a result of payments made under or with respect to the Notes or any Note Guarantee, and with
respect to any reimbursements under this clause 2.13(f).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantors shall pay any present or future stamp, court or documentary taxes or any other excise, property
or similar Taxes, charges or levies that arise in any Relevant Taxing Jurisdiction from the execution, delivery, enforcement or
registration of the Notes, the Note Guarantees, this Indenture or any other document or instrument in relation thereof, or the
receipt of any payments with respect to the Notes or any Note Guarantees and the Company and the Guarantors shall indemnify the
Holders of Notes for any such amounts (including penalties, interest and other liabilities related thereto) paid by such Holders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations described in this Section 2.13 will survive any termination, defeasance or discharge of this Indenture.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CUSIP and ISIN Numbers</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company in issuing the Notes may use
CUSIP or ISIN numbers (if then generally in use) and if it does, the Trustee shall use CUSIP or ISIN numbers in notices of redemption
or exchange or in Offers to Purchase as a convenience to Holders; <U>provided</U> that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange
or in Offers to Purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption or exchange or Offer to Purchase shall not be affected by any defect in or omission of such numbers. The Company
shall promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>2.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Computation of Interest</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of the Interest Act (Canada), whenever any interest or fee under the Notes or this Indenture is calculated
using a rate based on a number of days less than a full year, such rate determined pursuant to such calculation, when expressed
as an annual rate, is equivalent to (x) the applicable rate, (y) multiplied by the actual number of days in the calendar year in
which the period for which such interest or fee is payable (or compounded) ends, and (z) divided by the number of days based on
which such rate is calculated. The principle of deemed reinvestment of interest does not apply to any interest calculation under
the Notes or this Indenture. The rates of interest stipulated in the Notes and this Indenture are intended to be nominal rates
and not effective rates or yields.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary herein, the Trustee shall not have any duty or obligation to calculate any interest
on the Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 3<BR>
<BR>
REDEMPTION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices to Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If the Company elects to redeem Notes pursuant
to Section 3.07 or Section 3.09, it shall furnish to the Trustee, at least five Business Days before notice of redemption is required
to be sent or caused to be sent to Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the Trustee
in writing) but not more than 65 days before a redemption date, an Officer&rsquo;s Certificate setting forth (1) the paragraph
or subparagraph of such Article or Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date,
(3) the principal amount of the Notes to be redeemed and (4) the redemption price, if then ascertainable.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Selection of Notes to Be Redeemed or Purchased</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If less than all of the Notes are to be redeemed pursuant to Section 3.07 or Section 3.09 or purchased in an Offer to Purchase
at any time, the Trustee shall select the Notes to be redeemed or purchased (1) if the Notes are listed on any national securities
exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed or (2)
if the Notes are not so listed, on a <U>pro rata</U> basis, by lot or by such other method as the Trustee in its sole discretion
shall deem fair and appropriate, all in accordance with the procedures of the Depositary in the case of Global Notes. In the event
of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding Notes
not previously called for redemption or purchase.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case
of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions
of Notes selected shall be in amounts of $1,000 or whole number multiples of $1,000; no Notes of $2,000 or less shall be redeemed
in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held
by such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided
in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions
of Notes called for redemption or purchase.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>After the redemption date, upon surrender of a Note to be redeemed in part only, a new Note or Notes in principal amount
equal to the unredeemed portion of the original Note, representing the same Indebtedness to the extent not redeemed, shall be issued
in the name of the Holder of the Notes upon cancellation of the original Note (or appropriate book entries shall be made to reflect
such partial redemption).</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 3.10, the Company shall send, or cause to be sent (in the case of Notes held in book-entry form, by electronic
transmission) notices of redemption of Notes at least 30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed pursuant to this Article at such Holder&rsquo;s registered address or otherwise in accordance with
the procedures of the Depositary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The notice shall identify the Notes to be redeemed (including CUSIP and ISIN number, if applicable) and shall state:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
redemption date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
redemption price, including the portion thereof representing any accrued and unpaid interest; <U>provided</U> that in connection
with a redemption under Section 3.07(a), the notice need not set forth the redemption price but only the manner of calculation
thereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
name and address of the Paying Agent;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the redemption date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
paragraph or subparagraph of the Notes or Section of this Indenture pursuant to which the Notes called for redemption are being
redeemed;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed
on the Notes; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
applicable, any condition to such redemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the Company&rsquo;s request, the Trustee shall give the notice of redemption in the Company&rsquo;s name and at the Company&rsquo;s
expense; <U>provided</U> that the Company shall have delivered to the Trustee, at least five Business Days before notice of redemption
is required to be sent or caused to be sent to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to
by the Trustee), an Officer&rsquo;s Certificate requesting that the Trustee give such notice and attaching a form of the notice
which shall contain the information to be stated in such notice as provided in Section 3.03(b).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Notice of Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Once notice of redemption is sent in accordance
with Section 3.03, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price
(except as provided for in Section 3.07(g)). The notice, if sent in a manner herein provided, shall be conclusively presumed to
have been given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the
notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings
for the redemption of any other Note. Subject to Section 3.05, on and after the redemption date, interest ceases to accrue on Notes
or portions of Notes called for redemption.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Redemption or Purchase Price</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By no later than 11:00 a.m. (New York City time) on the redemption or purchase date, the Company shall deposit with the
Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on
all Notes to be redeemed or purchased on that date. The Paying Agent shall promptly mail to each Holder whose Notes are to be redeemed
or repurchased the applicable redemption or purchase price thereof and accrued and unpaid interest thereon. The Trustee or the
Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess
of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on, all Notes to be redeemed
or purchased.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company complies with the provisions of Section 3.05(a), on and after the redemption or purchase date, interest shall
cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on
or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption
or purchase date shall be paid on the relevant Interest Payment Date to the Person in whose name such Note was registered at the
close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to redemption
by the Company. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because
of the failure of the Company to comply with Section 3.05(a), interest shall be paid on the unpaid principal, from the redemption
or purchase date until such principal is paid, and, to the extent lawful, on any interest accrued to the redemption or purchase
date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notes Redeemed or Purchased in Part</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Upon surrender of a Note that is redeemed
or purchased in part, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall promptly authenticate
and mail to the Holder (or cause to be transferred by book entry) at the expense of the Company a new Note equal in principal amount
to the unredeemed or unpurchased portion of the Note surrendered representing the same Indebtedness to the extent not redeemed
or purchased; <U>provided</U> that each new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in
excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order
and not an Opinion of Counsel or Officer&rsquo;s Certificate is required for the Trustee to authenticate such new Note.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Optional Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any time prior to May 15, 2020, the Company may redeem the Notes, in whole or in part, upon not less than 30 nor more
than 60 days&rsquo; prior written notice sent to each Holder or otherwise in accordance with the procedures of the Depositary at
a redemption price equal to 100% of the aggregate principal amount of the Notes plus the Applicable Premium, plus accrued and unpaid
interest, if any, to the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest
due on an Interest Payment Date falling on or prior to such redemption date). Promptly after the determination thereof, the Company
shall give the Trustee notice of the redemption price provided for in this Section 3.07(a), and the Trustee shall not be responsible
for such calculation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to May 15, 2020, the Company may on any one or more occasions redeem up to 35% of the original aggregate principal
amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with the Net Cash Proceeds of one or more
Equity Offerings at a redemption price equal to 106.375% of the aggregate principal amount thereof, plus accrued and unpaid interest,
if any, to the applicable redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest
due on an Interest Payment Date falling on or prior to such redemption date); <U>provided</U> that (1) at least 65% of the original
aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) remains outstanding
after each such redemption; and (2) such redemption occurs within 120 days after the closing of such Equity Offering.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change
of Control Offer pursuant to Section 4.14, and the Company purchases all of the Notes held by such Holders, within 90 days of such
purchase, the Company will have the right, upon not less than 30 days&rsquo; nor more than 60 days&rsquo; prior notice, to redeem
all of the Notes that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment plus,
to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes to the date of redemption
(subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that
is on or prior to the redemption date).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except pursuant to clause (a), (b) or (c) of this Section 3.07 or pursuant to Section 3.09, the Notes shall not be redeemable
at the Company&rsquo;s option prior to May 15, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On and after May 15, 2020, the Company may redeem the Notes, in whole or in part, upon not less than 30 nor more than 60
days&rsquo; notice, at the redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth
below, plus accrued and unpaid interest on the Notes, if any, to the applicable redemption date (subject to the right of Holders
of record on the relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to such redemption
date), if redeemed during the 12-month period beginning on May 15 of each of the years indicated below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 86%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in"><B>Year</B></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in"><B>Percentage</B></TD></TR>
<TR STYLE="background-color: #FFCCCC">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt">2020&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">104.781%</TD></TR>
<TR STYLE="background-color: #CCCCFF">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt">2021 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">103.188%</TD></TR>
<TR STYLE="background-color: #CCCCFF">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt">2022 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">101.594%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt">2023 and thereafter&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: right">100.000%</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0in">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any redemption notice in connection with this Section 3.07 may, at the Company&rsquo;s discretion, be subject to one or
more conditions precedent, including completion of an Equity Offering or other corporate transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the optional redemption date is on or after a Record Date and on or before the related Interest Payment Date, the accrued
and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business on such Record
Date, and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mandatory Redemption; Open Market Purchases</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company will not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. The Company may be required to repurchase Notes pursuant
to Section 4.10 and Section 4.14.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company, any Subsidiary or their respective
Affiliates may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions
or otherwise, in accordance with applicable securities laws and regulations, including, without limitation, Canadian Securities
Legislation, so long as such acquisition does not otherwise violate the terms of this Indenture.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company becomes, or will become, obligated to pay, on the next date on which any amount may be payable with respect
to the Notes, any Additional Amounts as a result of an actual change (or a change in legislation proposed by the Minister of Finance
of Canada or any similar authority that, if enacted, will be effective prior to the enactment date) in, or amendment to, the laws
or regulations of any Relevant Taxing Jurisdiction or a change in any official position or the introduction of an official position
regarding the application or interpretation thereof (including a holding by a court of competent jurisdiction), which is publicly
announced or becomes effective on or after the Issue Date, then the Company may, at its option, redeem the Notes then outstanding,
in whole but not in part, upon not less than 30 nor more than 60 days&rsquo; notice (such notice to be provided not more than 90
days before the next date on which it would be obligated to pay Additional Amounts), at a redemption price equal to 100% of the
principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of
record on the relevant Record Date to receive interest due on an Interest Payment Date that is on or prior to the redemption date).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Company elects to redeem the Notes pursuant to the provisions set forth in Section 3.09(a), the Company
shall deliver to the Trustee an Officer&rsquo;s Certificate stating that the Company is or will become obligated to pay Additional
Amounts because of an amendment to or change in law or regulation or position as described in this Section 3.09. Notice of the
Company&rsquo;s intent to redeem the Notes pursuant to this Section 3.09 shall not be effective until such time as it delivers
to the Trustee such Officer&rsquo;s Certificate stating that the Company is or will become obligated to pay Additional Amounts
because of an amendment to or change in law or regulation or position as described in this Section 3.09.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any redemption pursuant to Section 3.09 shall be made pursuant to the provisions of Section 3.01 through 3.06. Any notice
to redeem the Notes pursuant to this Section 3.09 shall not be given earlier than 90 days prior to the earliest date on which the
Company would be obligated to pay Additional Amounts in respect of the Notes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>3.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Offers to Repurchase by Application of Excess Proceeds</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that, pursuant to Section 4.10, the Company is required to commence an Asset Disposition Offer, the Company
will follow the procedures specified below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Asset Disposition Offer will remain open for a period of 20 Business Days following its commencement, except to the
extent that a longer period is required by applicable law (the &ldquo;<U>Asset Disposition Offer Period</U>&rdquo;). No later than
five Business Days after the termination of the Asset Disposition Offer Period (the &ldquo;<U>Asset Disposition Purchase Date</U>&rdquo;),
the Company shall apply all Excess Proceeds to the purchase of the aggregate principal amount of Notes and, if applicable, Pari
Passu Indebtedness (on a <U>pro rata</U> basis, if applicable) required to be purchased pursuant to Section 4.10 (the &ldquo;<U>Asset
Disposition Offer Amount</U>&rdquo;), or if less than the Asset Disposition Offer Amount of Notes (and, if applicable, Pari Passu
Indebtedness) has been so validly tendered and not validly withdrawn, all Notes and Pari Passu Indebtedness validly tendered and
not validly withdrawn in response to the Asset Disposition Offer. Payment for any Notes so purchased will be made in the same manner
as interest payments on the Notes are made.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Asset Disposition Purchase Date is on or after a Record Date and on or before the related Interest Payment Date,
any accrued and unpaid interest up to but excluding the Asset Disposition Purchase Date shall be paid to the Person in whose name
a Note is registered at the close of business on such Record Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the commencement of an Asset Disposition Offer, the Company shall send a notice (or, in the case of Global Notes, otherwise
communicate in accordance with the procedures of the Depositary) to each of the Holders, with a copy to the Trustee. The notice
shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Disposition
Offer. The Asset Disposition Offer shall be made to all Holders and, if required, all holders of Pari Passu Indebtedness. The notice,
which shall govern the terms of the Asset Disposition Offer, shall state:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Asset Disposition Offer is being made pursuant to this Section 3.10 and Section 4.10 and the length of time the Asset Disposition
Offer shall remain open;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Asset Disposition Offer Amount, the purchase price, including the portion thereof representing any accrued and unpaid interest,
and the Asset Disposition Purchase Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
any Note not properly tendered or accepted for payment shall continue to accrue interest;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Disposition Offer will
cease to accrue interest on and after the Asset Disposition Purchase Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
Holders electing to have a Note purchased pursuant to an Asset Disposition Offer may elect to have Notes purchased in integral
multiples of $1,000 only;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
Holders electing to have a Note purchased pursuant to an Asset Disposition Offer shall be required to (i) surrender such Note,
with the form entitled &ldquo;Option of Holder to Elect Purchase&rdquo; on the reverse of such Note completed, or (ii) transfer
such Note by book-entry transfer, in either case, to the Company, the Depositary, if applicable, or a Paying Agent at the address
specified in the notice prior to the close of business on the third Business Day preceding the Asset Disposition Purchase Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes if
the Company, the Depositary or the Paying Agent, as the case may be, receives at the address specified in the notice, not later
than the expiration of the Asset Disposition Offer Period, a facsimile transmission or letter setting forth the name of the Holder,
the principal amount of the Notes the Holder tendered for purchase and a statement that such Holder is withdrawing its tendered
Notes and its election to have such Note purchased;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds the Asset Disposition
Offer Amount, then the Notes and such Pari Passu Indebtedness will be purchased on a <U>pro rata</U> basis based on the aggregate
accreted value or principal amount, as applicable, of the Notes or such Pari Passu Indebtedness tendered and the selection of the
Notes for purchase shall be made by the Trustee by such method as the Trustee in its sole discretion shall deem to be fair and
appropriate, although no Note having a principal amount of $2,000 shall be purchased in part; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: #0C0C0C">that
Holders who</FONT>se Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer) representing the same Indebtedness to the extent not repurchased.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The notice, if sent in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice
is sent in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is
defective, such Holder&rsquo;s failure to receive such notice or such defect shall not affect the validity of the proceedings for
the purchase of the Notes as to all other Holders that properly received such notice without defect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or before the Asset Disposition Purchase Date, the Company shall, to the extent lawful, accept for payment, on a <U>pro
rata</U> basis to the extent necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Indebtedness or portions thereof
validly tendered and not validly withdrawn pursuant to the Asset Disposition Offer, or if less than the Asset Disposition Offer
Amount has been validly tendered and not validly withdrawn, all Notes and Pari Passu Indebtedness so tendered and not withdrawn,
in the case of the Notes, in integral multiples of $1,000; <U>provided</U> that if, following repurchase of a portion of a Note,
the remaining principal amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion
of such Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after
such repurchase is $2,000. The Company shall deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officer&rsquo;s
Certificate stating the aggregate principal amount of Notes or portions thereof so accepted and that such Notes or portions thereof
were accepted for payment by the Company in accordance with the terms of this Section 3.10. In addition, the Company shall deliver
all certificates and notes required, if any, by the agreements governing the Pari Passu Indebtedness.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Paying Agent or the Company, as the case may be, shall promptly, but in no event later than five Business Days after
termination of the Asset Disposition Offer Period, mail or deliver to each tendering Holder or holder or lender of Pari Passu Indebtedness,
as the case may be, an amount equal to the purchase price of the Notes or Pari Passu Indebtedness so validly tendered and not properly
withdrawn by such holder or lender, as the case may be, and accepted by the Company for purchase, and, if less than all of the
Notes tendered are purchased pursuant to the Asset Disposition Offer, the Company shall promptly issue a new Note, and the Trustee,
upon delivery of an Authentication Order from the Company, shall authenticate and mail or deliver (or cause to be transferred by
book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary,
no Opinion of Counsel or Officer&rsquo;s Certificate will be required for the Trustee to authenticate and mail or deliver such
new Note) in a principal amount equal to any unpurchased portion of the Note surrendered; <U>provided</U> that each such new Note
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. In addition, the Company will take
any and all other actions required by the agreements governing the Pari Passu Indebtedness. Any Note not so accepted will be promptly
mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Disposition
Offer on the Asset Disposition Purchase Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Other than as specifically provided in
this Section 3.10 or Section 4.10, any purchase pursuant to this Section 3.10 shall be made pursuant to the applicable provisions
of Sections 3.01 through 3.06.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 4<BR>
<BR>
COVENANTS</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Notes</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall duly and punctually pay or cause to be paid the principal, premium, if any, and interest on the Notes
on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the
date due if the Paying Agent, if other than one of the Company or a Subsidiary, holds as of 11:00 a.m. (New York City time) on
the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay the principal,
premium, if any, and interest then due.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period) at the same rate to the extent lawful.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office or Agency</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company shall maintain an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered
for registration of transfer or for exchange and where notices and demands to or upon the Company and the Guarantors in respect
of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company may also from time to time
designate additional offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations. The Company shall 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.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports and Other Information</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For so long as any Notes are outstanding, the Company shall furnish without cost to each Holder and deliver to the Trustee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">(1)</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">on or prior to the later of (A) 90 days after the end of each fiscal year of the Company or (B) the date on which the Company is required to file (after giving effect to any available extension) such information pursuant to Canadian Securities Legislation, all annual financial information that the Company would be required to file as a reporting issuer under Canadian Securities Legislation, including annual &ldquo;Management&rsquo;s Discussion &amp; Analysis&rdquo; (&ldquo;<U>MD&amp;A</U>&rdquo;) and audited financial statements;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">on or prior to the later of (A) 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company or (B) the date on which the Company is required to file (after giving effect to any available extension) such information pursuant to Canadian Securities Legislation, all quarterly financial information that the Company would be required to file as a reporting issuer under Canadian Securities Legislation, including a quarterly MD&amp;A and unaudited quarterly financial statements; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;(3)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">on or prior to the later of the tenth Business Day following the events giving rise to the requirements for the Company to file a material change report pursuant to Canadian Securities Legislation, such material change report (except for any situation where the Company files a confidential material change report in accordance with Part 7 of National Instrument 51-102 <I>Continuous Disclosure Obligations</I>).</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall (i) use its commercially reasonable efforts to schedule and participate in quarterly conference calls
to discuss its results of operations and (ii) provide S&amp;P and Moody&rsquo;s with information on a periodic basis as S&amp;P
or Moody&rsquo;s, as the case may be, shall reasonably require in order to maintain public ratings of the Notes. With respect to
the reports referred to in clauses (1), (2) and (3) of Section 4.03(a), the Company shall (A) file such reports electronically
on the Canadian Securities Administrators&rsquo; SEDAR website (or any successor system); (B) file such reports electronically
on the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval System (or any successor system); or (C) post and maintain
such reports on a public website maintained by the Company which, in the case of (A), (B) or (C), shall satisfy the Company&rsquo;s
obligations to furnish such materials to the Holders and deliver such materials to the Trustee. The Trustee will not be responsible
for monitoring the Company&rsquo;s compliance with the immediately preceding sentence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For so long as any Notes remain outstanding, the Company, at any time that it is neither subject to Section 13 or 15(d)
of the Exchange Act, nor exempt from reporting pursuant to Rule 12g3-2(b) thereunder, will provide to any Holder or prospective
purchaser designated by such Holder, upon request of such Holder, the information required by Rule 144A(d)(4) under the Securities
Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Parent of the Company is or becomes a Guarantor of the Notes, the Company may satisfy its obligations
under this Section 4.03 with respect to financial information relating to the Company by furnishing financial information relating
to such Parent; <U>provided that</U>, the same is accompanied by consolidating information that explains in reasonable detail the
differences between the information relating to such Parent and any of its Subsidiaries other than the Company and its Subsidiaries,
on the one hand, and the information relating to the Company, the Guarantors and the other Subsidiaries of the Company on a stand-alone
basis, on the other hand.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries and such Unrestricted Subsidiaries hold
more than in the aggregate10.0% of the Total Assets of the Company, then the annual, quarterly and <U>pro forma</U> financial information
required by clauses (1), (2) and (3) of Section 4.03(a) shall include a reasonably detailed presentation of the financial condition
and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations
of the Unrestricted Subsidiaries of the Company in accordance with and to the extent required by IFRS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent any information is not provided as specified in this Section 4.03 and such information is subsequently provided,
the Company will be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect thereto
shall be deemed to have been cured.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance Certificate</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date,
an Officer&rsquo;s Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company
and each Guarantor have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as
to such Officer signing such certificate, that to the best of his or her knowledge, based on such review, the Company and each
Guarantor have kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is
not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or,
if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action the Company
and each Guarantor are taking or propose to take with respect thereto).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence
of Indebtedness of the Company or any Subsidiary gives any notice or takes any other action with respect to a claimed Default,
the Company shall promptly (which shall be no more than 30 Business Days following the date on which the Company becomes aware
of such Default, receives such notice or becomes aware of such action, as applicable) send to the Trustee an Officer&rsquo;s Certificate
specifying such event, its status and what action the Company is taking or proposes to take with respect thereto.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company shall pay, and shall cause
each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies except
such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment
is not adverse in any material respect to the Holders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stay, Extension and Usury Laws</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company and each Guarantor covenants
(to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law has been enacted.</P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Restricted Payments</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly, to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>declare or pay any dividend or make any distribution (whether made in cash, securities or other property) on or in respect
of its or any of its Restricted Subsidiaries&rsquo; Capital Stock (including any payment in connection with any merger, amalgamation,
arrangement or consolidation involving the Company or any of its Restricted Subsidiaries) other than:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>dividends or distributions payable solely in Capital Stock of the Company (other than Disqualified Stock); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>dividends or distributions by a Restricted Subsidiary of the Company, so long as, in the case of any dividend or distribution
payable on or in respect of any Capital Stock issued by a Restricted Subsidiary of the Company that is not a Wholly Owned Subsidiary,
the Company or any of its Restricted Subsidiaries holding such Capital Stock receives at least its <U>pro rata</U> share of such
dividend or distribution;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>purchase, redeem, retire or otherwise acquire for value, including in connection with any merger, amalgamation, arrangement
or consolidation, any Capital Stock of the Company held by Persons other than the Company or any of its Restricted Subsidiaries
(other than in exchange for Capital Stock of the Company (other than Disqualified Stock));</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior
to any scheduled repayment, scheduled sinking fund payment or scheduled maturity, any Subordinated Obligations or Guarantor Subordinated
Obligations, other than:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indebtedness of the Company owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing
to and held by the Company or any Restricted Subsidiary permitted under clause (5) of Section 4.09(b); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Guarantor
Subordinated Obligations of any Guarantor purchased in anticipation of satisfying a sinking fund obligation, principal installment
or final maturity, in each case due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition
or retirement; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 31.5pt; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any Restricted Investment (all such payments and other actions referred to in clauses (1) through (4) (other than any
exception thereto) shall be referred to as a &ldquo;<U>Restricted Payment</U>&rdquo;),</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">unless, at the time of and after giving effect to such Restricted
Payment:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no Default shall have occurred and be continuing (or would result therefrom);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>immediately after giving effect to such transaction on a <U>pro forma</U> basis, the Company could Incur $1.00 of additional
Indebtedness under Section 4.09(a); and</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the aggregate amount of such Restricted Payment and all other Restricted Payments declared or made subsequent to the Issue
Date (without duplication and excluding Restricted Payments made pursuant to clauses (1), (2), (3), (4), (5), (7), (8), (10), (13)
and (15) of Section 4.07(b)) would not exceed the sum of (without duplication):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>50% of Consolidated Net Income for the period (treated as one accounting period) from January 1, 2012 to the end of the
most recent fiscal quarter ending prior to the date of such Restricted Payment for which financial statements are available (or,
in case such Consolidated Net Income is a deficit, minus 100% of such deficit); <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>100% of the aggregate Net Cash Proceeds, or Fair Market Value of assets, received by the Company from the issue or sale
of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to April 5, 2012, other than:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash
Proceeds, or Fair Market Value of assets received, by the Company from the issue or sale of such Capital Stock to a Subsidiary
of the Company or to an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock
ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any of its Restricted Subsidiaries unless
such loans have been repaid with cash on or prior to the date of determination; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash
Proceeds received by the Company from the issue and sale of its Capital Stock or capital contributions to the extent applied to
redeem Notes in compliance with Section 3.07(b); <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the amount by which Indebtedness of the Company or any of its Restricted Subsidiaries is reduced on the Company&rsquo;s
consolidated balance sheet upon the conversion or exchange (other than debt held by a Subsidiary of the Company) subsequent to
April 5, 2012 of any Indebtedness of the Company or any of its Restricted Subsidiaries convertible or exchangeable for Capital
Stock (other than Disqualified Stock) of the Company (less the amount of any cash, or the Fair Market Value of any other property,
distributed by the Company upon such conversion or exchange); <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the amount equal to the net reduction in Restricted Investments made by the Company or any of its Restricted Subsidiaries
in any Person resulting from:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchases
or redemptions of such Restricted Investments by such Person, proceeds realized upon the sale of such Restricted Investment to
an unaffiliated purchaser, repayments of loans or advances or other transfers of assets (including by way of dividend or distribution)
by such Person to the Company or any of its Restricted Subsidiaries (other than for reimbursement of tax payments); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the redesignation
of Unrestricted Subsidiaries as Restricted Subsidiaries of the Company or the merger, amalgamation, arrangement or consolidation
of an Unrestricted Subsidiary with and into the Company or any of its Restricted Subsidiaries (valued in each case as provided
in the definition of &ldquo;Investment&rdquo;) not to exceed the amount of Investments previously made by the Company or any of
its Restricted Subsidiaries in such Unrestricted Subsidiary, which amount in each case under this clause (iv) was included in the
calculation of the amount of Restricted Payments; <U>provided</U>, <U>however</U>, that no amount will be included under this clause
(iv) to the extent it is already included in Consolidated Net Income; <U>less</U></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Investment that is a Similar Business Investment made pursuant to clause (14) of the definition of Permitted Investments (other
than a Similar Business Investment in the Company or a Restricted Subsidiary).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The provisions of Section 4.07(a) shall not prohibit:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock
or Subordinated Obligations of the Company or Guarantor Subordinated Obligations of any Guarantor made by exchange for, or out
of the proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than Disqualified Stock and other
than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale
to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any of its Restricted
Subsidiaries unless such loans have been repaid with cash on or prior to the date of determination); <U>provided</U>, <U>however</U>,
that the Net Cash Proceeds from such sale of Capital Stock will be excluded from clause (C)(ii) of Section 4.07(a);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Company
or Guarantor Subordinated Obligations of any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent
sale of, Subordinated Obligations of the Company or any purchase, repurchase, redemption, defeasance or other acquisition or retirement
of Guarantor Subordinated Obligations of any Guarantor made by exchange for or out of the proceeds of the substantially concurrent
sale of Guarantor Subordinated Obligations of a Guarantor, so long as such refinancing Subordinated Obligations or Guarantor Subordinated
Obligations are permitted to be Incurred pursuant to Section 4.09 and constitute Refinancing Indebtedness;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Company
or any of its Restricted Subsidiaries made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified
Stock of the Company or such Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified Stock is permitted
to be Incurred pursuant to Section 4.09 and constitutes Refinancing Indebtedness;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Obligation
(A) at a purchase price not greater than 101% of the principal amount of such Subordinated Obligation in the event of a Change
of Control in accordance with provisions similar to Section 4.14 or (B) at a purchase price not greater than 100% of the principal
amount thereof in accordance with provisions similar to Section 4.10; <U>provided</U> that, prior to or simultaneously with such
purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company has made the Change of Control Offer
or Asset Disposition Offer, as applicable, as provided in such covenant with respect to the Notes and has completed the repurchase
or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Asset Disposition Offer;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1.5in; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any purchase or redemption of Subordinated Obligations or Guarantor Subordinated Obligations from Net Available Cash to
the extent permitted under Section 4.10;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a) dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have
complied with this Section 4.07 and (b) the redemption of Subordinated Obligations or Guarantor Subordinated Obligations within
60 days after the date on which notice of such redemption was given, if on the date of the giving of such notice of redemption,
such redemption would have complied with this Section 4.07;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the purchase, redemption or other acquisition, cancellation or retirement for value of Capital Stock or equity appreciation
rights of the Company held by any existing or former employees or directors of the Company or any Subsidiary of the Company or
their assigns, estates or heirs, in each case upon death, disability, retirement, severance or termination of employment or in
connection with the repurchase provisions under employee stock option or stock purchase agreements or other agreements to compensate
employees or directors approved by the Board of Directors; <U>provided</U> that such Capital Stock or equity appreciation rights
were received for services related to, or for the benefit of, the Company and its Restricted Subsidiaries; and <U>provided</U>,
<U>further</U>, that such redemptions or repurchases pursuant to this clause (7) shall not exceed $10.0 million in the aggregate
during any calendar year (with any unused amounts in any calendar year being carried over to the immediately succeeding calendar
year, not to exceed $20.0 million in any calendar year), although such amount in any calendar year may be increased by an amount
not to exceed:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Company to existing or former
employees or directors of the Company or any of its Subsidiaries that occurs after the Issue Date, to the extent the Net Cash Proceeds
from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments (<U>provided</U> that
the Net Cash Proceeds from such sales or contributions shall be excluded from clause (C)(ii) of Section 4.07(a)); <U>plus</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the Issue
Date; <U>less</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the amount of any Restricted Payments previously made with the Net Cash Proceeds described in clauses (A) and (B) of this
clause (7);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company issued in
accordance with the terms of this Indenture to the extent such dividends are included in the definition of &ldquo;Consolidated
Interest Expense&rdquo;;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the declaration and payment of quarterly dividends on the Company&rsquo;s Common Stock; provided that (a) (i) at the time
of declaration of any such dividend, the Leverage Ratio of the Company and its Restricted Subsidiaries is less than 2.00 : 1.00
on a pro forma basis after giving effect to the payment of such dividend and any Indebtedness incurred in connection with the payment
of such dividend or (ii) the total amount of dividends declared pursuant to this clause (9) does not exceed $75.0 million in the
aggregate in the fiscal year in which such dividend is declared and (b) no Event of Default shall have occurred and be continuing
or would occur as a consequence thereof;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1.5in; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>repurchases of Capital Stock deemed to occur upon the exercise of stock options, warrants, other rights to purchase Capital
Stock or other convertible securities or similar securities if such Capital Stock represents a portion of the exercise price thereof
(or withholding of Capital Stock to pay related withholding taxes with regard to the exercise of such stock options or the vesting
of any such restricted stock, restricted stock units, deferred stock units or any similar securities);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments in lieu of the issuance of fractional shares of Capital Stock in connection with any transaction otherwise permitted
under this Section 4.07;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments or distributions to holders of the Capital Stock of the Company or any of its Restricted Subsidiaries pursuant
to appraisal or dissenter rights required under applicable law or pursuant to a court order in connection with any merger, amalgamation,
arrangement, consolidation or sale, assignment, conveyance, transfer, lease or other disposition of assets;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the payment of any dividend by a Restricted Subsidiary of the Company that is not a Wholly Owned Subsidiary to the holders
of Capital Stock on a <U>pro rata</U> basis;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments or distributions of Capital Stock or assets of an Unrestricted Subsidiary;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 1in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to
this clause (15) (as reduced by the Fair Market Value returned from any such Restricted Payments that constituted Restricted Investments)
not to exceed $25.0 million;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><U>provided</U>, <U>however</U>, that at
the time of and after giving effect to, any Restricted Payment permitted under clauses (5), (7), (8) and (15) above, no Default
or Event of Default shall have occurred and be continuing or would occur as a consequence thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment
of the assets or securities proposed to be transferred or issued by the Company or any of its Restricted Subsidiaries, as the case
may be, pursuant to such Restricted Payment. The amount of all Restricted Payments paid in cash shall be its face amount. For purposes
of determining compliance with any U.S. dollar-denominated restriction on Restricted Payments, the U.S. dollar-equivalent of a
Restricted Payment denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect
on the date the Company or the Restricted Subsidiary, as the case may be, first commits to such Restricted Payment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of designating any Restricted Subsidiary of the Company as an Unrestricted Subsidiary, all outstanding Investments
by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to
be Restricted Payments in an amount determined as set forth in the definition of &ldquo;Investment.&rdquo; Such designation shall
be permitted only if a Restricted Payment in such amount would be permitted at such time and if such Subsidiary otherwise meets
the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants
set forth in this Indenture.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Restrictions on Distribution From Restricted Subsidiaries</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise
cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted
Subsidiary of the Company to:</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries,
or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness or other obligations
owed to the Company or any of its Restricted Subsidiaries (it being understood that the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be
deemed a restriction on the ability to make distributions on Capital Stock);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any loans or advances to the Company or any of its Restricted Subsidiaries (it being understood that the subordination
of loans or advances made to the Company or any of its Restricted Subsidiaries to other Indebtedness Incurred by the Company or
any of its Restricted Subsidiaries shall not be deemed a restriction on the ability to make loans or advances); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>sell, lease or transfer any of its property or assets to the Company or any of its Restricted Subsidiaries (it being understood
that such transfers shall not include any type of transfer described in clause (1) or (2) above).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The preceding provisions shall not prohibit encumbrances or restrictions existing under or by reason of:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>this Indenture, the Notes and the Note Guarantees;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any agreement or instrument existing on the Issue Date (except for this Indenture, the Notes or the Note Guarantees);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) any agreement or other instrument of a Person acquired by the Company or any of its Restricted Subsidiaries in existence
at the time of such acquisition (but not created in contemplation thereof) or (B) any agreement or other instrument with respect
to a Restricted Subsidiary of the Company that was previously an Unrestricted Subsidiary pursuant to or by reason of an agreement
that such Subsidiary is a party to or entered into before the date on which such Subsidiary became a Restricted Subsidiary of the
Company (but not created in contemplation thereof), in the case of (A) and (B) above, which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets
of the Person and its Subsidiaries, so acquired or so designated or deemed, as applicable (including after-acquired property);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any amendment, restatement, modification, renewal, supplement, refunding, replacement or refinancing of an agreement or
instrument referred to in clauses (2), (3) or (5) of this Section 4.08(b); <U>provided</U>, <U>however</U>, that such amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings are, in the good faith judgment of
Senior Management, not materially more restrictive, when taken as a whole, than the encumbrances and restrictions contained in
the agreements referred to in clauses (2), (3) or (5) of this Section 4.08(b) on the Issue Date or the date such Restricted Subsidiary
became a Restricted Subsidiary of the Company or was merged into a Restricted Subsidiary of the Company, whichever is applicable;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) customary non-assignment or subletting provisions in leases governing leasehold interests to the extent such provisions
restrict the transfer of the lease or the property leased thereunder and (B) security agreements or mortgages securing Indebtedness
of a Restricted Subsidiary of the Company to the extent such encumbrance or restriction restricts the transfer of the property
subject to such security agreements or mortgages;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 103.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of clause (3) of Section 4.08(a), Liens permitted to be Incurred under Section 4.12 that limit the right of
the debtor to dispose of the assets securing such Indebtedness;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>purchase money obligations and Capitalized Lease Obligations permitted under this Indenture, in each case, that impose encumbrances
or restrictions of the nature described in clause (3) of Section 4.08(a) on the property so acquired;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Company pursuant
to an agreement that has been entered into for the sale or disposition of all or a portion of the Capital Stock or assets of such
Subsidiary;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords under contracts entered
into in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any customary provisions in joint venture, partnership and limited liability company agreements relating to joint ventures
that are not Restricted Subsidiaries of the Company and other similar agreements entered into in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any customary provisions in leases, subleases or licenses and other agreements entered into by the Company or any of its
Restricted Subsidiaries in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) other Indebtedness Incurred or Preferred Stock issued by a Guarantor in accordance with Section 4.09 that, in the good
faith judgment of Senior Management, are not materially more restrictive, taken as a whole, than those applicable to the Company
in this Indenture on the Issue Date (which results in encumbrances or restrictions at a Restricted Subsidiary of the Company level
comparable to those applicable to the Company) or (B) other Indebtedness Incurred or Preferred Stock issued by a Non-Guarantor,
in each case permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.09; <U>provided</U> that with respect
to clause (B), such encumbrances or restrictions shall not materially affect the Company&rsquo;s ability to make anticipated principal
and interest payments on the Notes (in the good faith judgment of Senior Management);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any agreement with a governmental entity providing for developmental financing; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>customary non-assignment and non-transfer provisions of any contract, license or lease entered into in the ordinary course
of business.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Indebtedness</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness
(including Acquired Indebtedness); <U>provided</U>, <U>however</U>, that the Company and the Guarantors may Incur Indebtedness
if on the date thereof and after giving effect thereto on a <U>pro forma</U> basis:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries is at least 2.00 to 1.00; and</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 103.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no Default or Event of Default will have occurred or be continuing or would occur as a consequence of Incurring the Indebtedness
or entering into the transactions relating to such Incurrence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The provisions of Section 4.09(a) shall not prohibit the Incurrence of the following Indebtedness:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indebtedness of the Company or any Guarantor Incurred under a Debt Facility and the issuance and creation of letters of
credit, bankers&rsquo; acceptances, performance or surety bonds and other similar instruments thereunder (with any such undrawn
instruments and reimbursement obligations relating to any payables that are satisfied within 30 days being deemed not to be Indebtedness,
and bankers&rsquo; acceptances being deemed to have a principal amount equal to the face amount thereof) in an aggregate amount
not to exceed the greater of (A) $500.0 million and (B) 13.0% of Total Assets, <U>less</U> the aggregate principal amount of all
principal repayments with the proceeds from Asset Dispositions made pursuant to clause (3)(A) of Section 4.10(a) in satisfaction
of the requirements of such covenant;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indebtedness represented by the Notes (including any Note Guarantee) (other than any Additional Notes);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indebtedness of the Company and any of its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness
described in clauses (1), (2), (4), (5), (7), (9), (10) and (11) of this Section 4.09(b));</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Guarantees by (a) the Company or Guarantors of Indebtedness permitted to be Incurred by the Company or a Guarantor in accordance
with the provisions of this Indenture; <U>provided</U> that in the event such Indebtedness that is being Guaranteed is a Subordinated
Obligation or a Guarantor Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the
Notes or the Note Guarantee, as the case may be, and (b) Non-Guarantors of Indebtedness Incurred by such Non-Guarantors in accordance
with the provisions of this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Indebtedness of the Company owing to and held by any of its Restricted Subsidiaries or Indebtedness of a Restricted Subsidiary
of the Company owing to and held by the Company or any other Restricted Subsidiary of the Company; <U>provided</U>, <U>however</U>,
that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>if the Company is the obligor on Indebtedness owing to a Non-Guarantor, such Indebtedness is expressly subordinated in right
of payment to all Obligations with respect to the Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>if a Guarantor is the obligor on such Indebtedness and a Non-Guarantor is the obligee, such Indebtedness is expressly subordinated
in right of payment to the Note Guarantee of such Guarantor; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>(i)&#9;any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being
beneficially held by a Person other than the Company or any of its Restricted Subsidiaries; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>any sale or other transfer of any such Indebtedness to a Person other than the Company or any of its Restricted
                                                              Subsidiaries, shall be deemed, in each case under this clause (5)(c), to constitute an Incurrence of such Indebtedness by the
                                                              Company or such Restricted Subsidiary, as the case may be;</TD></TR></TABLE>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
of (a) any Person Incurred and outstanding on the date on which such Person became a Restricted Subsidiary of the Company or was
acquired by, or merged into or amalgamated, arranged or consolidated with, the Company or any of its Restricted Subsidiaries or
(b) such Persons or the Company or any of its Restricted Subsidiaries Incurred (x) to provide all or any portion of the funds utilized
to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary of
the Company or was otherwise acquired by, or merged into or amalgamated, arranged or consolidated with the Company or (y) otherwise
in connection with, or in contemplation of, such acquisition, merger, amalgamation, arrangement or consolidation; <U>provided</U>,
<U>however</U>, in each case set forth in clause (a) or (b), that at the time such Person is acquired, merged, amalgamated, arranged
or consolidated, or such Indebtedness was Incurred, either:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company would have been able to Incur $1.00 of additional Indebtedness pursuant to Section 4.09(a) after giving effect to the Incurrence
of such Indebtedness pursuant to this clause (6); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 1in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Consolidated Coverage Ratio of the Company and its Restricted Subsidiaries would have been higher than such ratio immediately prior
to such acquisition, merger, amalgamation, arrangement or consolidation after giving effect to the Incurrence of such Indebtedness
pursuant to this clause (6);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
under Hedging Obligations that are Incurred in the ordinary course of business (and not for speculative purposes) (including the
existing Hedging Obligations to the lenders and their respective affiliates under the Senior Credit Facility);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
(including Capitalized Lease Obligations) of the Company or any of its Restricted Subsidiaries Incurred to finance the purchase,
design, lease, construction repair, replacement or improvement of any property (real or personal), plant or equipment used or to
be used in a Similar Business through the direct purchase of such property, plant or equipment, and any Indebtedness of the Company
or any of its Restricted Subsidiaries that serves to refund or refinance any Indebtedness Incurred pursuant to this clause (8),
in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred
pursuant to this clause (8) and then outstanding, shall not exceed the greater of (A) $100.0 million and (B) 2.5% of Total Assets,
at any time outstanding;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
Incurred by the Company or any of its Restricted Subsidiaries in respect of (a) workers&rsquo; compensation claims, health, disability
or other employee benefits; (b) property, casualty or liability insurance, self-insurance obligations; and (c) statutory, appeal,
completion, export, import, customs, revenue, performance, bid, surety, reclamation, remediation and similar bonds and completion
Guarantees (not for borrowed money) provided in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(10) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
arising from agreements of the Company or any of its Restricted Subsidiaries providing for indemnification, adjustment of purchase
price, earn-out or similar obligations, in each case, Incurred or assumed in connection with the disposition of any business or
assets of the Company or any business, assets or Capital Stock of any of its Restricted Subsidiaries, other than Guarantees of
Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Capital Stock for the purpose of financing
such acquisition; <U>provided</U> that:</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds, including non-cash
proceeds (the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to subsequent
changes in value) actually received by the Company and its Restricted Subsidiaries in connection with such disposition; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>such Indebtedness is not reflected as indebtedness on the balance sheet of the Company or any of its Restricted Subsidiaries
(contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will
not be deemed to be reflected on such balance sheet for purposes of this clause (10));</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument (except in the case
of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; <U>provided</U>, <U>however</U>, that
such Indebtedness is extinguished within five Business Days of Incurrence;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(12) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
in the form of letters of credit and reimbursement obligations relating to letters of credit that are satisfied within 30 days
of being drawn;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Incurrence or issuance by the Company or any of its Restricted Subsidiaries of Refinancing Indebtedness that serves (or will serve)
to refund or refinance any Indebtedness Incurred as permitted under Section 4.09(a) and clauses (2), (3), (6) and this clause (13)
of this Section 4.09(b), or any Indebtedness issued to so refund or refinance such Indebtedness, including additional Indebtedness
Incurred to pay premiums (including reasonable, as determined in good faith by Senior Management, tender premiums), defeasance
costs, accrued interest and fees and expenses in connection therewith;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
of the Company or any of its Restricted Subsidiaries consisting of the financing of insurance premiums incurred in the ordinary
course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
of the Company or any of its Restricted Subsidiaries consisting of take-or-pay obligations contained in supply arrangements incurred
in the ordinary course of business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
of the Company or any of its Restricted Subsidiaries in respect of Cash Management Agreements entered into in the ordinary course
of&nbsp;business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
of the Company or any of its Restricted Subsidiaries with respect to Guarantees of Indebtedness of joint ventures, in an aggregate
amount under this clause (17) not to exceed the greater of (A) $100.0 million and (B) 2.5% of Total Assets, at any time outstanding;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Recourse
Debt;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
of the Company, to the extent the net proceeds thereof are promptly (a) used to purchase Notes tendered in connection with a Change
of Control Offer or (b) deposited to defease the Notes pursuant to Article 8 or satisfy and discharge the Notes pursuant to Article
11; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
addition to the items referred to in clauses (1) through (19) above, Indebtedness of the Company and its Restricted Subsidiaries
in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred
pursuant to this clause (20) and then outstanding, shall not exceed the greater of (A) $200.0 million and (B) 5.0% of Total Assets,
at any time outstanding.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not Incur any Indebtedness under Section 4.09(b) if the proceeds thereof are used, directly or indirectly,
to refinance any Subordinated Obligations of the Company unless such Indebtedness shall be subordinated to the Notes to at least
the same extent as such Subordinated Obligations. No Guarantor shall Incur any Indebtedness under Section 4.09(b) if the proceeds
thereof are used, directly or indirectly, to refinance any Guarantor Subordinated Obligations of such Guarantor unless such Indebtedness
shall be subordinated to the obligations of such Guarantor under its Note Guarantee to at least the same extent as such Guarantor
Subordinated Obligations. No Restricted Subsidiary of the Company (other than a Guarantor) may Incur any Indebtedness if the proceeds
are used to refinance Indebtedness of the Company or a Guarantor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred
pursuant to and in compliance with, this Section 4.09:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 4.09(b) or can
be incurred pursuant to Section 4.09(a), the Company, in its sole discretion, shall classify such item of Indebtedness on the date
of Incurrence and may later classify such item of Indebtedness in any manner that complies with Section 4.09(a) or 4.09(b) and
only be required to include the amount and type of such Indebtedness in Section 4.09(a) or one of such clauses under Section 4.09(b);
<U>provided</U> that all Indebtedness outstanding under the Senior Credit Facility on the Issue Date will be treated as Incurred
on the Issue Date under clause (1) of Section 4.09(b).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees
of, or obligations in respect of letters of credit relating to, Indebtedness that is otherwise included in the determination of
a particular amount of Indebtedness shall not be included;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
obligations in respect of letters of credit are Incurred pursuant to a Debt Facility and are being treated as Incurred pursuant
to clause (1) of Section 4.09(b) and the letters of credit relate to other Indebtedness, then such other Indebtedness shall not
be included;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal amount associated with any Disqualified Stock of the Company or any of its Restricted Subsidiaries, or Preferred Stock
of a Non-Guarantor, shall be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either
case, any redemption or repurchase premium) or the liquidation preference thereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
permitted by this Section 4.09 need not be permitted solely by reference to one provision permitting such Indebtedness but may
be permitted in part by one such provision and in part by one or more other provisions of this Section 4.09 permitting such Indebtedness;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal amount of any Indebtedness outstanding in connection with a securitization transaction or series of securitization transactions
is the amount of obligations outstanding under the legal documents entered into as part of such transaction that would be characterized
as principal if such transaction were structured as a secured lending transaction rather than as a purchase relating to such transaction;
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amount of Indebtedness issued at a price that is less than the principal amount thereof shall be equal to the amount of the liability
in respect thereof determined in accordance with IFRS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Accrual of interest, accrual of dividends,
the accretion of accreted value, the amortization of debt discount, the payment of interest in the form of additional Indebtedness
and the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock shall not be deemed to be
an Incurrence of Indebtedness for purposes of this Section 4.09. The amount of any Indebtedness outstanding as of any date shall
be (i) the accreted value thereof in the case of any Indebtedness issued with original issue discount or the aggregate principal
amount outstanding in the case of Indebtedness issued with interest payable in kind and (ii) the principal amount or liquidation
preference thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">In addition, the Company shall not permit
any of its Unrestricted Subsidiaries to Incur any Indebtedness or issue any shares of Disqualified Stock, other than Non-Recourse
Debt. If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary of the Company, any Indebtedness of such Subsidiary
shall be deemed to be Incurred by a Restricted Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted
to be Incurred as of such date under this Section 4.09, the Company shall be in Default of this Section 4.09).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">For purposes of determining compliance
with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of
Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness;
<U>provided</U> that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such
refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness
being refinanced. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Company may
Incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies.
The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Asset Dispositions</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not, and shall not permit any of its Restricted Subsidiaries to, cause, make or suffer to exist any Asset
Disposition unless:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the Fair Market Value of the
shares and assets subject to such Asset Disposition; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
least 75% of the consideration from such Asset Disposition received by the Company or such Restricted Subsidiary, as the case may
be, is in the form of cash or Cash Equivalents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">For the purposes of clause (2)
above and for no other purpose, the following will be deemed to be cash:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
liabilities (as shown on the Company&rsquo;s or such Restricted Subsidiary&rsquo;s most recent balance sheet) of the Company or
any of its Restricted Subsidiaries (other than liabilities that are by their terms subordinated to the Notes or the Note Guarantees)
that are assumed by the transferee of any such assets and from which the Company and all such Restricted Subsidiaries have been
validly released by all creditors in writing;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Disposition having
an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause
(ii) that is at that time outstanding, not to exceed the greater of (x) $70.0 million and (y) 1.75% of Total Assets at the time
of the receipt of such Designated Non-cash Consideration; and</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
securities, notes or other obligations received by the Company or any of its Restricted Subsidiaries from the transferee that are
converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received) within 180 days (or 210 days,
if the Company or such Restricted Subsidiary is prevented by a lock up or similar agreement from converting such securities, notes
or other obligations into cash during such 180 day period) following the closing of such Asset Disposition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">With respect to any Asset Disposition,
the determination of compliance with clauses (1) and (2) above may be made, at the Company&rsquo;s option, on either (x) the date
on which such Asset Disposition is completed or (y) the date on which a definitive agreement for such Asset Disposition is entered
into.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
365 days from the later of the date of such Asset Disposition or the receipt of such Net Available Cash, the Company or such Restricted
Subsidiary, as the case may be, may apply an amount equal to 100% of the Net Available Cash from such Asset Disposition as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
permanently reduce (and permanently reduce commitments with respect thereto) Secured Indebtedness of the Company (other than any
Disqualified Stock or Subordinated Obligations) or Secured Indebtedness of a Restricted Subsidiary of the Company (other than any
Disqualified Stock or Guarantor Subordinated Obligations), in each case other than Indebtedness owed to the Company or a Restricted
Subsidiary of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
permanently reduce obligations under other Indebtedness of the Company (other than any Disqualified Stock or Subordinated Obligations)
or other Indebtedness of a Restricted Subsidiary of the Company (other than any Disqualified Stock or Guarantor Subordinated Obligations),
in each case other than Indebtedness owed to the Company or an Affiliate of the Company; <U>provided</U> that the Company shall
equally and ratably reduce Obligations under the Notes as provided under Section 3.07, through open market purchases (to the extent
such purchases are at or above 100% of the principal amount thereof) or by making an offer (in accordance with the procedures set
forth in Section 3.10 and this Section 4.10 for an Asset Disposition Offer) to all Holders to purchase their Notes at 100% of the
principal amount thereof, plus the amount of accrued but unpaid interest on the amount of Notes that would otherwise be prepaid;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
invest in Additional Assets; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
combination of reductions and investments permitted by the foregoing clauses (A) through (C);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><U>provided</U> that pending the final application
of any such Net Available Cash in accordance with clause (A), (B), (C) or (D) above, the Company and its Restricted Subsidiaries
may temporarily reduce Indebtedness or otherwise invest such Net Available Cash in any manner not prohibited by this Indenture;
<U>provided, further,</U> that in the case of clause (3)(C) above, a binding commitment to invest in Additional Assets shall be
treated as a permitted application of the Net Available Cash from the date of such commitment so long as the Company or such other
Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Available Cash shall be applied
to satisfy such commitment within 180 days of such commitment (an &ldquo;<U>Acceptable Commitment</U>&rdquo;) and, in the event
any Acceptable Commitment is later cancelled or terminated for any reason before the Net Available Cash is applied in connection
therewith, the Company or such Restricted Subsidiary enters into another Acceptable Commitment (a &ldquo;<U>Second Commitment</U>&rdquo;)
within 180 days of such cancellation or termination; <U>provided</U>, <U>however</U>, that if a Second Commitment is later canceled
or terminated for any reason before such Net Available Cash is applied, then such Net Available Cash shall constitute Excess Proceeds.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Net Available Cash from Asset Dispositions that is not applied or invested as provided in Section 4.10(a) shall be deemed
to constitute &ldquo;<U>Excess Proceeds</U>.&rdquo; On the 366<SUP>th</SUP> day after an Asset Disposition, if the aggregate amount
of Excess Proceeds exceeds $30.0 million, the Company shall make an offer (&ldquo;<U>Asset Disposition Offer</U>&rdquo;) to all
Holders and, to the extent required by the terms of outstanding Pari Passu Indebtedness, to all holders of such Pari Passu Indebtedness,
to purchase the maximum aggregate principal amount of Notes and any such Pari Passu Indebtedness that may be purchased out of the
Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid
interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date), in accordance with the procedures set forth in Section 3.10 and the agreements governing
the Pari Passu Indebtedness, as applicable, in each case in denominations of $2,000 and larger integral multiples of $1,000 in
excess thereof. The Company shall commence an Asset Disposition Offer with respect to Excess Proceeds by mailing (or otherwise
communicating in accordance with the procedures of DTC) the notice required by Section 3.10, with a copy to the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">To the extent that the aggregate amount
of Notes and Pari Passu Indebtedness validly tendered and not validly withdrawn pursuant to an Asset Disposition Offer is less
than the Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants
contained in this Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof and other Pari Passu Indebtedness
surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and
Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of
tendered Notes and Pari Passu Indebtedness. Upon completion of such Asset Disposition Offer, regardless of the amount of Excess
Proceeds used to purchase Notes pursuant to such Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall comply with all applicable securities laws and regulations, including, without limitation, Canadian Securities
Legislation and the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations thereunder to
the extent those laws and regulations are applicable in connection with the repurchase of Notes pursuant to an Asset Disposition
Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with the provisions of this
Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations described in this Indenture by virtue of any conflict.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transactions with Affiliates</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or
conduct any transaction (including the purchase, sale, lease or exchange of any property or asset or the rendering of any service)
with any Affiliate of the Company (an &ldquo;<U>Affiliate Transaction</U>&rdquo;) involving aggregate consideration in excess of
$5.0 million<I>, </I><U>unless</U>:</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the terms of such Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary, as the case
may be, than those that could have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at the
time of such transaction in arms&rsquo; length dealings with a Person that is not an Affiliate; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the event such Affiliate Transaction involves an aggregate consideration in excess of $10.0 million, the terms of such
transaction have been approved by a majority of the members of the Board of Directors of the Company and by a majority of the members
of such Board of Directors having no personal stake in such transaction, if any (and such majority or majorities, as the case may
be, determines that such Affiliate Transaction satisfies the criteria in clause (1) above).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 4.11(a) shall not apply to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any transaction between the Company and any of its Restricted Subsidiaries or between any Restricted Subsidiaries of the
Company and any Guarantees issued by the Company or a Restricted Subsidiary of the Company for the benefit of the Company or any
of its Restricted Subsidiaries, as the case may be, in accordance with Section 4.09;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Restricted Payment permitted to be made pursuant to Section 4.07 and any Permitted Investments;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any issuance of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or as the funding
of, employment agreements and severance and other compensation arrangements, options to purchase Capital Stock of the Company,
restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits
plans and/or indemnity provided on behalf of Officers, directors and employees approved by the Board of Directors of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the payment of reasonable and customary fees and reimbursements or employee benefits paid to, and indemnity provided on
behalf of, directors, Officers, employees or consultants of the Company or any of its Restricted Subsidiaries;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>loans or advances (or cancellation of loans or advances) to employees, Officers or directors of the Company or any of its
Restricted Subsidiaries in the ordinary course of business, in an aggregate amount not in excess of $2.0 million (without giving
effect to the forgiveness of any such loan);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any agreement as in effect as of the Issue Date, as these agreements may be amended, modified, supplemented, extended or
renewed from time to time, so long as any such amendment, modification, supplement, extension or renewal is not more disadvantageous
to the Holders in any material respect in the good faith judgment of the Board of Directors of the Company, when taken as a whole,
than the terms of the agreements in effect on the Issue Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by, or merged
into or amalgamated, arranged or consolidated with the Company or any of its Restricted Subsidiaries; <U>provided</U> that such
agreement was not entered into in contemplation of such acquisition, merger, amalgamation, arrangement or consolidation, and any
amendment thereto (so long as any such amendment is not disadvantageous to the Holders in the good faith judgment of the Board
of Directors of the Company, when taken as a whole, as compared to the applicable agreement as in effect on the date of such acquisition,
merger, amalgamation, arrangement or consolidation);</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services or
any management services or support agreements, in each case in the ordinary course of the business of the Company and its Restricted
Subsidiaries and otherwise in compliance with the terms of this Indenture; <U>provided</U> that in the reasonable determination
of the members of the Board of Directors or Senior Management of the Company, such transactions or agreements are on terms that
are not materially less favorable, when taken as a whole, to the Company or the relevant Restricted Subsidiary than those that
could have been obtained at the time of such transactions or agreements in a comparable transaction or agreement by the Company
or such Restricted Subsidiary with an unrelated Person;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates of the Company and any agreement that
grants registration and other customary rights in connection therewith or otherwise to the direct or indirect securityholders of
the Company (and the performance of such agreements);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any transaction with a Restricted Subsidiary of the Company, joint venture or similar entity which would constitute an Affiliate
Transaction solely because the Company or any of its Restricted Subsidiaries owns any equity interest in or otherwise controls
such Restricted Subsidiary, joint venture or similar entity; <U>provided</U> that no Affiliate of the Company, other than the Company
or any of its Restricted Subsidiaries, shall have a beneficial interest or otherwise participate in such Restricted Subsidiary,
joint venture or similar entity other than through such Affiliate&rsquo;s ownership of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>transactions between the Company or any of its Restricted Subsidiaries and any Person that is an Affiliate solely because
one or more of its directors is also a director of the Company or any of its Restricted Subsidiaries; <U>provided</U> that such
director abstains from voting as a director of the Company or such Restricted Subsidiary, as the case may be, on any matter involving
such other Person;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(a) any merger, amalgamation, arrangement, consolidation or other reorganization of the Company with an Affiliate solely
for the purpose and with the sole effect of forming a holding company or reincorporating the Company in a new jurisdiction, and
(b) any transaction or series of related transactions between or among the Company and any of its Subsidiaries implemented in connection
with any corporate restructuring, to the extent that the terms of any such transaction or series of related transactions under
this clause (b), taken as a whole, are not disadvantageous to the Holders of the Notes in any material respect;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the entering into of a tax sharing agreement, or payments pursuant thereto, between the Company and one or more Subsidiaries,
on the one hand, and any other Person with which the Company and such Subsidiaries are required or permitted to file a consolidated
tax return or with which the Company and such Subsidiaries are part of a consolidated group for tax purposes, on the other hand;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any employment, deferred compensation, consulting, non-competition, confidentiality or similar agreement entered into by
the Company or any of its Restricted Subsidiaries with its employees or directors in the ordinary course of business and payments
and other benefits (including bonus, retirement, severance, health, stock option and other benefit plans) pursuant thereto;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(15)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>pledges of Capital Stock or Indebtedness of Unrestricted Subsidiaries;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 103.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any arrangement or agreement with, or contribution to, a charitable or similar organization related to social responsibility
programs conducted in the jurisdiction in which the Company, its Subsidiaries or joint ventures operate;&nbsp;and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>transactions in which the Company or any of its Restricted Subsidiaries delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of
view or stating that the terms are not materially less favorable, when taken as a whole, than those that might reasonably have
been obtained by the Company or such Restricted Subsidiary in a comparable transaction at such time on an arms&rsquo; length basis
from a Person that is not an Affiliate.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Liens</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly, create, Incur, assume or suffer to exist any Lien (other than Permitted
Liens) upon any of its property or assets (including Capital Stock of Subsidiaries), whether owned on the Issue Date or acquired
after that date, which Lien is securing any Indebtedness, unless contemporaneously with the Incurrence of such Liens:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of Liens securing Subordinated Obligations or Guarantor Subordinated Obligations, the Notes and related Note
Guarantees are secured by a Lien on such property or assets that is senior in priority to such Liens; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in all other cases, the Notes and related Note Guarantees are equally and ratably secured or are secured by a Lien on such
property or assets that is senior in priority to such Liens.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Any Lien created for the benefit of Holders
pursuant to this Section 4.12 shall be automatically and unconditionally released and discharged upon the release and discharge
of each of the Liens described in clauses (1) and (2) above.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Existence</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Subject to Article 5, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect (1) its corporate existence and the corporate,
partnership, limited liability company or other existence of each of its Restricted Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and (2)
the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; <U>provided</U> that
the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership, limited liability
company or other existence of any of its Restricted Subsidiaries, if the Company in good faith shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Offer to Repurchase Upon Change of Control</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Change of Control occurs, unless the Company has given notice to redeem all of the outstanding Notes pursuant to Section
3.03 and Section 3.07 or 3.09, the Company shall, within 30 days following any Change of Control, make an offer to purchase all
of the outstanding Notes (a &ldquo;<U>Change of Control Offer</U>&rdquo;) at a purchase price in cash equal to 101% of the principal
amount of such outstanding Notes plus accrued and unpaid interest, if any, to the date of purchase (the &ldquo;<U>Change of Control
Payment</U>&rdquo;) (subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest
Payment Date falling on or prior to the Change of Control Payment Date). The Company shall mail a notice of such Change of Control
Offer to each Holder or otherwise give notice in accordance with the applicable procedures of DTC, with a copy to the Trustee,
stating:</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes properly tendered pursuant to such Change
of Control Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101% of the principal amount
of such Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the
relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to the Change of Control Payment Date);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the &ldquo;<U>Change
of Control Payment Date</U>&rdquo;);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
Notes must be tendered in multiples of $1,000, and any Note not properly tendered will remain outstanding and continue to accrue
interest;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
unless the Company defaults in the payment of the Change of Control Payment, any Note accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest on and after the Change of Control Payment Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
Holders electing to have a Note purchased pursuant to a Change of Control Offer shall be required to (i) surrender such Note, with
the form entitled &ldquo;Option of Holder to Elect Purchase&rdquo; on the reverse of such Note completed, or (ii) transfer such
Note by book-entry transfer, in either case, to the Company, the Depositary, if applicable, or a Paying Agent at the address specified
in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; <U>provided</U>
that if the Company, the Depositary or the Paying Agent, as the case may be, receives at the address specified in the notice, not
later than the close of business on the 20<SUP>th</SUP> Business Day following the date of the Change of Control notice, a facsimile
transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase,
and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
if a Holder is tendering less than all of its Notes, such Holder will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000
in excess thereof); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other instructions, as determined by the Company consistent with this Section 4.14, that a Holder must follow.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The notice, if sent in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice
is sent in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is
defective, such Holder&rsquo;s failure to receive such notice or such defect shall not affect the validity of the proceedings for
the purchase of the Notes as to all other Holders that properly received such notice without defect.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Change of Control Payment Date, the Company shall, to the extent lawful:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accept
for payment all Notes or portions of Notes (of $2,000 or larger integral multiples of $1,000 in excess thereof) validly tendered
and not validly withdrawn pursuant to the Change of Control Offer;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes so accepted
for payment; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deliver
or cause to be delivered to the Trustee for cancellation the Notes so accepted for payment together with an Officer&rsquo;s Certificate
stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with the terms
of this Section 4.14.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Paying Agent shall promptly mail to each Holder of Notes so accepted for payment the Change of Control Payment for such
Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new
Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; <U>provided</U> that each such new
Note shall be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Change of Control Payment Date is on or after the relevant Record Date and on or before the related Interest Payment
Date, the accrued and unpaid interest , if any, shall be paid on such Interest Payment Date to the Person in whose name the Note
is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes
are tendered pursuant to the Change of Control Offer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes an offer
to purchase all of the outstanding Notes in the manner, at the times and otherwise in compliance with the requirements set forth
in this Section 4.14 applicable to a Change of Control Offer and such third party purchases all Notes validly tendered and not
validly withdrawn pursuant to such offer to purchase. Notwithstanding anything to the contrary contained herein, a Change of Control
Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, if a definitive
agreement is in place for the Change of Control at the time the Change of Control Offer is made.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall comply with all applicable securities laws and regulations, including, without limitation, Canadian Securities
Legislation and the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations thereunder to
the extent those laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control
Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of this Indenture,
the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under this Indenture by virtue of the conflict.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than as specifically provided in this Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant
to the provisions of Sections 3.02, 3.05 and 3.06.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Note Guarantees</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall cause each of its Restricted Subsidiaries that is not a Guarantor and that becomes a borrower or guarantor
under one or more Debt Facilities or that incurs or Guarantees, on the Issue Date or any time thereafter, any other Indebtedness,
which other Indebtedness exceeds $25.0 million in aggregate principal amount, to execute and deliver to the Trustee a supplemental
indenture to this Indenture, the form of which is attached as Exhibit C hereto, pursuant to which such Restricted Subsidiary shall,
subject to the proviso below and Section 4.15(d), irrevocably and unconditionally Guarantee, on a joint and several basis, the
full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior basis and all other
obligations under this Indenture; <U>provided</U>, <U>however</U>, that none of New&nbsp;Gold Canada&nbsp;Inc., Rockcliff Group
Limited and Western Goldfields&nbsp;Inc. (each, a &ldquo;<U>Dissolving Entity</U>&rdquo;) shall be required to Guarantee the Notes
as a result of being a guarantor under the Senior Credit Facility so long as (i)&nbsp;the Company is continuing to pursue in good
faith the dissolution or winding up of such Dissolving Entity, (ii)&nbsp;such Dissolving Entity does not guarantee any Indebtedness
(other than the Senior Credit Facility, the 2020 Senior Notes and the 2022 Senior Notes), and (iii)&nbsp;such Dissolving Entity
does not hold assets with a fair market value greater than $10,000; <U>provided</U>, <U>further</U>, <U>however</U>, that a Restricted
Subsidiary shall not be required to Guarantee the Notes (i) if such Restricted Subsidiary is not a Wholly Owned Subsidiary and
the Board of Directors of such Restricted Subsidiary determines in good faith that such Guarantee would be inconsistent with applicable
law or (ii) if such Restricted Subsidiary is prohibited from guaranteeing any Indebtedness pursuant to the terms of any Acquired
Indebtedness for so long as such Acquired Indebtedness remains outstanding and such Restricted Subsidiary does not Incur any Indebtedness
other than Acquired Indebtedness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to all other contingent
and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee or pursuant to its contribution
obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
conveyance or fraudulent transfer under Canadian federal or provincial law or U.S. federal or state law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Note Guarantee shall be released in accordance with the provisions of Section 10.06.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained in this Indenture, a Note Guarantee provided pursuant to this Section
4.15 by a Restricted Subsidiary that is organized in a jurisdiction located outside of the United States or Canada may be a Limited
Guarantee if the Board of Directors, in consultation with local counsel, makes a reasonable determination that such limitations
are required due to legal requirements within such jurisdiction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>4.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effectiveness of Covenants</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Following the first day (a &ldquo;<U>Suspension Date</U>&rdquo;):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Notes have an Investment Grade Rating from both of the Rating Agencies; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no Default or Event of Default has occurred and is continuing under this Indenture (the occurrence of the events described
in the foregoing clauses (1) and (2) being collectively referred to as a &ldquo;<U>Covenant Suspension Event</U>&rdquo;),</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt">the Company and its Restricted Subsidiaries shall not
be subject to the provisions of Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.15 and 5.01(a)(4) (collectively, the &ldquo;<U>Suspended
Covenants</U>&rdquo;).</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds shall be set at zero. In addition, the
Note Guarantees will be suspended as of the Suspension Date. If at any time the Notes&rsquo; credit rating is downgraded from an
Investment Grade Rating by any Rating Agency or if a Default or Event of Default occurs and is continuing, then the Suspended Covenants
shall thereafter be reinstated as if such covenants had never been suspended (the &ldquo;<U>Reinstatement Date</U>&rdquo;) and
be applicable with respect to future events pursuant to the terms of this Indenture (including in connection with performing any
calculation or assessment to determine compliance with the terms of this Indenture) and the Note Guarantees will be reinstated,
unless and until the Notes subsequently attain an Investment Grade Rating and no Default or Event of Default is in existence (in
which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating
and no Default or Event of Default is in existence); <U>provided</U>, <U>however</U>, that no Default, Event of Default or breach
of any kind shall be deemed to exist under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants
based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring
during the Suspension Period (as defined below), regardless of whether such actions or events would have been permitted if the
applicable Suspended Covenants remained in effect during such period. The period of time between the date of suspension of the
covenants and the Reinstatement Date is referred to as the &ldquo;<U>Suspension Period</U>.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Reinstatement Date, all Indebtedness Incurred during the Suspension Period shall be classified to have been Incurred
pursuant to Section 4.09(a) or one of the clauses set forth in Section 4.09(b) (to the extent such Indebtedness would be permitted
to be Incurred thereunder as of the Reinstatement Date and after giving effect to Indebtedness Incurred prior to the Suspension
Period and outstanding on the Reinstatement Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant
to Section 4.09(a) or (b), such Indebtedness shall be deemed to have been outstanding on the Issue Date, so that it is classified
under clause (3) of Section 4.09(b). Calculations made after the Reinstatement Date of the amount available to be made as Restricted
Payments under Section 4.07 shall be made as though Section 4.07 had been in effect prior to, but not during, the Suspension Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During any period when the Suspended Covenants are suspended, the Board of Directors of the Company may not designate any
of the Company&rsquo;s Subsidiaries as Unrestricted Subsidiaries, unless such designation would have been permitted if the covenant
described under Section 4.07 had been in effect at all times during the Suspension Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All obligations to grant Note Guarantees shall be reinstated upon the Reinstatement Date. In addition, for the purposes
of the covenants described under Sections 4.08 and 4.11, all agreements and arrangements entered into during the Suspension Period
and prior to the Reinstatement Date shall be deemed to have been entered into and existing prior to the Issue Date. On and after
any Reinstatement Date, the Company and its Subsidiaries shall be permitted to consummate the transactions contemplated by any
contract entered into during the Suspension Period, so long as such contract or consummation thereof would have been permitted
during such Suspension Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall provide the Trustee and the Holders with prompt written notice of any suspension of the Suspended Covenants
or the subsequent reinstatement of such Suspended Covenants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 5<BR>
<BR>
SUCCESSORS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>5.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Merger, Amalgamation, Arrangement, Consolidation or Sale of All or Substantially All Assets</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not merge with or into, amalgamate or consolidate with, or wind up into, in each case including by way
of an arrangement (whether or not the Company is the surviving corporation), or sell, assign, convey, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person <U>unless</U>:</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
continuing, resulting, surviving or transferee Person (the &ldquo;<U>Successor Company</U>&rdquo;) is a Person (other than an individual)
organized and existing under the laws of Canada, any province or territory thereof, or of the United States, any state or territory
thereof or the District of Columbia;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Successor Company (if other than the Company) expressly assumes all of the obligations of the Company under the Notes and this
Indenture pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately
after giving <U>pro forma</U> effect to such transaction and any related financing transactions, as if such transactions had occurred
at the beginning of the applicable four-quarter period,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Successor Company would be able to Incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a), or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Consolidated Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be greater than such ratio for the
Company and its Restricted Subsidiaries immediately prior to such transaction;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Company is not the surviving corporation, each Guarantor (unless it is the other party to the transactions above, in which
case clause (1) of Section 5.01(b) shall apply) shall have by supplemental indenture confirmed that its Note Guarantee shall apply
to such Successor Company&rsquo;s obligations under this Indenture and the Notes; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, amalgamation, arrangement, winding up or disposition, and such supplemental indenture, if any, comply with this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding clauses (3) and (4) of Section 5.01(a):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Restricted Subsidiary of the Company may consolidate with, amalgamate with, propose an arrangement with, merge with or into or
transfer all or part of its properties and assets to the Company so long as no Capital Stock of the Restricted Subsidiary of the
Company is distributed to any Person other than the Company; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company may merge or amalgamate or propose an arrangement with an Affiliate of the Company solely for the purpose of reincorporating
the Company in another province or territory of Canada or in a state or territory of the United States or the District of Columbia.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to certain limitations described in this Indenture governing release of a Note Guarantee upon the sale, disposition
or transfer of a Guarantor, no Guarantor shall, and the Company shall not permit any Guarantor to, merge with or into, or amalgamate
or consolidate with, or wind up into or propose an arrangement with (whether or not such Guarantor is the surviving corporation),
or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets, in one
or more related transactions, to any Person (other than to the Company or another Guarantor) <U>unless</U>:</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&#9;(A) &#9;if such entity remains
a Guarantor, the resulting, surviving or transferee Person (the &ldquo;<U>Successor Guarantor</U>&rdquo;) is a Person (other than
an individual) organized and existing under the same laws as the Guarantor was organized immediately prior to such transaction,
the laws of Canada, any province or territory thereof, or of the United States, any state or territory thereof or the District
of Columbia;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
such entity remains a Guarantor, the Successor Guarantor, if other than such Guarantor, expressly assumes all the obligations of
such Guarantor under this Indenture, the Notes and its Note Guarantee pursuant to a supplemental indenture or other documents or
instruments in form reasonably satisfactory to the Trustee;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, arrangement, merger, winding up or disposition and such supplemental indenture (if any) comply with this Indenture;
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
transaction is made in compliance with Section 4.10 (it being understood that only such portion of the Net Available Cash as is
required to be applied on the date of such transaction in accordance with the terms of this Indenture needs to be applied in accordance
therewith at such time).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to certain limitations described in this Indenture, the Successor Guarantor shall succeed to, and be substituted
for, such Guarantor under this Indenture and the Note Guarantee of such Guarantor. Notwithstanding the foregoing, any Guarantor
may (i) merge or amalgamate or propose an arrangement with or into or transfer all or part of its properties and assets to any
other Guarantor or the Company or (ii) merge or amalgamate or propose an arrangement with a Restricted Subsidiary of the Company
for the purpose of reincorporating the Guarantor in another province or territory of Canada, another state or territory of the
United States or the District of Columbia, so long as the amount of Indebtedness of such Guarantor and its Subsidiaries is not
increased thereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section 5.01, the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all
of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead
of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis,
shall be deemed to be the disposition of all or substantially all of the properties and assets of the Company.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>5.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Entity Substituted</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Upon any consolidation, merger, amalgamation,
or winding up, in each case including by way of an arrangement, or any sale, assignment, transfer, lease, conveyance or other disposition
of all or substantially all of the assets of the Company or a Guarantor in accordance with Section 5.01, the successor Person formed
by such consolidation or into or with which the Company or a Guarantor, as applicable, is merged, amalgamated or wound up or to
which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for
(so that from and after the date of such consolidation, merger, winding up, sale, lease, conveyance or other disposition, the provisions
of this Indenture referring to the Company or such Guarantor, as applicable, shall refer instead to the successor entity and not
to the Company or such Guarantor, as applicable), and may exercise every right and power of the Company or such Guarantor, as applicable,
under this Indenture, the Notes and the Note Guarantees with the same effect as if such successor Person had been named as the
Company or such Guarantor, as applicable, herein; <U>provided</U> that, in the case of a lease of all or substantially all its
assets, the Company shall not be released from the obligation to pay the principal of and interest on the Notes, and a Guarantor
shall not be released from its obligations under its Note Guarantee.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 6<BR>
<BR>
DEFAULTS AND REMEDIES</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Events of Default</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the following is an &ldquo;<U>Event of Default</U>&rdquo;:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in any payment of interest on any Note when due, continued for 30 days;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
in the payment of principal of or premium, if any, on any Note when due at its Stated Maturity, upon optional redemption, upon
required repurchase, upon declaration or otherwise;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure
by the Company or any Guarantor to comply with its obligations under Section 5.01;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure
by the Company or any Guarantor to comply for 30 days after receipt of written notice given by the Trustee or the Holders of not
less than 25% in principal amount of the then-outstanding Notes with any of its obligations under Article 4 (in each case, other
than (A) a failure to purchase Notes, which constitutes an Event of Default under clause (2) above, (B) a failure to comply with
Section 5.01, which constitutes an Event of Default under clause (3) above or (C) a failure to comply with Section 4.03 or Section
9.07 which constitute Events of Default under clause (5) below);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure
by the Company or any Guarantor to comply for 90 days after receipt of written notice given by the Trustee or the Holders of not
less than 25% in principal amount of the then-outstanding Notes with its other agreements contained in this Indenture or the Notes;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or
any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or its Restricted Subsidiary, whether such Indebtedness
or Guarantee now exists, or is created after the Issue Date, which default:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness (&ldquo;<U>payment default</U>&rdquo;); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;results
in the acceleration of such Indebtedness prior to its maturity;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or
the maturity of which has been so accelerated, aggregates $50.0 million or more (or its foreign currency equivalent);</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
failure by the Company or any Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together,
would constitute a Significant Subsidiary to pay final judgments aggregating in excess of $50.0 million (or its foreign currency
equivalent) (net of any amounts that a reputable and creditworthy insurance company has acknowledged liability for in writing),
which judgments are not paid, discharged or stayed for a period of 60 days or more after such judgment becomes final and non-appealable;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company or any Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute
a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commences
proceedings to be adjudicated bankrupt or insolvent;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consents
to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
an arrangement of debt, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consents
to the appointment of a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator
or other similar official of it or for all or substantially all of its property;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;makes
a general assignment for the benefit of its creditors; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;generally
is not paying its debts as they become due;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is
for relief against the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, in a proceeding in which the Company, any such Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appoints
a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official
of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, or for all or substantially all of the property of the Company, any Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;orders
the liquidation, dissolution, readjustment of debt, reorganization or winding up of the Company, or any Significant Subsidiary
or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">and the order or decree remains unstayed and in effect for
60 consecutive days; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Note Guarantee of a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary,
ceases to be in full force and effect (except as contemplated by the terms of this Indenture) or is declared null and void in a
judicial proceeding or any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute
a Significant Subsidiary, denies or disaffirms its obligations under this Indenture or its Note Guarantee.</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of a declaration of acceleration of the Notes because an Event of Default described in clause (6) of Section
6.01(a) has occurred and is continuing, 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 declaration of acceleration of the Notes shall be automatically annulled if:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
default triggering such Event of Default pursuant to clause (6) of Section 6.01(a) shall be remedied or cured by the Company or
any of its Restricted Subsidiaries or waived by the holders of the relevant Indebtedness within 20 days after the declaration of
acceleration with respect thereto; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction
and (B) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became due
solely because of the acceleration of the Notes, have been cured or waived.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default (other an Event of Default specified in clause (8) or (9) of Section 6.01(a)) occurs and is continuing,
the Trustee by written notice to the Company, specifying the Event of Default, or the Holders of at least 25% in principal amount
of the then outstanding Notes by notice to the Company and the Trustee, may, and the Trustee at the written request of such Holders
shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable
immediately. Upon such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, shall be due and
payable immediately.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default specified in clause (8) or (9) of Section 6.01(a) occurs and is continuing, the principal of, premium,
if any, and accrued and paid interest, if any, on all the Notes shall become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Remedies</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If an Event of Default occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or
to enforce the performance of any provision of the Notes or this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Past Defaults</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Holders of a majority in principal
amount of the then outstanding Notes by written notice to the Trustee may on behalf of all Holders waive any past or existing Default
and rescind any acceleration with respect to the Notes and its consequences hereunder (including any related payment default that
resulted from such acceleration), except:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
continuing Default in the payment of the principal, premium, if any, or interest on any Note held by a non-consenting Holder (including
in connection with an Asset Disposition Offer or a Change of Control Offer); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Default with respect to a provision that under Section 9.02 cannot be amended without the consent of each Holder affected,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt"><U>provided</U> that, in the case of the rescission of any
acceleration with respect to the Notes, (1) the rescission would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) all existing Events of Default (except nonpayment of the principal of, premium, if any, and interest on the
Notes that have become due solely by such declaration of acceleration) have been cured or waived.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If a Default is deemed to occur solely
because a Default (the &ldquo;<U>Initial Default</U>&rdquo;) already existed, and such Initial Default is subsequently cured and
is not continuing, the Default or Event of Default resulting solely because the Initial Default existed shall be deemed cured,
and shall be deemed annulled, waived and rescinded without any further action required.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Control by Majority</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Holders of a majority in principal
amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available
to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, the Notes or any Note Guarantee, or that the Trustee determines in good faith is unduly
prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability or expense for which the
Trustee has not been offered an indemnity reasonably satisfactory to it.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Suits</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Subject to Section 6.07, no Holder of a
Note may pursue any remedy with respect to this Indenture or the Notes or for the appointment of a receiver or trustee, or for
any other remedy hereunder, unless:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Holder has previously given the Trustee written notice that an Event of Default is continuing;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Holders of at least 25% in principal amount of the then outstanding Notes have requested the Trustee in writing to pursue the remedy
in its own name as Trustee under this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability, costs
or expense;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and&nbsp;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Holders of a majority in principal amount of the then outstanding Notes have not given the Trustee a direction that, in the opinion
of the Trustee, is inconsistent with such request within such 60-day period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">A Holder may not use this Indenture to prejudice the rights
of another Holder or to obtain a preference or priority over another Holder, it being understood that the Trustee does not have
an affirmative duty to ascertain whether or not any actions or forbearances by a Holder are unduly prejudicial to other Holders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Holders to Receive Payment</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Notwithstanding any other provision of
this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on its Note, on or after
the respective due dates expressed or provided for in such Note (including in connection with an Asset Disposition Offer or a Change
of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Collection Suit by Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If an Event of Default specified in Section
6.01(a)(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust
against the Company and any other obligor on the Notes for the whole amount of principal of, premium, if any, and interest remaining
unpaid on the Notes, together with interest on overdue principal and, to the extent lawful, interest and 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 and its agents and counsel.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restoration of Rights and Remedies</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceedings, the Company, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such
proceeding has been instituted.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights and Remedies Cumulative</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and
remedy are, to the extent permitted by law, cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delay or Omission Not Waiver</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">No delay or omission of the Trustee or
of any Holder 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, as the case may be.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee May File Proofs of Claim</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee may file proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the
Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes, including the Guarantors),
its creditors or its property and is entitled and empowered to participate as a member in any official committee of creditors appointed
in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims. Any
custodian in any such judicial proceeding is hereby authorized by each Holder 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 its agents and counsel, and any
other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate
in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in
such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Priorities</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money in the following order:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the Trustee and its agents and attorneys for amounts due under Section 7.07, including payment of all reasonable compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the Company or to such party as a court of competent jurisdiction shall direct, including a Guarantor, if applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">The Trustee may fix a record date and payment date for any
payment to Holders pursuant to this Section 6.13. Promptly after any record date is set pursuant to this Section 6.13, the Trustee
shall cause notice of such record date and payment date to be given to the Company and to each Holder in the manner set forth in
Section 12.01.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>6.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Undertaking for Costs</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">In any suit for the enforcement of any
right or remedy under this Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as a Trustee,
a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys&rsquo; fees and expenses, 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 6.14 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by Holders of
more than 10% in aggregate principal amount of the then outstanding Notes.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 7<BR>
<BR>
TRUSTEE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duties of Trustee</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person&rsquo;s own affairs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except during the continuance of an Event of Default:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;in the absence of bad faith or
willful misconduct on its part, the Trustee may, conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or bad faith
or its own willful misconduct, except that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 40.5pt; text-indent: 67.5pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Subsection shall not be construed to limit the effect of Subsection (b) of this Section 7.01;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 40.5pt; text-indent: 67.5pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 40.5pt; text-indent: 67.5pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in the aggregate principal amount of the outstanding Notes relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee under this Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders unless the Holders
have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or expense.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except
for money held in trust under Article 8.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur 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 to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section 7.01.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely on any document believed
by it to be genuine and to have been signed or presented by the proper Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Before the Trustee acts or refrains from acting, it may require an Officer&rsquo;s Certificate or an Opinion of Counsel
or both conforming to Section 12.03. The Trustee shall not be liable for any action it takes or omits to take in good faith in
conclusive reliance on the Officer&rsquo;s Certificate or Opinion of Counsel.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may act through attorneys and agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; <U>provided</U>, <U>however</U>, that the Trustee&rsquo;s conduct does not constitute bad faith,
willful misconduct or negligence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture and the Notes, including any Opinion of Counsel, shall be full and complete authorization and protection
from liability in respect to any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance
with the advice or opinion of such counsel, including any Opinion of Counsel.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions,
or agreements on the part of the Company, except as otherwise set forth herein, but the Trustee may require of the Company full
information and advice as to the performance of the covenants, conditions and agreements contained herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with
respect to such permissive rights, the Trustee shall not be answerable for other than its negligence, bad faith or willful misconduct;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for an Event of Default under Sections 6.01(1) or (2) hereof, the Trustee shall not be deemed to have notice or be
charged with knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof
or shall have received from the Company or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding
written notice thereof at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. In
the absence of any such notice or actual knowledge, and except for a default under Sections 6.01(1) or (2) hereof, the Trustee
may conclusively assume that no Default or Event of Default exists.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In no event shall the Trustee be responsible or liable for special, indirect, punitive, incidental or consequential loss
or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any request or direction of the Company mentioned herein shall be sufficiently evidenced by an Authentication Order and
any resolution of the Board of Directors may be sufficiently evidenced by a board resolution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which certificate may be updated and delivered to
the Trustee at any time by the Company in its discretion.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Individual Rights of Trustee</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights
it would have if it were not Trustee. Any Paying Agent, Registrar or any other agent of the Trustee may do the same with like rights.
However, the Trustee must comply with Section 7.10.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee&rsquo;s Disclaimer</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Company&rsquo;s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture
or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee&rsquo;s certificate of
authentication.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Defaults</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If a Default occurs and is continuing and
is known to a Responsible Officer of the Trustee, the Trustee shall send to each Holder a notice of the Default within 90 days
after it occurs. Except in the case of a Default specified in clauses (1) or (2) of Section 6.01, the Trustee may withhold from
the Holders notice of any continuing Default if the Trustee determines in good faith that withholding the notice is in the interests
of the Holders. Notice to Holders under this Section 7.05 shall be given in the manner and to the extent provided in Trust Indenture
Act Section 313(c).</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports by Trustee to Holders of the Notes</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee shall transmit to Holders reports concerning the Trustee and its actions under this Indenture. The interval
between transmission of reports to be transmitted at intervals shall be 12 months. Such report shall be dated as of March 1 and
shall be provided by May 15 of each year following the first issuance of Notes, in accordance with, and to the extent required
under, Section 313 of the TIA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which the Notes are listed, with the SEC and with the Company. The Company shall promptly notify the Trustee in writing when
the Notes are listed on any stock exchange and of any delisting therefrom.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation and Indemnity</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Guarantors, jointly and severally, shall pay to the Trustee from time to time such compensation for
its services as shall be agreed to in writing from time to time by the Company, the Guarantors and the Trustee. The Trustee&rsquo;s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition
to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances
of the Trustee&rsquo;s agents, counsel, accountants and experts. The Company and the Guarantors, jointly and severally, shall indemnify
the Trustee, its agents, representatives, officers, directors, employees and attorneys against any and all loss, liability, damage,
claim (whether asserted by the Company, a Guarantor, a Holder or any other person) or expense (including reasonable compensation
and expenses and disbursements of the Trustee&rsquo;s counsel) incurred by it in connection with the administration of this trust
and the performance of its duties, or in connection with the enforcement of any rights hereunder, or in connection with the exercise
or performance of any of its rights or powers hereunder. The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder.
The Company shall defend the claim and the Trustee shall provide reasonable cooperation in such defense. The Trustee may have separate
counsel of its selection and the Company shall pay the fees and expenses of such counsel reasonably acceptable to the Company;
<U>provided</U>, <U>however</U>, that the Company shall not be required to pay such fees and expenses if the Company assumes such
defense unless there is a conflict of interest between the Company and the Trustee in connection with such defense as determined
by the Trustee in consultation with counsel or if there are additional or separate defenses available to the Trustee that are not
available to the Company and the Company is unable to assert any such defense on the Trustee&rsquo;s behalf. Notwithstanding the
foregoing, neither the Company nor any Guarantor need reimburse any expense or indemnify against any loss, liability, damage, claim
or expense incurred by the Trustee through the Trustee&rsquo;s own willful misconduct or negligence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To secure the payment obligations of the Company and the Guarantors in this Section 7.07, the Trustee shall have a Lien
prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, other than money or property
held in trust to pay principal of and interest, if any, on particular Notes.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&rsquo;s payment obligations pursuant to this Section 7.07 shall survive the resignation or removal of the Trustee
and the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(a)(8)
or (9) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Replacement of Trustee</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee may resign at any time by giving 30 days&rsquo; prior notice of such resignation to the Company and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the outstanding
Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company shall remove the Trustee if:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee fails to comply with Section 7.10;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee
is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
receiver or public officer takes charge of the Trustee or its property; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee
otherwise becomes incapable of acting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding
Notes may appoint a successor Trustee. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of
Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes
office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee
to replace it with another successor Trustee appointed by the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders,
and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the Company,
any court of competent jurisdiction for the appointment of a successor Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Trustee fails to comply with Section 7.10, any Holder of Notes may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee with respect to the Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the replacement of the Trustee pursuant to this Section, the Company&rsquo;s obligations under Section 7.07
shall continue for the benefit of the retiring Trustee.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 67.5pt; text-indent: 0in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Trustee by Merger</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business
or assets to, another Person, the resulting, surviving or transferee Person without any further act shall, if such resulting, surviving
or transferee Person is otherwise eligible under this Indenture, be the successor Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to
the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which the Notes provide or this Indenture provides that the certificate of the Trustee shall have.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Eligibility; Disqualification</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee shall at all times satisfy
the requirements of Trust Indenture Act Section 310(a). The Trustee shall have a combined capital and surplus of at least $15,000,000
as set forth in its most recent published annual report of condition. The Trustee shall comply with Trust Indenture Act Section
310(b).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 8<BR>
<BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>8.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Option to Effect Legal Defeasance or Covenant Defeasance</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company may, at its option and at any
time, elect to have either Section 8.02 or Section 8.03 applied to all outstanding Notes and Note Guarantees upon compliance with
the conditions set forth below in this Article 8.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>8.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Defeasance and Discharge</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon the Company&rsquo;s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from
their obligations with respect to all outstanding Notes and Note Guarantees on the date the conditions set forth below are satisfied
(&ldquo;<U>Legal Defeasance</U>&rdquo;). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid
and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be &ldquo;outstanding&rdquo;
only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in (1) and (2) below, and to have satisfied
all of its other obligations under such Notes and this Indenture, including that of the Guarantors (and the Trustee, on demand
of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions
which shall survive until otherwise terminated or discharged hereunder:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rights of Holders to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such payments
are due, solely out of the trust created pursuant to this Indenture referred to in Section 8.04;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s obligations with respect to the Notes concerning issuing temporary Notes, registration of such Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for Note payments held in trust;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
rights, powers, trusts, duties and immunities of the Trustee, and the Company&rsquo;s obligations in connection therewith; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Section 8.02.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Following the Company&rsquo;s exercise of its Legal Defeasance option, payment of the Notes may not be accelerated because
of an Event of Default. If the Company exercises its Legal Defeasance option, the Note Guarantees in effect at such time shall
terminate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the
prior exercise of its option under Section 8.03.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>8.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenant Defeasance</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Upon the Company&rsquo;s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Company and the Guarantors shall, subject to the satisfaction of
the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Sections 3.10, 4.03,
4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16 and 9.07 and clause (4) of Section 5.01(a) with respect to the outstanding
Notes, and the Guarantors shall be deemed to have been discharged from their obligations with respect to all Note Guarantees, on
and after the date the conditions set forth in Section 8.04 are satisfied (&ldquo;<U>Covenant Defeasance</U>&rdquo;), and the Notes
shall thereafter be deemed not &ldquo;outstanding&rdquo; for the purposes of any direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed &ldquo;outstanding&rdquo;
for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to this Indenture and the outstanding Notes, 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 covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document, and such omission to comply shall not constitute a Default or
an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be
unaffected thereby. In addition, upon the Company&rsquo;s exercise under Section 8.01 of the option applicable to this Section
8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3) (only with respect to covenants
that are released as a result of such Covenant Defeasance), 6.01(a)(4) (only with respect to covenants that are released as a result
of such Covenant Defeasance), 6.01(a)(5) (only with respect to covenants that are released as a result of such Covenant Defeasance),
6.01(a)(6), 6.01(a)(7), 6.01(a)(8) (solely with respect to Significant Subsidiaries or a group of Restricted Subsidiaries of the
Company that, taken together would constitute a Significant Subsidiary), 6.01(a)(9) (solely with respect to Significant Subsidiaries
or a group of Restricted Subsidiaries of the Company that, taken together would constitute a Significant Subsidiary) and 6.01(a)(10),
in each case, shall not constitute Events of Default.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>8.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Legal or Covenant Defeasance</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following shall be the conditions to the exercise of either the Legal Defeasance option under Section 8.02 or the Covenant
Defeasance option under Section 8.03 with respect to the Notes:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, U.S. dollar-denominated
Government Securities, or a combination thereof, in amounts as shall be sufficient, in the opinion of a nationally recognized firm
of independent public accountants without consideration of any reinvestment of interest, to pay the principal of, and premium,
if any, and interest due on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may
be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Legal Defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B)
since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that,
and based thereon such Opinion of Counsel shall confirm that the Holders shall not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Legal Defeasance and shall be subject to U.S. federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Covenant Defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that, subject to customary assumptions and exclusions, the Holders shall not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such Covenant Defeasance and shall be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of Legal Defeasance or Covenant Defeasance, the Company must deliver to the Trustee an Opinion of Counsel qualified to
practice in Canada (such counsel acceptable to the Trustee, acting reasonably) or a ruling from the Canada Revenue Agency to the
effect that holders of the outstanding Notes shall not recognize income, gain or loss for Canadian federal, provincial or territorial
income tax or other tax purposes as a result of such Legal Defeasance or Covenant Defeasance, as applicable, and shall only be
subject to Canadian federal, provincial or territorial income tax and other taxes on the same amounts, in the same manner and at
the same times as would have been the case had such Legal Defeasance or Covenant Defeasance, as applicable, not occurred;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material
agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by
which the Company or any of its Restricted Subsidiaries is bound;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or an Event of Default
resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other
Indebtedness and, in each case, the granting of Liens in connection therewith);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee an Opinion of Counsel to the effect that, as of the date of such opinion and subject to customary
assumptions and exclusions, including that no intervening bankruptcy of the Company between the date of deposit and the 91st day
following the deposit and assuming that no Holder is an &ldquo;insider&rdquo; of the Company under applicable bankruptcy law, after
the 91st day following the deposit, the trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization of similar laws affecting creditors&rsquo; rights generally;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding creditors of the Company, any Guarantor or others;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel (which Opinion of Counsel may be
subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or
the Covenant Defeasance, as the case may be, have been complied with; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the redemption date, as the case may be (which instructions may be contained in the Officer&rsquo;s Certificate referred to
in clause (9) above).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD NOWRAP>8.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) (which the Trustee shall not
be obligated to reinvest) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be held
in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company or a Guarantor acting as Paying Agent) as the Trustee may determine,
to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the Notes, but
such money need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the
cash or Government Securities deposited pursuant to Section 8.04 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon the request of the Company any money or Government Securities held by it as provided in Section 8.04 which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>8.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Repayment to the Company</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Subject to any applicable abandoned property
law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal,
premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest
has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>8.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reinstatement</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If the Trustee or Paying Agent is unable
to apply any U.S. dollars or Government Securities in accordance with Section 8.02 or Section 8.03, as the case may be, by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company&rsquo;s and the Guarantors&rsquo; obligations under this Indenture, the Notes and the Note Guarantees shall be
revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section 8.03, as the case may be; <U>provided</U>
that, if the Company makes any payment of principal, premium, if any, or interest on any Note following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the money held by the Trustee
or Paying Agent.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 9<BR>
<BR>
AMENDMENT, SUPPLEMENT AND WAIVER</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>9.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Without Consent of Holders</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
Section 9.02, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend or supplement this Indenture,
the Notes and the Note Guarantees to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cure
any ambiguity, omission, defect or inconsistency;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue
Additional Notes in compliance with Section 4.09; <U>provided</U> that no such amendments shall affect the terms of the Notes already
issued and outstanding or the transferability of such Notes;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide
for the assumption by a successor of the obligations of the Company or any Guarantor under this Indenture, the Notes or the Note
Guarantees in accordance with Section 5.01;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide
for or facilitate the issuance of uncertificated Notes in addition to or in place of certificated Notes; <U>provided</U> that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated
Notes are described in Section 4701(b)(1)(B) of the Code;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
comply with the rules of any applicable Depositary;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
add Guarantors with respect to the Notes or (ii) release a Guarantor from its obligations under its Note Guarantee or this Indenture
in accordance with the applicable provisions of this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;secure
the Notes and the Note Guarantees;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;add
covenants of the Company or its Restricted Subsidiaries or Events of Default for the benefit of Holders or to make changes that
would provide additional rights to the Holders, or to surrender any right or power conferred upon the Company or any Guarantor;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any change that does not materially adversely affect the legal rights under this Indenture of any Holder;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence
and provide for the acceptance of an appointment under this Indenture of a successor Trustee; <U>provided</U> that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conform
the text of this Indenture, the Notes or the Note Guarantees to any provision of the &ldquo;Description of notes&rdquo; section
of the Offering Memorandum to the extent that such provision in such &ldquo;Description of notes&rdquo; section was intended to
be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees, as set forth in an Officer&rsquo;s
Certificate; or</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture,
including, without limitation, to facilitate the issuance and administration of the Notes or, if Incurred in compliance with this
Indenture, Additional Notes; <U>provided</U>, <U>however</U>, that (A) compliance with this Indenture as so amended would not result
in Notes being transferred in violation of the Securities Act or any applicable securities laws and regulations and (B) such amendment
does not materially and adversely affect the rights of Holders to transfer Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the request of the Company, and upon receipt by the Trustee of the documents described in Section 12.03, the Trustee
shall join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted
by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but
the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or
immunities under this Indenture or otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>After an amendment, supplement or waiver under this Section 9.01 becomes effective, the Company shall send to the Holders
of Notes affected thereby a written notice briefly describing the amendment, supplement or waiver. Any failure of the Company to
send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement
or waiver.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>9.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>With Consent of Holders</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as provided below in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this
Indenture, the Notes and any Note Guarantee with the consent of the Holders of a majority in principal amount of the Notes (including
Additional Notes, if any) then outstanding voting as a single class (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Section 6.04 and Section 6.07, any existing
Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest
on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision
of this Indenture, the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained
in connection with the purchase of, or tender offer for, Notes). Section 2.08 and Section 2.09 shall determine which Notes are
considered to be &ldquo;outstanding&rdquo; for the purposes of this Section 9.02.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the request of the Company, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent
of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 12.03, the
Trustee shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended
or supplemental indenture directly affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver. It shall be sufficient if such consent approves the substance thereof.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall send to the Holders
of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or
waiver.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Without
the consent of each affected Holder, no amendment, supplement or waiver under this Section 9.02 may:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce
the stated rate of interest or extend the stated time for payment of interest on any Note;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce
the principal of or extend the Stated Maturity of any Note;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waive
a Default or Event of Default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes with
respect to a nonpayment default and a waiver of the payment default that resulted from such acceleration);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce
the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed or repurchased
as described in Section 3.07, Section 3.09, Section 3.10, Section 4.10 and Section 4.14 whether through an amendment or waiver
of provisions in the covenants, definitions or otherwise (except amendments to the definition of &ldquo;Change of Control&rdquo;
or changes to any notice provisions, which may be amended with the consent of the Holders of a majority in principal amount of
the Notes then outstanding);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any Note payable in money other than that stated in the Note;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impair
the right of any Holder to receive payment of principal of, premium, if any, or interest on such Holder&rsquo;s Notes on or after
the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder&rsquo;s Notes;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any change in the amendment or waiver provisions which require each Holder&rsquo;s consent; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;modify
the Note Guarantees in any manner materially adverse to the Holders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A consent to any amendment, supplement or waiver of this Indenture, the Notes or any Note Guarantee by any Holder given
in connection with a tender of such Holder&rsquo;s Notes shall not be rendered invalid by such tender.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>9.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>[Reserved]</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>9.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Revocation and Effect of Consents</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent
by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting
Holder&rsquo;s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent
Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the
waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, but shall not be obligated to, fix a record date pursuant to Section 1.04 for the purpose of determining
the Holders entitled to consent to any amendment, supplement or waiver.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>9.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notation on or Exchange of Notes</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new
Notes that reflect the amendment, supplement or waiver.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>9.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee to Sign Amendments, etc.</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee shall sign any amendment, supplement
or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee shall receive and (subject
to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03,
an Officer&rsquo;s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation
of the Company and any Guarantor party thereto, enforceable against them in accordance with its terms, subject to customary exceptions,
and complies with the provisions hereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>9.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment for Consent</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company shall not, and shall not permit
any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder
for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless
such consideration is offered to be paid and is paid to all Holders that consent, waive or agree to amend in the time frame set
forth in the solicitation documents relating to consent, waiver or amendment; <U>provided</U> that this provision shall not be
breached if consents, waivers or amendments are sought in connection with an exchange offer for all of the Notes where participation
in such exchange offer is limited to holders who are &ldquo;qualified institutional buyers,&rdquo; within the meaning of Rule 144A
(as defined in Appendix A), or non-U.S. persons, within the meaning of Regulation S (as defined in Appendix A).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 10<BR>
<BR>
GUARANTEES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>10.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Guarantee</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to this Article 10, each of the Guarantors hereby, jointly and severally, irrevocably and unconditionally guarantees,
on a senior unsecured basis, to each Holder and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (1) the principal,
premium, if any, and interest on the Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal and interest on the Notes, if any, if lawful, and all other Obligations
of the Company to the Holders or the Trustee hereunder or under the Notes shall be promptly paid in full or performed, all in accordance
with the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at Stated Maturity, by acceleration or otherwise. Failing payment by the Company when due of any amount so guaranteed or
any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder
with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants
that this Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this
Indenture, or pursuant to Section 10.06.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Guarantors also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable attorneys&rsquo;
fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to the Company or the Guarantors, any amount paid either to the
Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that,
as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event
of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the
right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Note Guarantees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or
against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit
of creditors or should a receiver or trustee be appointed for all or any significant part of the Company&rsquo;s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and
performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned
by any obligee on the Notes or the Note Guarantees, whether as a &ldquo;voidable preference,&rdquo; &ldquo;fraudulent transfer&rdquo;
or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is
rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
payment to be made by a Guarantor in respect of its Note Guarantee shall be made without set-off, counterclaim, reduction or diminution
of any kind or nature.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>10.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Limitation
on Guarantor Liability</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Each Guarantor, and by its acceptance of
Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not
constitute a fraudulent conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar federal, Canadian, provincial or state law to the extent applicable to any Note
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all
other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Note Guarantee not constituting
a fraudulent conveyance or fraudulent transfer under applicable law. The obligations of each Guarantor are subject to the limitations
set forth in clause (d) of Section 4.15.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>10.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Execution
and Delivery</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To evidence its Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees that this Indenture shall be executed
on behalf of such Guarantor by an Officer or person holding an equivalent title.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Note Guarantee on the Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates any
Note, the Note Guarantees shall be valid nevertheless.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee
set forth in this Indenture on behalf of the Guarantors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If required by Section 4.15, the Company shall cause any newly created or acquired Restricted Subsidiary to comply with
the provisions of Section 4.15 and this Article 10, to the extent applicable.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>10.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Subrogation</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Each Guarantor shall be subrogated to all
rights of Holders against the Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01;
<U>provided</U> that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive
any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under
this Indenture or the Notes shall have been paid in full.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>10.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Benefits
Acknowledged</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Each Guarantor acknowledges that it will
receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and
waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>10.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Release
of Note Guarantees</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
Note Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and no further action by such
Guarantor, the Company or the Trustee shall be required for the release of such Guarantor&rsquo;s Note Guarantee, upon:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any sale, assignment, transfer, conveyance, exchange or other disposition (by merger, amalgamation, arrangement, consolidation,
winding up or otherwise) of the Capital Stock of such Guarantor after which the applicable Guarantor is no longer a Restricted
Subsidiary of the Company, which sale, assignment, transfer, conveyance, exchange or other disposition is made in compliance with
Section 4.10 and Article 5 (it being understood that only such portion of the Net Available Cash as is required to be applied on
or before the date of such release in accordance with Section 4.10 needs to be applied in accordance therewith at such time); <U>provided</U>
that all the obligations of such Guarantor under all other Indebtedness of the Company and its Restricted Subsidiaries terminate
upon consummation of such transaction;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Guarantor ceasing to be a borrower or guarantor under all Debt Facilities and being released or discharged from all obligations
thereunder and such Guarantor being released or discharged from any other Indebtedness in excess of $25.0 million in aggregate
principal amount, including the Indebtedness or Guarantee that resulted in the obligation of such Guarantor to Guarantee the Notes,
if such Guarantor would not then otherwise be required to Guarantee the Notes pursuant to this Indenture (and treating any Note
Guarantees of such Guarantor that remain outstanding as Incurred at least 30 days prior to such release or discharge), except a
discharge or release by or as a result of payment under such Note Guarantee, which is sufficient by itself for discharge and release
of such Note Guarantee; provided that if such Person has Incurred any Indebtedness in reliance on its status as a Guarantor under
Section 4.09, such Guarantor&rsquo;s obligations under such Indebtedness, as the case may be, so Incurred are satisfied in full
and discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Guarantor) under Section 4.09;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
proper designation of any Guarantor as an Unrestricted Subsidiary; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s exercise of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 or the Company&rsquo;s
obligations under this Indenture being discharged in accordance with the terms of Article 11 of this Indenture; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Guarantor delivering to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Indenture relating to such transaction and/or release have been complied with.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the written request of the Company, the Trustee shall execute and deliver any documents reasonably required in order
to evidence such release, discharge and termination in respect of the applicable Note Guarantee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 11<BR>
<BR>
SATISFACTION AND DISCHARGE</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>11.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Satisfaction
and Discharge</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Indenture shall be discharged and will cease to be of further effect as to all Notes when either:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for which payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 103.5pt; text-indent: 0in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the
giving of a notice of redemption or otherwise, will become due and payable within one year or may 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 or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee,
as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. dollar-denominated Government Securities,
or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent
public accountants, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date
of maturity or redemption;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 103.5pt; text-indent: 40.5pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the deposit
(other than a Default or an Event of Default resulting from borrowing of funds to be applied to such deposit and the grant of any
Lien securing such borrowing) and the deposit will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 103.5pt; text-indent: 40.5pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has paid or caused to be paid all sums payable by it under this Indenture; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 103.5pt; text-indent: 40.5pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the redemption date, as the case may be.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition, the Company must deliver an Officer&rsquo;s Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions) to the Trustee, in each case stating that all conditions precedent to satisfaction
and discharge have been satisfied. Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited
with the Trustee pursuant to subclause (A) of clause (2) of Section 11.01(a), the provisions of Section 11.02 and Section 8.06
shall survive.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>11.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Application
of Trust Money</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 11.01 shall be held
in trust and applied by it, in accordance with the provisions of the Notes 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, premium, if any, and interest for whose payment such money has been deposited with the Trustee,
but such money need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 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, the Company&rsquo;s and any Guarantor&rsquo;s obligations under this Indenture, the
Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; <U>provided</U>
that if the Company has made any payment of principal, premium, if any, or interest on any Notes because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money
or Government Securities held by the Trustee or Paying Agent, as the case may be.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center; text-indent: 0in">ARTICLE 12<BR>
<BR>
MISCELLANEOUS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.01<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Notices</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any notice or communication to the Company, any Guarantor or the Trustee is duly given if in writing and (1) delivered in
person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight air courier
guaranteeing next day delivery or (3) sent by facsimile or electronic transmission with transmission confirmed. In each case, the
notice or communication shall be addressed as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in">if to the Company or any Guarantor:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New Gold Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">181 Bay Street, Suite 3510<BR>
Toronto, Ontario<BR>
M5J 2T3<BR>
Fax: (416) 324-9494)<BR>
Email: Lisa.Damiani@newgold.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: Lisa Damiani, Vice President, General Counsel
and Corporate Secretary</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">with a copy to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">1285 Avenue of the Americas</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, NY 10019-6064</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax: (416) 981-7230</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Email: ccummings@paulweiss.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: Christopher Cummings</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">if to the Trustee:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Computershare Trust Company, N.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">8742 Lucent Boulevard, Suite 225</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Highlands Ranch, Colorado 80129</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: Robert H. Major</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax: (303) 262-0608</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">with a copy to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Computershare Trust Company, N.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">480 Washington Blvd.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Jersey City, New Jersey 07310</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: Legal Department</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax: (201) 680-4610</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">The Company, any Guarantor or the Trustee, by like notice,
may designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All notices and communications (other than those sent to Holders) shall be deemed to have been duly given, whether personally
delivered, sent by facsimile or electronic transmission (in PDF format), or mailed by first-class mail to the address above in
Section 12.01(a), shall be deemed duly given, regardless of whether the addressee receives such notice or communication; <U>provided</U>
that any notice or communication delivered to the Trustee shall be deemed effective only upon receipt thereof by a Responsible
Officer of the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested)
or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by such other delivery
system as the Trustee agrees to accept and shall be deemed to be sufficiently given if so sent within the time prescribed. Failure
to send a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Where this Indenture provides for notice of any event (including any notice of redemption) to a Holder of a Global Note
(whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee),
pursuant to the applicable procedures of such Depositary, if any, prescribed for the giving of such notice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured
facsimile or electronic transmission (in PDF format); <U>provided</U>, <U>however</U>, that (1) the party providing such written
notice, instructions or directions, subsequent to such transmission of written instructions, shall provide the originally executed
instructions or directions to the Trustee in a timely manner, (2) such originally executed notice, instructions or directions shall
be signed by an authorized representative of the party providing such notice, instructions or directions and (3) receipt of such
unsecured facsimile or electronic transmissions is confirmed by a Responsible Officer of the Trustee. The Trustee shall not be
liable for any losses, costs or expenses arising directly or indirectly from the Trustee&rsquo;s reasonable reliance upon and compliance
with such notice, instructions or directions notwithstanding such notice, instructions or directions conflict or are inconsistent
with a subsequent notice, instructions or directions.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company sends a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same
time.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.02<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Communication
by Holders with Other Holders</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Holders may communicate with other Holders
with respect to their rights under this Indenture or the Notes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.03<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Certificate
and Opinion as to Conditions Precedent</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Upon any request or application by the
Company or any Guarantor to the Trustee to take any action under this Indenture, the Company or such Guarantor, as the case may
be, shall furnish to the Trustee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an Officer&rsquo;s Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements
set forth in Section 12.04) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been complied with; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied
with.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.04<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Statements
Required in Certificate or Opinion</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section
4.04) shall include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that the Person making such certificate or opinion has read such covenant or condition and the related definitions;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in
the case of an Opinion of Counsel, may be limited to reliance on an Officer&rsquo;s Certificate as to matters of fact); and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 31.5pt; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.05<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Rules
by Trustee and Agents</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for
its functions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD NOWRAP>12.06<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>No
Personal Liability of Directors, Officers, Employees, Members, Partners and Shareholders</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">No past, present or future director, officer,
employee, incorporator, member, partner or shareholder of the Company or any Guarantor shall have any liability for any obligations
of the Company or the Guarantors under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of,
or by reason of such obligations or their creation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Each Holder by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.07<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Governing
Law</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">THIS INDENTURE, THE NOTES AND ANY NOTE
GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.08<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Waiver
of Jury Trial</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">EACH OF THE COMPANY, THE GUARANTORS AND
THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.09<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>No
Adverse Interpretation of Other Agreements</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or its Restricted Subsidiaries or of any other Person. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Successors</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">All agreements of the Company in this Indenture
and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors and assigns.
All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.06.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Severability</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">In case any provision in this Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Counterpart
Originals</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The parties may sign any number of copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of
copies of this Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery
of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes.</P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Table
of Contents, Headings, etc</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Table of Contents, Cross-Reference
Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>U.S.A.
PATRIOT Act</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The parties hereto acknowledge that in
accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture
agree that they shall provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. PATRIOT Act.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Payments
Due on Non-Business Days</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">In any case where any Interest Payment
Date, redemption date or repurchase date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding
any other provision of this Indenture or of the Notes) payment of principal, premium, if any, or interest on the Notes 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 or repurchase date, or at the Stated Maturity of the Notes; <U>provided</U> that no interest will
accrue for the period from and after such Interest Payment Date, redemption date, repurchase date or Stated Maturity, as the case
may be.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Submission
to Jurisdiction</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company and each Guarantor not organized
in the United States shall appoint CT Corporation as its agent for service of process in any suit, action or proceeding with respect
to this Indenture, the Notes and the Note Guarantees and for actions brought under the U.S. federal or state securities laws brought
in any U.S. federal or state court located in the Borough of Manhattan in the County and City of New York. The Company and each
Guarantor irrevocably and unconditionally submit to the non-exclusive jurisdiction of the state and federal courts sitting in the
Borough of Manhattan in the County and City of New York over any suit, action or proceeding arising out of or relating to this
Indenture, the Notes or the Note Guarantees and for actions brought under the U.S. federal or state securities laws. Service of
any process, summons, notice or document by registered mail addressed to the Company or any Guarantor at the address above in Section
12.01 shall be effective service of process against the Company or any Guarantor for any suit, action or proceeding brought in
any such court. The Company and each Guarantor irrevocably and unconditionally waives any objection to the laying of venue of any
such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought
in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court shall be conclusive
and binding upon the Company and each Guarantor and may be enforced in any other courts to whose jurisdiction the Company is or
may be subject, by suit upon judgment. The Company and each Guarantor further agrees that nothing herein shall affect any Holder&rsquo;s
right to effect service of process in any other manner permitted by law or bring a suit action or proceeding (including a proceeding
for enforcement of a judgment) in any other court or jurisdiction in accordance with applicable law.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Section</TD><TD>12.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Waiver
of Immunity</U>.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">To the extent that each of the Company
and the Guarantors, or any of their respective properties, assets or revenues may have or may hereafter become entitled to, or
have attributed to each of the Company and the Guarantors, any right of immunity, on the grounds of sovereignty or otherwise, from
any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or
counterclaim, from the jurisdiction of any Canadian, New York state or U.S. federal court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any such court in which proceedings may at
any time be commenced, with respect to the obligations and liabilities of each of the Company and the Guarantors or any other matter
under or arising out of or in connection with this Indenture, each of the Company and the Guarantors hereby irrevocably and unconditionally
waives or will waive such right to the extent permitted by applicable law, and agree not to plead or claim, any such immunity and
consent to such relief and enforcement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signatures on following page</I>]</P>

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Execution Copy</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -5.4pt"><FONT STYLE="text-transform: uppercase">NEW
        GOLD INC</FONT>.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Brian Penny</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Brian Penny</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Executive Vice President and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: -5.4pt"><FONT STYLE="text-transform: uppercase">NEW
        GOLD MESQUITE INC., </FONT>as a Guarantor</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Frank Simms</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Frank Simms</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">WESTERN GOLDFIELDS (USA) INC., as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Frank Simms</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Frank Simms</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">NEW GOLD NETHERLANDS COOPERATIE U.A., <FONT STYLE="text-transform: none">as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) L.F.M. Heine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;L.F.M. Heine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Managing Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">MINERA SAN XAVIER S.A. DE C.V., <FONT STYLE="text-transform: none">as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Armando Ortega</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Armando Ortega</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director General </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><FONT STYLE="font-size: 11pt">1</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">WESTERN MESQUITE MINES, INC., <FONT STYLE="text-transform: none">as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Frank Simms</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Frank Simms</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director, Controller</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">PEAK GOLD Mines PTY LTD., <FONT STYLE="text-transform: none">as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Matthew O&rsquo;Keeffe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Matthew O&rsquo;Keeffe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Michael Zannes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Michael Zannes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">PEAK GOLD ASIA PACIFIC PTY LTD., <FONT STYLE="text-transform: none">as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Matthew O&rsquo;Keeffe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Matthew O&rsquo;Keeffe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Michael Zannes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Michael Zannes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Director</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">NEW GOLD CSP LTD., <FONT STYLE="text-transform: none">as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Brian Penny</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Brian Penny</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Authorized Signatory</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">NEW GOLD FINANCE INC., <FONT STYLE="text-transform: none">as a Guarantor</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Brian Penny</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&#9;Brian Penny</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt"><FONT STYLE="font-size: 11pt">Title:&#9;Authorized Signatory</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 36.25pt; font-size: 12pt; text-align: left; text-indent: -36.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6in 0 3in">&nbsp;</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><FONT STYLE="font-size: 11pt">COMPUTERSHARE TRUST COMPANY, N.A.<FONT STYLE="text-transform: none">, as Trustee,</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 90%; border-bottom: Black 1pt solid; padding-bottom: 24pt; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">(Signed) Robert H. Major</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Robert H. Major</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Title: Vice President</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right"><B>APPENDIX A</B></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">PROVISIONS RELATING TO<BR>
INITIAL NOTES AND ADDITIONAL NOTES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">Section 1.1 &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&#9;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalized Terms</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Capitalized terms used but not defined
in this Appendix A have the meanings given to them in the Indenture. The following capitalized terms have the following meanings:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&ldquo;<U>Applicable Procedures</U>&rdquo; means,
with respect to any transfer or transaction involving a Global Note or beneficial interest therein, the rules and procedures of
the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and as
in effect from time to time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Clearstream</U>&rdquo; means
Clearstream Banking, Soci&eacute;t&eacute; Anonyme, or any successor securities clearing agency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Distribution Compliance Period</U>&rdquo;,
with respect to any Note, means the period of 40 consecutive days beginning on and including the later of (a) the day on which
such Note is first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S, notice
of which day shall be promptly given by the Company to the Trustee, and (b) the date of issuance with respect to such Note or any
predecessor of such Note.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&ldquo;<U>Euroclear</U>&rdquo; means Euroclear
Bank S.A./N.Y., as operator of Euroclear systems clearance system or any successor securities clearing agency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&ldquo;<U>IAI</U>&rdquo; means an
institution that is an &ldquo;accredited investor&rdquo; as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
and is not a QIB.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>QIB</U>&rdquo; means a
&ldquo;qualified institutional buyer&rdquo; as defined in Rule 144A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Regulation S</U>&rdquo;
means Regulation S promulgated under the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Rule 144</U>&rdquo; means
Rule 144 promulgated under the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&ldquo;<U>Rule 144A</U>&rdquo; means
Rule 144A promulgated under the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&ldquo;<U>Unrestricted Global Note</U>&rdquo;
means any Note in global form that does not bear or is not required to bear the Restricted Notes Legend.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>U.S. person</U>&rdquo;
means a &ldquo;U.S. person&rdquo; as defined in Regulation S.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Other Definitions</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 71.5pt; text-indent: -35.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 11pt"><U>Term:</U></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><U>Defined in Section:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Agent Members&rdquo;&#9;</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.1(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Canadian Restricted Legend&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.3(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Definitive Notes Legend&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.3(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Global Note&rdquo; &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.1(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Global Notes Legend&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.3(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;IAI Global Note&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.1(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Regulation S Global Note&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.1(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Regulation S Notes&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.1(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Restricted Notes Legend&rdquo;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.3(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Rule 144A Global Note&rdquo;&#9;&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.1(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">&ldquo;Rule 144A Notes&rdquo; &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">2.1(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -5pt; padding-bottom: 0.25in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0.25in; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">Section 2.1&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form and Dating</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a) The Initial Notes issued on the date
hereof shall be (i) offered and sold by the Company to the Initial Purchasers and (ii) resold, initially only to (1) QIBs in reliance
on Rule 144A (&ldquo;<U>Rule 144A Notes</U>&rdquo;) and (2) Persons other than U.S. persons in reliance on Regulation S (&ldquo;<U>Regulation
S Notes</U>&rdquo;). Such Initial Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation
S and, except as set forth below, IAIs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b) <U>Global Notes</U>. Rule 144A Notes
shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form, numbered A-1
upward (collectively, the &ldquo;<U>Rule 144A Global Note</U>&rdquo;) and Regulation S Notes shall be issued initially in the form
of one or more global Notes, numbered S-1 upward (collectively, the &ldquo;<U>Regulation S Global Note</U>&rdquo;), in each case
without interest coupons and bearing the Global Notes Legend and Restricted Notes Legend, which shall be deposited on behalf of
the purchasers of the Notes represented thereby with the Custodian, and registered in the name of the Depositary or a nominee of
the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. One or more global
Notes in definitive, fully registered form without interest coupons and bearing the Global Notes Legend and the Restricted Notes
Legend, numbered I-1 upward (collectively, the &ldquo;<U>IAI Global Note</U>&rdquo;) shall also be issued on the Issue Date, deposited
with the Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and
authenticated by the Trustee as provided in the Indenture to accommodate transfers of beneficial interests in the Notes to IAIs
after the initial distribution. Beneficial ownership interests in the Regulation S Global Note shall not be exchangeable for interests
in the Rule 144A Global Note, the IAI Global Note or any Note without a Restricted Notes Legend until the expiration of the Distribution
Compliance Period. The Rule 144A Global Note, the IAI Global Note, the Regulation S Global Note and any Unrestricted Global Note
are each referred to herein as a &ldquo;<U>Global Note</U>&rdquo; and are collectively referred to herein as &ldquo;<U>Global Notes</U>.&rdquo;
Each Global Note shall represent such of the outstanding Notes as shall be specified in the &ldquo;Schedule of Exchanges of Interests
in the Global Note&rdquo; attached thereto and each shall provide that it shall represent the aggregate principal amount of Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made
by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2.06 of the Indenture and Section 2.3(c) of this Appendix A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c) <U>Book-Entry Provisions</U>. This
Section 2.1(c) shall apply only to a Global Note deposited with or on behalf of the Depositary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company shall execute and the Trustee
shall, in accordance with this Section 2.1(c) and Section 2.2 of this Appendix A, and pursuant to an Authentication Order of the
Company, authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name of the Depositary
for such Global Note or Global Notes or the nominee of such Depositary and (ii) shall be delivered by the Trustee to such Depositary
or pursuant to such Depositary&rsquo;s instructions or held by Computershare Trust Company, N.A., a national association, as Custodian.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Members of, or participants in, the Depositary
(&ldquo;<U>Agent Members</U>&rdquo;) shall have no rights under the Indenture with respect to any Global Note held on their behalf
by the Depositary or by Computershare Trust Company, N.A., a national association, as Custodian, or under such Global Note, and
the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of
such Global Note for all purposes whatsoever. Notwithstanding the foregoing, 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 the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary
governing the exercise of the rights of a holder of a beneficial interest in any Global Note.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d) <U>Definitive Notes</U>. Except as
provided in Section 2.3 or Section 2.4 of this Appendix A, owners of beneficial interests in Global Notes shall not be entitled
to receive physical delivery of Definitive Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">Section 2.2&#9;<U>Authentication Order</U>.
The Trustee shall authenticate and make available for delivery upon receipt of an Authentication Order from the Company (a) Initial
Notes for original issue on the Issue Date in an aggregate principal amount of $300,000,000, (b) subject to the terms of the Indenture,
Additional Notes, and (c) any Unrestricted Global Notes issued in exchange for any of the foregoing in accordance with the Indenture.
Such Authentication Order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes
is to be authenticated and whether the Notes are to be Initial Notes, Additional Notes or Unrestricted Global Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Transfer and Exchange</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a) <U>Transfer and Exchange of Definitive
Notes for Definitive Notes</U>. When Definitive Notes are presented to the Registrar with a request:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i) to register the transfer of
such Definitive Notes; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii) to exchange such Definitive
Notes for an equal principal amount of Definitive Notes of other authorized denominations,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">the Registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met; <U>provided</U>, <U>however</U>, that the Definitive
Notes surrendered for transfer or exchange:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(1) shall be duly endorsed or accompanied
by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder
thereof or his attorney duly authorized in writing; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(2) in the case of Transfer Restricted
Notes, they are being transferred or exchanged pursuant to Section 2.3(b) of this Appendix A or pursuant to clause (A), (B) or
(C) below, and are accompanied by the following additional information and documents, as applicable:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(A) if such Definitive Notes are
being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from
such Holder to that effect (in the form set forth on the reverse side of the Initial Note); or</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(B) if such Definitive Notes are
being transferred to the Company, a certification to that effect (in the form set forth on the reverse side of the Initial Note);
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(C) if such Definitive Notes are
being transferred pursuant to an exemption from registration in accordance with (i) Rule 144A, (ii) Regulation S, (iii) Rule 144
under the Securities Act or (iv) in reliance upon another exemption from the registration requirements of the Securities Act, (x)
a certification to that effect (in the form set forth on the reverse side of the Initial Note) and (y) if the Company or the Trustee
so requests in connection with transfers described in clauses (ii), (iii) or (iv), an opinion of counsel or other evidence reasonably
satisfactory to it as to the compliance with the restrictions set forth in the applicable legend set forth in Section 2.3(e)(i)
of this Appendix A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b) <U>Restrictions on Transfer of a Definitive
Note for a Beneficial Interest in a Global Note</U>. A Definitive Note may not be exchanged for a beneficial interest in a Global
Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed
or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i) (A) certification (in the form
set forth on the reverse side of the Initial Note) that such Definitive Note is being transferred (1) to a Person who the transferor
reasonably believes is a QIB and in accordance with Rule 144A, (2) to an IAI that has furnished to the Trustee a signed letter
substantially in the form of <U>Exhibit B</U> or (3) outside the United States of America in an offshore transaction within the
meaning of Regulation S and in compliance with Rule 904 under the Securities Act or (B) such other certification and, in the case
of transfers described in clauses (A)(2) or (A)(3) above, opinion of counsel as the Company or the Trustee shall require; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii) written instructions directing
the Trustee to make, or to direct the Custodian to make, an adjustment on its books and records with respect to such Global Note
to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain
information regarding the Depositary account to be credited with such increase,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">the Trustee shall cancel such Definitive Note and cause,
or direct the Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and
the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal
amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in
such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If
no Global Notes are then outstanding, the Company may issue and the Trustee shall authenticate, upon receipt of an Authentication
Order of the Company in the form of an Officer&rsquo;s Certificate, a new Global Note in the appropriate principal amount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c) <U>Transfer and Exchange of Global
Notes</U>. (i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depositary,
in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of
the Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order
given in accordance with the Depositary&rsquo;s procedures containing information regarding the participant account of the Depositary
to be credited with a beneficial interest in such Global Note or another Global Note, and such account shall be credited in accordance
with such order with a beneficial interest in the applicable Global Note, and the account of the Person making the transfer shall
be debited by an amount equal to the beneficial interest in the Global Note being transferred. Transfers by an owner of a beneficial
interest in a Rule 144A Global Note or an IAI Global Note to a transferee who takes delivery of such interest through a Regulation
S Global Note, whether before or after the expiration of the Distribution Compliance Period, shall be made only upon receipt by
the Trustee of a certification in the form provided on the reverse side of the Initial Notes from the transferor to the effect
that such transfer is being made in accordance with Regulation S, Rule 144 (if available), or another applicable exemption from
registration under the Securities Act, and that, if such transfer is being made before the expiration of the Distribution Compliance
Period, the interest transferred shall be held immediately thereafter through Euroclear or Clearstream. In the case of a transfer
of a beneficial interest in either a Regulation S Global Note (to the extent provided in Section 2.3(d) of this Appendix A) or
a Rule 144A Global Note for an interest in an IAI Global Note, the transferee must furnish a signed letter substantially in the
form of <U>Exhibit B</U> to the Trustee.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i) If the proposed transfer is
a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, the Registrar shall reflect
on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred
in an amount equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and
records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred.
If the Company or the Trustee so requests in connection with transfer of a beneficial interest in one Global Note to a beneficial
interest in another Global Note, other than a transfer to a beneficial interest in a Rule 144A Global Note, such request for transfer
shall be accompanied by an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions
set forth in the applicable legend set forth in Section 2.3(e)(i) of this Appendix A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii) Notwithstanding any other
provisions of this Appendix A (other than the provisions set forth in Section 2.4 of this Appendix A), a Global Note may not be
transferred except as a whole and not in part by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d) <U>Restrictions on Transfer of Regulation
S Global Note</U>. (i) Before the expiration of the Distribution Compliance Period, (A) the Regulation S Global Note shall be a
temporary global security for purposes of Rules 903 and 904 under the Securities Act, whether or not designated as such on the
face of such Note, and (B) interests in the Regulation S Global Note may only be held through Euroclear or Clearstream. During
the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note may only be sold, pledged or
transferred through Euroclear or Clearstream in accordance with the Applicable Procedures and only (1) to the Company, (2) so long
as such Note is eligible for resale pursuant to Rule 144A, to a Person whom the selling holder reasonably believes is a QIB that
purchases for its own account or for the account of a QIB and to whom notice is given that the resale, pledge or transfer is being
made in reliance on Rule 144A, (3) in an offer and sale that occur outside the United States within the meaning of Regulation S,
(4) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if applicable) or another available
exemption, (5) to an IAI purchasing for its own account, or for the account of an IAI, in a minimum principal amount of Notes of
$250,000, for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation
of the Securities Act or (6) pursuant to an effective registration statement under the Securities Act, in each case in accordance
with any applicable securities laws of any state of the United States of America. Before the expiration of the Distribution Compliance
Period, transfers by an owner of a beneficial interest in the Regulation S Global Note to a transferee who takes delivery of such
interest through a Rule 144A Global Note or an IAI Global Note shall be made only in accordance with the Applicable Procedures
and upon receipt by the Trustee of a written certification from the transferor of the beneficial interest in the form provided
on the reverse side of the Initial Notes to the effect that such transfer is being made to (x) a Person who the transferor reasonably
believes is a QIB within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A or (y) an IAI purchasing
for its own account, or for the account of such an IAI, in a minimum principal amount of the Notes of $250,000. Such written certification
shall no longer be required after the expiration of the Distribution Compliance Period. In the case of a transfer of a beneficial
interest in the Regulation S Global Note for an interest in the IAI Global Note, the transferee must furnish a signed letter substantially
in the form of <U>Exhibit B</U> to the Trustee.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i) Upon the expiration of the
Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note shall be transferable in accordance
with applicable law and the other terms of the Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii) Upon the expiration of the
Distribution Compliance Period, beneficial interests in the Regulation S Global Note may be exchanged for beneficial interests
in an Unrestricted Global Note upon certification in the form provided on the reverse side of the Initial Notes to the effect that
such beneficial interests are owned either (A) by non-U.S. persons (who are not dealers, as defined in the Securities Act) or (B)
by U.S. persons (who are not dealers, as defined in the Securities Act) who purchased those interests pursuant to an exemption
from, or in transactions not subject to, the registration requirements of the Securities Act or (C) by dealers (as defined in the
Securities Act) where such beneficial interests do not constitute the whole or a part of an unsold allotment to or subscription
by such dealer for the Notes. If no such Regulation S Global Note that is an Unrestricted Global Note is then outstanding, the
Company shall issue and the Trustee shall authenticate, upon receipt of an Authentication Order from the Company in the form of
an Officer&rsquo;s Certificate, a new Global Note in the appropriate principal amount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(e) <U>Legends</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i) Except as permitted by this
Section 2.3(e) of this Appendix A, each Note certificate evidencing the Global Notes and the Definitive Notes (and all Notes issued
in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in
the legend being defined as such for purposes of the legend only) (&ldquo;<U>Restricted Notes Legend</U>&rdquo;; and the third
paragraph of which is herein referred to as the &ldquo;<U>Canadian Restricted Legend</U>&rdquo;):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 11pt">THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR OTHER SECURITIES LAWS. NEITHER THIS NOTE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN
THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION
FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES
THAT IT WILL NOT PRIOR TO (X) IN THE CASE OF 144A NOTES, THE DATE WHICH IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED
BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR
OF ANY PREDECESSOR OF THIS NOTE), THE DATE OF ORIGINAL ISSUANCE OF ANY ADDITIONAL NOTES OR THE LAST DAY ON WHICH NEW GOLD INC.
(THE &ldquo;COMPANY&rdquo;) OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) AND (Y)
IN THE CASE OF REGULATION S NOTES, THE EXPIRATION OF THE &ldquo;40-DAY DISTRIBUTION COMPLIANCE PERIOD&rdquo; WITHIN THE MEANING
OF RULE 903 OF REGULATION S (THE &ldquo;RESALE RESTRICTION TERMINATION DATE&rdquo;), OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE
EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A &ldquo;QUALIFIED
INSTITUTIONAL BUYER&rdquo; AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A INSIDE THE
UNITED STATES, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL ACCREDITED INVESTOR (WITHIN THE MEANING OF RULE 501(A)(1), (2),
(3) OR (7) UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED
INVESTOR; OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; PROVIDED THAT
THE COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM, AND (II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATION OF TRANSFER IN THE FORM APPEARING ON THE OTHER
SIDE OF THIS NOTE IS COMPLETED AND DELIVERED BY THIS TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF
THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS &ldquo;OFFSHORE TRANSACTION,&rdquo; &ldquo;UNITED
STATES&rdquo; AND &ldquo;U.S. PERSON&rdquo; HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 11pt">BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD
THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (&ldquo;ERISA&rdquo;), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT
TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &ldquo;CODE&rdquo;) OR PROVISIONS UNDER ANY OTHER FEDERAL,
STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (&ldquo;SIMILAR LAWS&rdquo;),
OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE &ldquo;PLAN ASSETS&rdquo; OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT,
OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 11pt">UNDER CANADIAN SECURITIES LAWS, UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [NOTE: THE DATE THAT IS 4 MONTHS AND A DAY
AFTER THE ORIGINAL DISTRIBUTION DATE OF THE NOTES WILL BE INSERTED HERE].</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Each Definitive Note shall bear the following additional
legend (&ldquo;<U>Definitive Notes Legend</U>&rdquo;):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 11pt">IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER
TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Each Global Note shall bear the following additional legend
(&ldquo;<U>Global Notes Legend</U>&rdquo;):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 11pt">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), NEW YORK, NEW YORK, TO NEW GOLD INC.
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp;
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO., OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 11pt">TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS
OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii) Upon any sale or transfer
of a Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Note for a Definitive Note that does not bear the Restricted Notes Legend and the Definitive Notes Legend and rescind
any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to the Registrar that its request
for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse side of the Initial
Notes).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(iii) Upon a sale or transfer after
the expiration of the Distribution Compliance Period of any Initial Note or Additional Note acquired pursuant to Regulation S,
all requirements that such Initial Note or Additional Note bear the Restricted Notes Legend shall cease to apply and the requirements
requiring any such Initial Note or Additional Note be issued in global form shall continue to apply.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(iv) Notwithstanding anything in
the Indenture or this Appendix A to the contrary, the Canadian Restricted Legend will appear on any Initial Notes or Additional
Notes that are issued prior to the date specified in the Canadian Restricted Legend, unless the Canadian Restricted Legend is no
longer required under any applicable Canadian securities laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(f) <U>Cancellation or Adjustment of Global
Note</U>. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred,
redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation or retained
and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for
Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal
amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the
Trustee (if it is then the Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Custodian, to
reflect such reduction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(g) <U>Obligations with Respect to Transfers
and Exchanges of Notes</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i) To permit registrations of
transfers and exchanges, the Company shall execute and the Trustee, upon receipt of an Authentication Order, shall authenticate,
Definitive Notes and Global Notes at the Registrar&rsquo;s request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii) No service charge shall be
made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer
tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments
or similar governmental charge payable upon exchanges pursuant to Sections 2.10, 3.06, 3.10, 4.10, 4.14 and 9.05 of the Indenture).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(iii) Prior to the due presentation
for registration of transfer of any Note, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the person
in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and
interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the
Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(iv) All Notes issued upon any
transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the same benefits
under the Indenture as the Notes surrendered upon such transfer or exchange.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(h) <U>No Obligation of the Trustee</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i) The Trustee shall have no responsibility
or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or any other Person with
respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to
any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person
(other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under
or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders
under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case
of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to
the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, participants and any beneficial owners.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii) The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture
or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary
participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(i) Any purported transfer of such note,
or any interest therein to a purchaser or transferee that does not comply with the requirements specified in this Section 2.3 will
be of no force and effect and shall be null and void ab initio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Section 2.4&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitive Notes</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(a) A Global Note deposited with the Depositary
or with Computershare Trust Company, N.A., a national association, as Custodian pursuant to Section 2.1 of this Appendix A may
be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal
amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 of this Appendix
A and (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Note or
if at any time the Depositary ceases to be a &ldquo;clearing agency&rdquo; registered under the Exchange Act and, in each case,
a successor depositary is not appointed by the Company within 90 days of such notice or after the Company becomes aware of such
cessation, or (ii) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary
or (iii) the Company, in its sole discretion and subject to the procedures of the Depositary, notifies the Trustee in writing that
it elects to cause the issuance of Definitive Notes under the Indenture. In addition, any Affiliate of the Company or any Guarantor
that is a beneficial owner of all or part of a Global Note may have such Affiliate&rsquo;s beneficial interest transferred to such
Affiliate in the form of a Definitive Note, by providing a written request to the Company and the Trustee and such Opinions of
Counsel, certificates or other information as may be required by the Indenture or the Company or Trustee. Notwithstanding anything
to the contrary in this Section 2.4, no Regulation S Global Note may be exchanged for a Definitive Note until the end of the Distribution
Compliance Period applicable to such Regulation S Global Note and receipt by the Trustee and the Company of any certificates required
by either of them pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(b) Any Global Note that is transferable
to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Depositary to the Trustee, to be so transferred,
in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each
portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of
a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations of
$2,000 and integral multiples of $1,000 in excess thereof and registered in such names as the Depositary shall direct. Any certificated
Initial Note or Additional Note in the form of a Definitive Note delivered in exchange for an interest in the Global Note shall,
except as otherwise provided by Section 2.3(e) of this Appendix A, bear the Restricted Notes Legend.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(c) The registered Holder of a Global Note
may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent
Members, to take any action which a Holder is entitled to take under the Indenture or the Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">(d) In the event of the occurrence of any
of the events specified in Section 2.4(a)(i), (ii) or (iii) of this Appendix A, the Company shall promptly make available to the
Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: right"><B>APPENDIX A</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">[FORM OF FACE OF NOTE]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in">[Insert the Restricted
Notes Legend, if applicable, pursuant to the provisions of the Indenture]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in">[Insert the Global
Notes Legend, if applicable, pursuant to the provisions of the Indenture]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify; text-indent: 0.5in">[Insert the Definitive
Notes Legend, if applicable, pursuant to the provisions of the Indenture]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">CUSIP [ ]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">ISIN [ ]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">[RULE 144A][REGULATION S][IAI][GLOBAL] NOTE<U><BR>
<BR>
</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">6.375% Senior Notes due 2025</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">No. [A-__] [S-__] [I-__] </TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: bottom">[Up to]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
[$______________]</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NEW GOLD INC.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">promises to pay to [CEDE &amp; CO.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
[_______________] or registered assigns the principal sum [$_______ (_______ Dollars), as revised by the Schedule of Exchanges
of Interests in the Global Note attached hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT> [of
$_______ (_______ Dollars)]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT> on May 15, 2025.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Interest Payment Dates: May 15 and November 15, commencing
November 15, 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Record Dates: May 1 and November 1</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 16.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD>Rule 144A Note CUSIP: 644532AA1</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 16.5pt; text-indent: 0pt">Rule 144A Note ISIN: US644532AA18</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 16.5pt; text-indent: 0pt">Regulation S Note CUSIP: C62944AC4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 16.5pt; text-indent: 0pt">Regulation S Note ISIN: USC62944AC48</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 16.5pt; text-indent: 0pt">IAI Note CUSIP: 644532AB9</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5.5pt 16.55pt; text-indent: 0pt">IAI Note ISIN: US644532AB90</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 16.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD>Include in Global Notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 16.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD>Include in Global Notes</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 16.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD>Include in Global Notes</TD></TR></TABLE>

<P STYLE="margin: 0">5 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp; Include
in Definitive Notes</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">IN WITNESS HEREOF, the Company has caused
this instrument to be duly executed.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">NEW GOLD INC.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><FONT STYLE="text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dated: [_______________] [__], [__]</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">This is one of the Notes referred to in the within-mentioned
Indenture:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">COMPUTERSHARE TRUST COMPANY, N.A.<FONT STYLE="text-transform: none">, as Trustee</FONT></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><FONT STYLE="text-transform: none">&nbsp;</FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Authorized Signatory</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated: [_______________] [__], [__]</P>

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">[Reverse Side of Note]<U><BR>
<BR>
</U>6.375% Senior Notes due 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Capitalized terms used herein shall have
the meanings assigned to them in the Indenture referred to below unless otherwise indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST.
New Gold Inc., a corporation existing under the laws of British Columbia (the &ldquo;<U>Company</U>&rdquo;), promises to pay interest
on the principal amount of this Note at 6.375% per annum from and including May 18, 2017 until but excluding maturity. The Company
shall pay interest semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on
the next succeeding Business Day (each, an &ldquo;<U>Interest Payment Date</U>&rdquo;). Interest on the Notes shall accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original
issuance; <U>provided</U> that the first Interest Payment Date shall be November 15, 2017. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time
on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand
at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year comprised of 12 30-day months.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METHOD
OF PAYMENT. The Company shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of business
on the May 1 or November 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment
Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be
payable at the office or agency of the Company maintained for such purpose; <U>provided</U> that payment by wire transfer of immediately
available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes
the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least five Business Days
prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYING
AGENT AND REGISTRAR. Initially, Computershare Trust Company, N.A., the Trustee under the Indenture, shall act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any Wholly-Owned
Subsidiary incorporated or organized within the United States of America may act as Paying Agent (except for purposes of Section
8) or Registrar.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDENTURE.
The Company issued the Notes under an Indenture, dated as of May 18, 2017 (the &ldquo;<U>Indenture</U>&rdquo;), among New Gold
Inc., the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Company designated
as its 6.375% Senior Notes due 2025. The Company shall be entitled to issue Additional Notes pursuant to Section 2.01 and 4.09
of the Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities
under the Indenture. The terms of the Notes include those stated in the Indenture (which for greater certainty includes the right
of exchange of the Notes provided in Appendix A to the Indenture, which is an express term of this Note). The Notes are subject
to all such terms, and Holders are referred to the Indenture for a statement of such terms. Any term used in this Note that is
defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REDEMPTION
AND REPURCHASE. The Notes are subject to optional redemption, and may be the subject of an Offer to Purchase, as further described
in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and Holders
shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT,
SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS
AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of
an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be as set forth
in the applicable provisions of the Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUTHENTICATION.
This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING
LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP
AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices
of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The Company shall furnish to any Holder
upon written request and without charge a copy of the Indenture. Requests may be made to the Company at the following address:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New Gold Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">181 Bay Street, Suite 3510<BR>
Toronto, Ontario<BR>
M5J 2T3<BR>
Fax: (416) 324-9494)<BR>
Attention: Lisa Damiani, Vice President, General Counsel and Corporate</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Secretary<BR>
Email: Lisa.Damiani@newgold.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ASSIGNMENT FORM</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(I) or (we) assign and transfer this Note to:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Insert assignee&rsquo;s legal name)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Insert assignee&rsquo;s soc. sec. or tax I.D. no.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Print or type assignee&rsquo;s name, address and zip code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%">and irrevocably appoint</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 11pt; padding-left: 5.4pt">to transfer this Note on the books of the Company.&nbsp;&nbsp;The agent may substitute another to act for him.</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-indent: 0; text-align: left">Date: _____________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt 4.05in; text-indent: -1.05in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; font: 11pt Times New Roman, Times, Serif; padding-bottom: 0">Your Signature:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 68%; font: 11pt Times New Roman, Times, Serif; padding-bottom: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 24pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 0">(Sign exactly as your name appears on the face of this Note)</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt 4.05in; text-indent: -1.05in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Signature Guarantee*: __________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">* Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR<BR>
REGISTRATION OF TRANSFER RESTRICTED NOTES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">This certificate relates to $_________ principal amount of
Notes held in (check applicable space) ____ book-entry or _____ definitive form by the undersigned.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">The undersigned (check one box below):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9633;</TD><TD>has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the
Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to
its beneficial interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9633;</TD><TD>has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">In connection with any transfer of any of the Notes evidenced
by this certificate occurring prior to the expiration of the applicable holding period referred to in Rule 144 under the Securities
Act, the undersigned confirms that such Notes are being transferred in accordance with its terms:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">CHECK ONE BOX BELOW</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">                                                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">&nbsp;</TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">(1)</FONT></TD><TD>[_]<FONT STYLE="font-size: 11pt">&#9;to the Company; or</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">(2)</FONT></TD><TD>[_]<FONT STYLE="font-size: 11pt">&#9;to the Registrar for registration in the name of the Holder, without transfer; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">(3)</FONT></TD><TD>[_]<FONT STYLE="font-size: 11pt">&#9;pursuant to an effective registration statement under the Securities Act of 1933; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">(4)</FONT></TD><TD>[_]<FONT STYLE="font-size: 11pt">&#9;to a Person that the undersigned reasonably believes is a &ldquo;qualified institutional
buyer&rdquo; (as defined in Rule 144A under the Securities Act of 1993, as amended, (&ldquo;Rule 144A&rdquo;) under the Securities
Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer and to whom notice is given
that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">(5)</FONT></TD><TD>[_]<FONT STYLE="font-size: 11pt">&#9;outside the United States of America in an offshore transaction within the meaning of
Regulation S under the Securities Act of 1933 in compliance with Rule 904 under the Securities Act of 1933 (and if the transfer
is being made prior to the expiration of the Distribution Compliance Period, the Notes shall be held immediately thereafter through
Euroclear or Clearstream); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">(6)</FONT></TD><TD>[_]<FONT STYLE="font-size: 11pt">&#9;to an institutional &ldquo;accredited investor&rdquo; (as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations
and agreements; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in"><FONT STYLE="font-size: 11pt">(7)</FONT></TD><TD>[_]<FONT STYLE="font-size: 11pt">&#9;pursuant to Rule 144 under the Securities Act of 1933 or another available exemption from
registration under the Securities Act of 1933.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Unless one of the boxes is checked, the Trustee will
refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered Holder thereof;
<U>provided</U>, <U>however</U>, that if box (5), (6) or (7) is checked, the Company or the Trustee may require, prior to registering
any such transfer of the Notes, such legal opinions, certifications and other information as the Company has reasonably requested
to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify; border-top: Black 1pt solid">Your Signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Signature Guarantee:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify; width: 7%"><FONT STYLE="font-size: 11pt">Date: </FONT></TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify; width: 36%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 48%; border-bottom: Black 1pt solid">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 8.5pt 1pt 10.1pt"><DIV STYLE="font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">Signature must be guaranteed</FONT><BR>
<FONT STYLE="font-size: 11pt">by a participant in a</FONT><BR>
<FONT STYLE="font-size: 11pt">recognized signature guaranty</FONT><BR>
<FONT STYLE="font-size: 11pt">medallion program or other</FONT><BR>
<FONT STYLE="font-size: 11pt">signature guarantor acceptable</FONT><BR>
<FONT STYLE="font-size: 11pt">to the Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-size: 12pt"><FONT STYLE="font-size: 11pt">Signature of Signature</FONT><BR>
<FONT STYLE="font-size: 11pt">Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">TO BE COMPLETED BY PURCHASER IF (4) ABOVE
IS CHECKED.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a &ldquo;qualified institutional buyer&rdquo; within the meaning of Rule 144A, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned&rsquo;s foregoing representations in order to claim the exemption from
registration provided by Rule 144A.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Dated: </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 35%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 8.65pt 1pt 10.1pt"><DIV STYLE="font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 90.6pt; font-size: 12pt; text-indent: -0.75in"><FONT STYLE="font-size: 11pt">NOTICE:&#9;To be executed by</FONT><BR>
<FONT STYLE="font-size: 11pt">an executive officer</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">TO BE COMPLETED IF THE HOLDER REQUIRES
AN EXCHANGE<BR>
PURSUANT TO SECTION 2.3(d)(iii) OF APPENDIX A TO THE INDENTURE<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">The undersigned represents and warrants that either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9633;</TD><TD>the undersigned is not a dealer (as defined in the Securities Act) and is a non-U.S. person (within the meaning of Regulation
S under the Securities Act of 1933); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9633;</TD><TD>the undersigned is not a dealer (as defined in the Securities Act) and is a U.S. person (within the meaning of Regulation S
under the Securities Act of 1933) who purchased interests in the Notes pursuant to an exemption from, or in a transaction not subject
to, the registration requirements under the Securities Act of 1933; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9633;</TD><TD>the undersigned is a dealer (as defined in the Securities Act) and the interest of the undersigned in this Note does not constitute
the whole or a part of an unsold allotment to or subscription by such dealer for the Notes.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 11pt">Dated: </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 35%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 8.65pt 1pt 10.1pt"><DIV STYLE="font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.6pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 11pt">Signature</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">OPTION OF HOLDER TO ELECT PURCHASE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If you want to elect to have this Note
purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[&nbsp;&nbsp;&nbsp;] Section 4.10</TD>
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">[&nbsp;&nbsp;&nbsp;] Section 4.14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Asset Disposition Offer)</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Change of Control Offer)</TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">If you want to elect to have only part
of this Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to
have purchased:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 180pt"></TD><TD STYLE="width: 94.5pt">$_______________</TD>
    <TD>&nbsp;</TD><TD>(integral multiples of $1,000,<BR>
<U>provided</U> that the unpurchased<BR>
portion must be in a minimum<BR>
principal amount of $2,000)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Date: _____________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 291.5pt; text-indent: -75.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-right: 5.4pt">Your Signature:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 63%; padding-right: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">(Sign exactly as your name appears on the face of this Note)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0">Tax Identification No.:&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 291.5pt; text-indent: -75.5pt"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Signature Guarantee*: __________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">* Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">The initial outstanding principal amount
of this Global Note is $__________. The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have
been made:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Date of Exchange</P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Amount of
        decrease<BR>
        in Principal Amount</P></TD>
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Amount of
        increase<BR>
        in Principal<BR>
        Amount of this<BR>
        Global Note</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Principal
        Amount of<BR>
        this Global Note<BR>
        following such<BR>
        decrease or increase</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Signature
        of authorized signatory of Trustee or Custodian</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">__________________<BR>
*This schedule should be included only if the Note is issued in global form.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right"><B>EXHIBIT B</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">FORM OF<BR>
TRANSFEREE LETTER OF REPRESENTATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New Gold Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">181 Bay Street, Suite 3510<BR>
Toronto, Ontario<BR>
M5J 2T3<BR>
Fax: (416) 324-9494)<BR>
Attention: Lisa Damiani, Vice President, General Counsel and Corporate Secretary<BR>
Email: Lisa.Damiani@newgold.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt"><BR>
<BR>
Computershare Trust Company, N.A.<BR>
8742 Lucent Boulevard, Suite 225<BR>
Highlands Ranch, Colorado 80129<BR>
Attention: Robert H. Major<BR>
Fax: (303) 262-0608</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This certificate is delivered to request
a transfer of $[ ] principal amount of the 6.375% Senior Notes due 2025 (the &ldquo;<U>Notes</U>&rdquo;) of New Gold Inc. (the
&ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">Upon transfer, the Notes would be registered
in the name of the new beneficial owner as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Name:________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Address:______________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Taxpayer ID Number:____________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">The undersigned represents and warrants
to you that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">1. We are an institutional &ldquo;accredited
investor&rdquo; (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;)), purchasing for our own account or for the account of such an institutional &ldquo;accredited investor&rdquo;
at least $250,000 principal amount of the Notes, and we are acquiring the Notes, for investment purposes and not with a view to,
or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we invest
in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting,
are each able to bear the economic risk of our or its investment.</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0.5in">2. We understand that the Notes have
not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence.
We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise
transfer such Notes before (x) in the case of Rule 144A Notes (as defined in the indenture governing the Notes), the date that
is one year (or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereunder)
after the later of the date of original issue of the notes, the date of original issue of any additional notes and the last date
on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) and (y) in the case
of Regulation S Notes (as defined in the indenture governing the Notes), the expiration of the &ldquo;40-day distribution compliance
period&rdquo; within the meaning of Rule 903 of Regulation S (the &ldquo;<U>Resale Restriction Termination Date</U>&rdquo;) only
(a) to the Company, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in
a transaction complying with the requirements of Rule 144A under the Securities Act (&ldquo;<U>Rule 144A</U>&rdquo;), to a person
we reasonably believe is a qualified institutional buyer under Rule 144A (a &ldquo;<U>QIB</U>&rdquo;) that is purchasing for its
own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d)
pursuant to offers and sales that occur outside the United States of America within the meaning of Regulation S under the Securities
Act, (e) to an institutional &ldquo;accredited investor&rdquo; within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act that is purchasing for its own account or for the account of such an institutional &ldquo;accredited investor,&rdquo;
in each case in a minimum principal amount of Notes of $250,000, for investment purposes and not with a view to, or for offer or
sale in connection with, any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from
the registration requirements of the Securities Act, subject in each of the foregoing cases to compliance with any applicable state
securities laws. The foregoing restrictions on resale will not apply after the Resale Restriction Termination Date. If any resale
or other transfer of the Notes is proposed to be made pursuant to clause (e) above before the Resale Restriction Termination Date,
the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee,
which shall provide, among other things, that the transferee is an institutional &ldquo;accredited investor&rdquo; within the meaning
of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not
for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right
prior to the offer, sale or other transfer before the Resale Restriction Termination Date of the Notes pursuant to clause (d),
(e) or (f) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company
and the Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; font: 11pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: right; vertical-align: bottom">TRANSFEREE:</TD>
    <TD STYLE="width: 65%; font: 11pt Times New Roman, Times, Serif; padding-bottom: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: right; vertical-align: bottom">by:</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>EXHIBIT
C</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">FORM OF SUPPLEMENTAL INDENTURE<U><BR>
</U>TO BE DELIVERED BY SUBSEQUENT GUARANTORS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">Supplemental Indenture (this &ldquo;<U>Supplemental
Indenture</U>&rdquo;), dated as of [__________] [__], 20[__], among __________________ (the &ldquo;<U>Guaranteeing Subsidiary</U>&rdquo;),
a subsidiary of New Gold Inc., a British Columbia corporation (the &ldquo;<U>Company</U>&rdquo;), and Computershare Trust Company,
N.A., a national association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center">W I T N E S S E T H</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">WHEREAS, each of the Company and the Guarantors
(as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the &ldquo;<U>Indenture</U>&rdquo;),
dated as of May 18, 2017, providing for the issuance of an unlimited aggregate principal amount of 6.375% Senior Notes due 2025
(the &ldquo;<U>Notes</U>&rdquo;);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Company&rsquo;s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">NOW THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant
and agree for the equal and ratable benefit of the Holders as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalized
Terms</U>. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Guarantor</U>.
The Guaranteeing Subsidiary hereby agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable
to Guarantors, including Article 10 thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Jury Trial</U>. EACH OF THE GUARANTEEING SUBSIDIARY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE,
THE INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or .pdf transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
..pdf shall be deemed to be their original signatures for all purposes.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings of the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto
have caused this Supplemental Indenture to be duly executed, all as of the date first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">[NAME OF <FONT STYLE="text-transform: none">GUARANTEEING SUBSIDIARY</FONT>]</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-transform: uppercase"><P STYLE="margin-top: 0; margin-bottom: 0">COMPUTERSHARE TRUST COMPANY, N.A.<FONT STYLE="font-size: 11pt; text-transform: none">, as Trustee</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt; text-transform: none">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 27.35pt; font-size: 12pt; text-indent: -27.35pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 11pt">Title:</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



























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